M&A Deal Summary

HPRC Physical Therapy Acquires Excel Physical Therapy

On August 31, 2023, HPRC Physical Therapy acquired healthcare services company Excel Physical Therapy from Caymus Equity Partners, PNC Mezzanine Capital and Deerpath Capital Management

Acquisition Highlights
  • This is HPRC Physical Therapy’s 1st transaction in the Healthcare Services sector.
  • This is HPRC Physical Therapy’s 1st transaction in the United States.
  • This is HPRC Physical Therapy’s 1st transaction in New Jersey.

M&A Deal Summary

Date 2023-08-31
Target Excel Physical Therapy
Sector Healthcare Services
Buyer(s) HPRC Physical Therapy
Sellers(s) Caymus Equity Partners
PNC Mezzanine Capital
Deerpath Capital Management
Deal Type Add-on Acquisition

Target

Excel Physical Therapy

Hackensack, New Jersey, United States
Excel Physical Therapy is a provider of sports and orthopedic physical therapy and rehabilitation services in northern New Jersey. Excel has specialized in comprehensive physical therapy to individuals following joint replacement, arthroscopic and reconstructive surgeries, as well as spine surgeries. In addition to post-surgical therapy, Excel also provides treatment of patients with non-surgical orthopedic, sports, and spinal-related injuries. Excel Physical Therapy was founded in 1990 and is based in Hackensack, New Jersey.

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Buyer(S) 1

Buyer

HPRC Physical Therapy

Columbus, Georgia, United States

Category Company
Sector Healthcare Services
DESCRIPTION

HPRC Physical Therapy is a private physical therapy practice group. HPRC Physical Therapy is based in Columbus, Georgia.


DEAL STATS #
Overall 1 of 1
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1

Seller(S) 3

DESCRIPTION

Caymus Equity Partners LLC is a private equity firm that looks to partner with management to acquire and grow profitable, lower middle-market companies valued between $10 and $100 million. The Firm looks for situations where companies lack the resources, capital, and strategic guidance needed to realize their full potential. Sectors of interest include business services, healthcare services, consumer products/services, and industrials. Caymus Equity Partners was formed in 2001 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 9 of 10
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (New Jersey) 3 of 3
Country (United States) 9 of 10
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-21 Seneca Resources

Reston, Virginia, United States

Seneca Resources is an IT staffing company that services a nationwide customer base and focuses on the delivery of difficult-to-find, top-tier technology talent capable of addressing complex IT and engineering workforce needs. Seneca Resources was founded in 2010 and is based in Reston, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-15 Quality Environmental Services

Beaverton, Michigan, United States

Quality Environmental Services offers a complementary portfolio of environmental remediation services, including: asbestos abatement, mold remediation, lead paint abatement, sub-floor grinding, selective demolition, and mechanical insulation. Quality Environmental Services is based in Beaverton, Michigan.

Buy -
SELLER

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 47 of 49
Sector (Healthcare Services) 2 of 2
Type (Add-on Acquisition) 13 of 15
State (New Jersey) 3 of 3
Country (United States) 45 of 47
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-01 Revak Keen Turbomachinery

La Porte, Texas, United States

Revak Keen Turbomachinery remanufactures, modify, and upgrade steam turbines, pumps, gears, and complete steam turbine systems for industrial customers. Revak Keen Turbomachinery was founded in 1981 and is based in La Porte, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-01 Miller Environmental Services

Deer Park, Texas, United States

Miller Environmental Services provides a broad array of industrial cleaning and environmental services within the downstream, midstream, and upstream hydrocarbon processing markets. Miller Environmental Services was established in 1985 and is based in Corpus Christi, Texas.

Buy -
SELLER

Deerpath Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 2007
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Deerpath Capital Management, LP makes privately negotiated investments in the debt and equity of lower middle market companies. Deerpath prefers to invest in senior secured loans, but will consider other forms of investment on an opportunistic basis. Prospective companies typically have revenues of $10 to $200 million and EBITDA of $3 to $15 million. The Firm looks to commit $15 to $50 million per transaction. Target sectors include communications, energy/natural resources, healthcare, services, and manufacturing. Deerpath was established in 2007 and is based in New York City and office in Fort Lauderdale, Florida and Houston, Texas.


DEAL STATS #
Overall 8 of 8
Sector (Healthcare Services) 2 of 2
Type (Add-on Acquisition) 6 of 6
State (New Jersey) 1 of 1
Country (United States) 8 of 8
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-09 Roadrunner Restoration

Houston, Texas, United States

Roadrunner Restoration is a provider of restoration services related to damage caused by fire, water, and natural disasters in Houston and the Gulf Coast region. Roadrunner Restoration provides both mitigation and reconstruction services for customers ranging from insurance carriers and adjusters to property owners, on jobs ranging from small everyday losses to large natural disasters. Roadrunner Restoration was founded in 2003 and is based in Houston, Texas.

Buy -