Gryphon Investors announced today that its outpatient physical therapy platform company, Accelerated Rehabilitation Centers (“Accelerated”), has completed the acquisition of two physical therapy companies – Wisconsin based Sports Physical Therapy & Rehab Specialists (“SPTRS”) and Ohio based Burkam & Associates (“Burkam”). Accelerated is the premier provider of physical rehabilitation services in the Midwest with clinics in Illinois, Indiana, Iowa, Michigan, Missouri and now Wisconsin and Ohio. Terms of the deals were not disclosed.
Founded in 1992, SPTRS operates sixteen clinics in southeast Wisconsin and northern Illinois. SPTRS provides outpatient physical and occupational therapy, and specializes in industrial rehab, balance and dizziness, women’s health, lymphedema and certified hand therapy. The founder and senior management team of SPTRS will continue to lead the business and will retain a significant equity stake in the combined company.
Burkam was founded in 2005 and operates five clinics in central Ohio. Burkam has a strong reputation for providing outstanding clinical care and its founders will remain with the business and have a significant equity stake in the combined company.
Eric Warner, CEO of Accelerated, stated, “These acquisitions are a natural geographic extension for Accelerated and an exciting opportunity to partner with national caliber clinicians who share our vision of building the premier provider of physical therapy services in the country.”
John Rogers, a Partner at Gryphon Investors and the Head of Gryphon’s Healthcare and Education Group, commented, “Expansion into attractive new markets and partnership with high quality clinicians is core to our investment thesis. We are pleased to support management’s vision and Accelerated’s continued growth.”
About Accelerated Rehabilitation Centers
With the acquisitions of SPTRS, Accelerated has grown to over 210 owned and managed physical therapy centers in nine states. Along with Accelerated’s emphasis on orthopedic and sports rehabilitation, the company specializes in hand therapy and rehabilitation for work related injuries and women’s health. In addition, Accelerated offers rehabilitation services to nursing homes, long-term care facilities, and home care providers and provides athletic training services to schools, teams, clubs and other sports-related venues. Accelerated was recapitalized in March of 2008 by Gryphon Investors.
About Gryphon Investors
Based in San Francisco, Gryphon Investors focuses on leveraged acquisitions of, and growth investments in, middle-market companies in partnership with experienced management. Having managed more than $1 billion of discretionary equity capital, Gryphon has an extensive track record of investing $25 to $75 million of its own capital in companies with sales ranging from $25 to $250 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, professional resources and significant financial and operational expertise. Visit www.gryphoninvestors.com for more information.