Gryphon and Portfolio Company News

Gryphon Investors Acquires PRN, a Leading Western U.S. Physical Therapy Operator

San Francisco, CA -

Deal Marks Gryphon’s Third Investment in the Physical Therapy Category

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm based in San Francisco, CA, announced today that it has acquired Physical Rehabilitation Network (“PRN” or “the Company”), from Silver Oak Services Partners (“Silver Oak”). Silver Oak will make an investment in the newly recapitalized company, and PRN’s management team will remain with the Company and retain an equity stake as well. This transaction marks Gryphon’s third investment in the physical therapy category after successful earlier investments in Accelerated Rehabilitation and CORA Physical Therapy. Terms of the deal were not disclosed.

Kevin Blank, Gryphon Operating Partner to Gryphon’s Healthcare Group, commented, “Physical therapy is a $36 billion industry that is increasingly viewed as preventive care, supported by payors looking to make sure diagnostic expense and more invasive treatments are appropriate. We believe the physical therapy sector will experience more growth as active people age and require attention to injuries, but increasingly turn away from pharmaceutical treatment. At the same time, new regulations are improving patients’ direct access to care, making treatment faster and less administratively cumbersome. These drivers make continued investment in the sector attractive.” 

PRN is the leading outpatient physical therapy provider in the Western United States. The company operates 138 clinics in 12 states (CA, CO, ID, MN, MT, NV, NM, ND, OR, SD, TX and WA), and boasts over one million patient visits annually. PRN offers a variety of physical therapy services including sports rehabilitation, balance training, hand therapy, aquatic therapy, industrial rehabilitation, and post-operative PT. Current CEO Ajay Gupta will retain his position with the company, while Mitch Tannenbaum and Eric Warner, both former senior executives of Accelerated Rehabilitation and current board members at CORA, will serve in board roles.

Luke Schroeder, Gryphon Deal Partner and Co-Head of Gryphon’s Healthcare Group, said, “PRN has a unique joint venture business model that allows its physical therapist partners to share in the business’s upside while remaining deeply committed to providing top-quality care. Over the past few years, the Company has focused on accelerating strategic growth, including health system partnerships, and investing in a scalable infrastructure, while building a diversified payor mix and widening its geographic footprint. We see multiple avenues for continued organic and acquisitive growth for the PRN platform.”

“We are extremely proud of our partnership with the PRN management team and the Company’s track record of growth,” said Dan Gill, Managing Partner at Silver Oak. “We are excited to reinvest in PRN, and believe the Company is well positioned to capitalize on its multidimensional growth strategy while continuing to provide exceptional quality of care.” 

Mr. Gupta added, “We look forward to this next chapter of growth with the Gryphon and Silver Oak teams to broaden our service offerings in the communities we serve, attract more patients, and further hone our partnership model. We have built our business by supporting our clinicians through focused efforts on training, compliance, strict quality of care standards, and patient-centered service, and we expect to continue to see our success measured by patient outcomes and overall satisfaction.”

Jefferies & Company acted as financial advisor to Gryphon, and Houlihan Lokey was the financial advisor to PRN. Kirkland & Ellis acted as legal advisor to Gryphon. Kirkland & Ellis and Waller Lansden Dortch & Davis acted as legal advisors to PRN.

About Physical Rehabilitation Network

Founded in 1991 and headquartered in Carlsbad, CA, PRN ( is the leading outpatient physical therapy provider in the Western U.S. The company operates 138 clinics in 12 states (CA, CO, ID, MN, MT, NV, NM, ND, OR, SD, TX, and WA), with density in high-growth, economically thriving and fragmented markets. PRN distinguishes itself through its therapist-friendly minority equity partnership model and comprehensive centralized support that empowers its therapists to focus on delivering leading patient satisfaction and best-in-class patient care.

About Gryphon Investors

Based in San Francisco, Gryphon Investors ( is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.

About Silver Oak Services Partners

Founded in 2005 and based in Evanston, IL, Silver Oak Services Partners ( is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, consumer and healthcare service companies. Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue. The firm is currently investing out of its fourth fund, a $500 million investment vehicle.​


Caroline Luz

Lambert & Co.

Jennifer Hurson

Lambert & Co.