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 M&A 12 of 16
Type: Add-on Acquisition M&A Deals 12 of 16
State: Arizona M&A 1 of 1
Country: United States M&A 12 of 16
Year: 2021 M&A 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 is based in Los Angeles, California.


DEAL STATS #
Overall 22 of 24
Sector: Healthcare Services M&A 2 of 2
Type: Add-on Acquisition M&A Deals 10 of 12
State: Arizona M&A 3 of 3
Country: United States M&A 20 of 22
Year: 2021 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-11 EstudySite

La Mesa, California, United States

EstudySite is an outsourced pharmaceutical service conducting Phase II and Phase III clinical trials in acute care inpatient facilities and outpatient CNS facilities. EstudySite was founded in 1999 and is based in La Mesa, California.

Sell -
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 45 of 53
Sector: Healthcare Services M&A 8 of 8
Type: Add-on Acquisition M&A Deals 20 of 25
State: Arizona M&A 3 of 3
Country: United States M&A 45 of 53
Year: 2021 M&A 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-01 Health Care Technology

Holliston, Massachusetts, United States

Health Care Technology is a specialist in pharmacy, vascular access and airway management medical device distribution. Health Care Technology was founded in 1989 and is based in Holliston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 Tekleen Automatic Filters

Santa Fe Springs, California, United States

Tekleen Automatic Filters provides automatic, self-cleaning water filtration equipment to a wide variety of industrial, commercial and municipal customers, having sold more than 25,000 filters worldwide while counting many Fortune 500 businesses as key clients. Tekleen Automatic Filters was founded in 1986 and is based in Santa Fe Springs, California.

Buy -
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 M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 3
State: Arizona M&A 1 of 1
Country: United States M&A 1 of 3
Year: 2021 M&A 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 -