A Company in the Philly Burbs Just Sold for $400 Million
What’s the going rate for a group of outpatient physical rehabilitation centers? How about a cool $400 million?
Physiotherapy Associates Holdings, which is based in Exton, Pa., has agreed to be sold to Select Medical Holdings Corp. in a $400 million deal. The transaction is expected to close in the first or second quarter of 2016.
The deal comes amid a slew of mergers in the health care space and is yet another sign of consolidation.
Physiotherapy operates more than 500 medical facilities nationwide, providing a wide range of rehab services like general orthopedics, spinal care, neurological care, orthotics and prosthetics services.
Select Medical is based in Mechanicsburg, Pa., and is one of the largest operators of specialty hospitals and outpatient rehabilitation clinics in the United States. After a big merger with Concentra in mid-2015, it now boasts 1,033 outpatient rehabilitation clinics in 31 states and the District of Columbia.
In January, Physiotherapy Associates announced the launch of PhysioSports to help athletes with sports enhancement and injury prevention and rehab.
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