M&A Deal Summary

PRN Acquires 360 Physical Therapy

On September 2, 2021, PRN acquired healthcare services company 360 Physical Therapy from Celerity Partners, Gemini Investors and Fletch Equity

Acquisition Highlights
  • This is PRN’s 12th transaction in the Healthcare Services sector.
  • This is PRN’s 12th transaction in the United States.
  • This is PRN’s 1st transaction in Arizona.

M&A Deal Summary

Date 2021-09-02
Target 360 Physical Therapy
Sector Healthcare Services
Buyer(s) PRN
Sellers(s) Celerity Partners
Gemini Investors
Fletch Equity
Deal Type Add-on Acquisition

Target

360 Physical Therapy

Chandler, Arizona, United States
360 Physical Therapy operates outpatient physical therapy clinics that treat a wide range of orthopedic, chronic pain, neuropathic, and vestibular disorders. 360 Physical Therapy was founded in 2001 and is based in Chandler, Arizona.

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Buyer(S) 1

Buyer

PRN

Carlsbad, California, United States

Category Company
Founded 1991
Sector Healthcare Services
DESCRIPTION

PRN is an operator of physical therapy clinic platform in the western U.S. PRN PT Clinics provide a variety of outpatient rehabilitation services, including physical therapy, occupational therapy, hand therapy, and other ancillary services. PRN was founded in 1991 and is based in Carlsbad, California.


DEAL STATS #
Overall 12 of 16
Sector (Healthcare Services) 12 of 16
Type (Add-on Acquisition) 12 of 16
State (Arizona) 1 of 1
Country (United States) 12 of 16
Year (2021) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-29 Synergy Therapies

Independence, Missouri, United States

Synergy Therapies provides outpatient physical rehabilitative care for patients of all ages. With two locally owned and operated physical therapy clinics in Independence and Oak Grove, offer multiple therapy programs tailored to patients' rehabilitation needs. Synergy Therapies is based in Independence, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-17 Albany Physical Therapy

Albany, California, United States

Albany Physical Therapy specializes in orthopedic manual physical therapy. Alban y Physical Therapy also offers sports medicine, pre-and post-surgical care, neurological rehabilitation, and spinal rehabilitation. Albany Physical Therapy was founded in 1980 and is based in Albany, California.

Buy -

Seller(S) 3

SELLER

Celerity Partners

Los Angeles, California, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

Celerity Partners is a private equity firm that has invested equity capital in the change of control transactions of private companies. Celerity Partners typically partner with business owners to provide liquidity to entrepreneur and family-owned businesses, recapitalize existing owners of independent companies or facilitate corporate divestitures. Celerity Partners will consider investment opportunities across a wide range of industries in Healthcare, Contract Manufacturing, Energy Services, Infrastructure, and Environmental Services, and Transportation & Logistics. Celerity Partners was formed in 1995 and has offices in Los Angeles and Menlo Park.


DEAL STATS #
Overall 21 of 23
Sector (Healthcare Services) 2 of 2
Type (Add-on Acquisition) 9 of 11
State (Arizona) 3 of 3
Country (United States) 19 of 21
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-08 Western Jet Aviation

Van Nuys, California, United States

Western Jet Aviation provides maintenance, repair, and avionics services for business and general aviation aircraft. Western Jet Aviation was founded in 1999 and is based in Van Nuys, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-22 National Research Institute

Los Angeles, California, United States

National Research Institute is a provider of clinical research services. National Research Institute conducts late-phase clinical research trials on behalf of pharmaceutical and biotechnology drug developers in principally metabolic disease states. National Research Institute was founded in 1989 and is based in Los Angeles, California.

Sell -
SELLER

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 42 of 48
Sector (Healthcare Services) 7 of 7
Type (Add-on Acquisition) 19 of 23
State (Arizona) 3 of 3
Country (United States) 42 of 48
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-27 American Standard Circuits

West Chicago, Illinois, United States

American Standard Circuits is a manufacturer of quality rigid, metal-backed, flex and rigid-flex printed circuit boards. American Standard Circuits was founded in 1988 and is based in West Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-09 Phoenix Aromas

Norwood, New Jersey, United States

Phoenix Aromas is a value-added distributor of essential oils, aroma chemicals, absolutes, and oleoresins. These flavor and fragrance components serve as the foundation of hundreds of end products in the growing markets of food & beverage, fragrance, and personal care. Phoenix Aromas was founded in 1994 and is based in Norwood, New Jersey.

Sell -
DESCRIPTION

Fletch Equity is a private equity firm focused on the lower middle-market change of control transactions valued from $15 to $75 million. The Firm has a preference for profitable companies ($2 to $20 million of EBITDA) operating in fragmented industries and will consider opportunities throughout the US. Fletch Equity is headquartered in Los Angeles, California.


DEAL STATS #
Overall 1 of 3
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 1 of 3
State (Arizona) 1 of 1
Country (United States) 1 of 3
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 Wolfgangs

Tempe, Arizona, United States

Wolfgangs provides residential and commercial HVAC repair, preventative maintenance, and replacement services. Wolfgangs was founded in 1982 and is based in Tempe, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-22 National Research Institute

Los Angeles, California, United States

National Research Institute is a provider of clinical research services. National Research Institute conducts late-phase clinical research trials on behalf of pharmaceutical and biotechnology drug developers in principally metabolic disease states. National Research Institute was founded in 1989 and is based in Los Angeles, California.

Sell -