Gryphon and Portfolio Company News

Accelerated Rehabilitation Centers, a Gryphon Investors Portfolio Company, Adds Two Clinic Groups

San Francisco, CA -

Gryphon Investors announced today that its outpatient physical therapy platform company, Accelerated Rehabilitation Centers (“Accelerated”), has completed the recapitalization of two physical therapy clinic groups – PRORehab P.C. (“PRORehab”) of St. Louis and Therapy Services of Iowa (“TSI”) of Des Moines. Accelerated is the premier provider of physical rehabilitation services in the Midwest with clinics in Illinois, Indiana, Iowa, Michigan and now Missouri. Terms of the deals were not disclosed. Founded in 1990, PRORehab operates 19 clinic locations in and around the greater St. Louis, Missouri region. PRORehab provides outpatient physical and occupational therapy, and specializes in hand therapy, manual therapy, aquatic therapy and sports medicine outreach. PRORehab is dedicated to providing one-on-one patient care in an environment that promotes wellness and improves the lives of patients. PRORehab is the leading physical therapy provider in the attractive St. Louis marketplace. The founders of PRORehab will continue to lead their business and retain a significant equity stake in the combined company.

TSI was founded in 1993 and operates four clinic locations in Des Moines, Iowa. TSI’s strong reputation for excellence in clinical care will bolster Accelerated’s existing operations in the Iowa marketplace. TSI’s founder will bring his significant expertise to Accelerated’s Iowa operations and he will retain a significant equity stake in the combined company.

Eric Warner, CEO of Accelerated, stated, “We are excited to partner with national caliber clinicians who share our fundamental focus on positive patient outcomes. These partnerships allow us to expand our presence in the Des Moines market and enter an attractive new market in St. Louis where we see great potential for growth.”

“We are pleased to support our strong management team at Accelerated in these acquisitions,” said David Andrews, Founder and Managing Partner of Gryphon Investors. “Despite the currently difficult financing environment, we will continue to aggressively pursue accretive acquisitions.”

“Partnerships with excellent clinicians and geographic expansion into attractive new markets are core elements of our investment thesis,” added John Rogers, the Gryphon Principal who led the deals.

About Accelerated Rehabilitation Centers

With the acquisitions of PRORehab and TSI, Accelerated has grown to over 165 owned and managed physical therapy centers in seven 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 for more information.


Caroline Luz

Lambert & Co.