M&A Deal Summary

Wind Point Partners and Water Street Healthcare Partners Acquire Physiotherapy Associates

On June 4, 2007, private equity firms Wind Point Partners and Water Street Healthcare Partners acquired healthcare services company Physiotherapy Associates from Stryker for 150M USD

Acquisition Highlights
  • This is Wind Point Partners’ 2nd and Water Street Healthcare Partners’ 3rd transaction in the Healthcare Services sector.
  • This is Wind Point Partners’ 4th and Water Street Healthcare Partners’ 2nd largest (disclosed) transaction.
  • This is Wind Point Partners’ 30th and Water Street Healthcare Partners’ 7th transaction in the United States.
  • This is Wind Point Partners’ 5th and Water Street Healthcare Partners’ 1st transaction in Pennsylvania.
Investment Fate
  • Physiotherapy Associates was sold to a consortium of financial buyers in 2012.
  • Physiotherapy Associates went bankrupt in 2013.
  • Physiotherapy Associates was sold to a strategic buyer in 2016 for 400M USD.

M&A Deal Summary

Date 2007-06-04
Target Physiotherapy Associates
Sector Healthcare Services
Buyer(s) Wind Point Partners
Water Street Healthcare Partners
Sellers(s) Stryker
Deal Type Divestiture
Deal Value 150M USD

Target

Physiotherapy Associates

Exton, Pennsylvania, United States
Physiotherapy Associates, Inc. is a provider of outpatient physical rehabilitation care offering a wide range of services, including general orthopedics, spinal care and neurological rehabilitation, as well as orthotics and prosthetics services.

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Buyer(S) 2

Buyer

Wind Point Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wind Point Partners is a private equity firm focused on acquisitions of mid-sized companies operating in the business services, consumer products, healthcare services, and industrial products sectors. Wind Point looks to invest $60 to $130 million in companies valued up to $500 million. Prospective transaction types include leveraged buyouts, recapitalizations, industry consolidations, and growth capital financings. Wind Point Partners began investing in 1984 and is based in Chicago.


DEAL STATS #
Overall 31 of 83
Sector (Healthcare Services) 2 of 2
Type (Divestiture) 1 of 4
State (Pennsylvania) 5 of 7
Country (United States) 30 of 76
Year (2007) 4 of 8
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-04 Benchmark Medical

Malvern, Pennsylvania, United States

Benchmark Medical, Inc. is a provider of musculoskeletal rehabilitation services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-19 Bushnell

Overland Park, Kansas, United States

Bushnell, Inc. is a designer, marketer and distributor of branded sports optics, outdoor accessories and performance eyewear. Bushnell offers a broad portfolio of high-quality, innovative and affordable products targeted to the outdoor and sport enthusiast.

Sell -
Buyer

Water Street Healthcare Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 6.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Water Street is a specialist private equity firm that targets investments in healthcare companies. Specific areas of interest within healthcare include diagnostic devices, medical products, pharmaceutical services, specialty distribution, specialty pharmaceuticals, and specialty services. Water Street targets non-core units of larger corporations and private middle-market companies. Transactions are typically valued between $50 and $500 million. Water Street does not invest in biotechnology, traditional healthcare facilities (hospitals, nursing homes) or early-stage companies without positive cash flow. Water Street was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 7 of 50
Sector (Healthcare Services) 3 of 10
Type (Divestiture) 2 of 7
State (Pennsylvania) 1 of 5
Country (United States) 7 of 47
Year (2007) 1 of 3
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-07 Access MediQuip

Lake Mary, Florida, United States

Access MediQuip LLC is a provider of surgical implant management solutions. Access MediQuip provides payers a comprehensive solution to manage and control the high costs of implants, along with improving quality and safety to facilities, surgeons and ultimately patients.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-19 Precision Dynamics

San Fernando, California, United States

Precision Dynamics Corp. is a provider of identification products primarily for the healthcare market, specializing in patient wristbands, specialty labels and identification systems used in hospitals to reduce medical errors and integrate and share patient data.

Buy -

Seller(S) 1

SELLER

Stryker

Kalamazoo, Michigan, United States

Category Company
Founded 1941
Sector Medical Products
Employees52,000
Revenue 20.5B USD (2023)
DESCRIPTION
Stryker's corporate headquarters in Kalamazoo, Michigan.
Stryker's corporate headquarters in Kalamazoo, Michigan.

Stryker is a medical technology company. Stryker's products include implants used in joint replacement and trauma surgeries; surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling and emergency medical equipment; neurosurgical, neurovascular and spinal devices; as well as other medical device products used in a variety of medical specialties. Stryker was founded in 1941 and is based in Kalamazoo, Michigan.


DEAL STATS #
Overall 1 of 5
Sector (Healthcare Services) 1 of 2
Type (Divestiture) 1 of 5
State (Pennsylvania) 1 of 1
Country (United States) 1 of 5
Year (2007) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-12 Spinecore

Summit, New Jersey, United States

Spinecore, Inc. is a provider of artificial lumbar and cervical discs for treating spinal disorders.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-15 BioAvascular Solutions

Fort Wayne, Indiana, United States

BioDuct LLC engages in the development and production of tiny duct prototypes to facilitate blood flow to heal damaged meniscus tissue in the knee.

Buy -