Gryphon and Portfolio Company News

Physical Rehabilitation Network Acquires Gillette Physical Therapy

Carlsbad, CA -

Physical Rehabilitation Network (“PRN”), a leading U.S.-based owner-operator of nearly 200 outpatient physical therapy clinics, today announced its entrance into Wyoming with its acquisition of Gillette Physical Therapy (“Gillette PT” or “GPT”), which operates one outpatient clinic in the Gillette community.

“We are pleased to welcome the team at Gillette PT and broaden our footprint in the Mountain West region,” said Ajay Gupta, CEO, PRN. “With mutually aligned values around putting patients and staff first, this acquisition will help provide the means for further clinical growth and resource support, allowing Gillette to continue building out its highly successful physical rehabilitation programs.”

Founded in 2001, the GPT team is best known for its leading orthopedic manual physical therapy, pre- and post-surgical rehabilitation, sports recovery, occupational/hand therapy and vestibular rehabilitation care programs.

“We are excited to join PRN and write this next chapter in our history, which will help expand growth and support opportunities for our clinicians,” said Ken Clouston, Founder, Gillette Physical Therapy. “PRN shares our genuine commitment to high-quality and individualized patient care, and also offers remarkable operational and clinical support, which will allow us to continue to thrive in our community.”

GPT’s highly respected and decorated team collectively brings more than 150 years of treatment experience and includes the only board-certified sports clinical specialist in the area. In addition, Gillette PT provides athletic and performance training to the Gillette College Pronghorns, Gillette baseball teams, and the town’s local semi-pro hockey team, the Wild. 

PRN is a portfolio company of Gryphon Investors, a leading middle-market private equity firm.

PricewaterhouseCoopers LLP., and Bass, Berry & Sims PLC acted as advisors to PRN on the transaction. 

To learn more about Gillette Physical Therapy, visit

For more information on PRN locations or partnership opportunities, visit To stay up to date on the latest PRN news, follow us @PRNPhysicalTherapy on Facebook, @PRN_therapy on Twitter and on LinkedIn.

About Gillette Physical Therapy

Since 2001, Gillette Physical Therapy has provided expert rehabilitative services for a variety of orthopedic-related conditions. In addition to providing comprehensive, compassionate post-surgical care, Gillette’s therapists commonly treat numerous non-surgical ailments.

About Physical Rehabilitation Network 

Physical Rehabilitation Network (PRN) is a leading owner-operator of nearly 200 outpatient physical therapy clinics across 17 states in the western and central regions of the United States. Boasting a differentiated delivery model, PRN integrates owning, managing and developing physical therapy locations and brands as well as establishing Health System Joint Venture and PT practice partnerships with its value-based, people-first and outcomes-driven care delivery solutions. PRN’s growing network of distinguished regional brands offer a full range of treatment services, including outpatient physical therapy, workplace ergonomics, workers’ compensation therapy, sports and auto injury rehabilitation, and rehabilitation for seniors.   

PRN proudly supports over 1,700 physical therapy experts, offering many developmental pathways committed to comprehensive patient care and building leaders of tomorrow.   

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. As of December 31, 2021, the firm has over $9 billion of assets under management. 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.​


Caroline Luz

Lambert & Co.

Brian Rog

Physical Rehabilitation Network