M&A Deal Summary

Upstream Rehabilitation Acquires Drayer Physical Therapy Institute

On January 4, 2018, Upstream Rehabilitation acquired healthcare services company Drayer Physical Therapy Institute from Goldman Sachs Merchant Banking

Acquisition Highlights
  • This is Upstream Rehabilitation’s 1st transaction in the Healthcare Services sector.
  • This is Upstream Rehabilitation’s 1st transaction in the United States.
  • This is Upstream Rehabilitation’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2018-01-04
Target Drayer Physical Therapy Institute
Sector Healthcare Services
Buyer(s) Upstream Rehabilitation
Sellers(s) Goldman Sachs Merchant Banking
Deal Type Add-on Acquisition
Advisor(s) Harris Williams & Co. (Financial)
Weil Gotshal & Manges (Legal)

Target

Drayer Physical Therapy Institute

Hummelstown, Pennsylvania, United States
Drayer Physical Therapy Institute is a operator of outpatient physical therapy clinics primarily focused on treating sports-related injuries and orthopedic disorders. The company operates 40 clinics, serving more than 30,000 patients annually. Drayer?s strategy is to operate its own clinics as well as to manage clinics owned by orthopedic physician groups. Drayer participates in a market that is gaining increasing awareness and acceptance among the provider and payor communities as physical therapy provides beneficial clinical outcomes at a fraction of the cost of surgeries or other diagnostic procedures. The company currently has owned and managed clinics in Pennsylvania, Kentucky, Maryland, New Jersey, New York, Georgia, and South Carolina.

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Buyer(S) 1

Buyer

Upstream Rehabilitation

Birmingham, Alabama, United States
Category Company
Founded 2003
Sector Healthcare Services
DESCRIPTION

Upstream Rehabilitation is a provider of a comprehensive set of outpatient rehabilitation services through over 300 owned and managed physical therapy clinics across twenty-two states. Upstream Rehabilitation was founded in 2003 and is based in Birmingham, Alabama.

DEAL STATS #
Overall 1 of 4
Sector (Healthcare Services) 1 of 4
Type (Add-on Acquisition) 1 of 4
State (Pennsylvania) 1 of 1
Country (United States) 1 of 4
Year (2018) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Results Physiotherapy

Nashville, Tennessee, United States

Results Physiotherapy is a physical therapy company in the U.S., operating a network of over 200 clinics in nine states and treating more than 125,000 patients annually. The company prides itself on its commitment to clinical excellence through employee training and clinical emphasis on individualized treatment through manual therapy, exercise, and education, ensuring evidence-based care for each patient. Results Physiotherapy was formed in 1996 and is based in Nashville, Tennessee.

Buy -

Seller(S) 1

SELLER

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 77 of 110
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 22 of 37
State (Pennsylvania) 6 of 6
Country (United States) 53 of 78
Year (2018) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-18 LRS

Morton Grove, Illinois, United States

LRS is a provider of recycling and industry-leading waste diversion programs, affordable roll-off container services, and comprehensive waste removal to businesses and residential homeowners. LRS is based in Morton Grove, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-08 Lucid Energy Group

Dallas, Texas, United States

Lucid Energy Group is a provider of midstream services to producers in high-growth production areas pursuing organic development projects and strategic acquisitions in other producing basins. Lucid Energy Group is based in Dallas, Texas.

Buy $1.6B
Mergr

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