U.S. Physical Therapy Announces Acquisition and Partnership with Chad Madden and Michael Gilbert
01 April 2022 - 2:30PM
Business Wire
U.S. Physical Therapy, Inc. ("USPH" or the “Company”) (NYSE:
USPH), a national operator of outpatient physical therapy clinics
and provider of industrial injury prevention services, today
announced an acquisition of a six-clinic physical therapy practice
in South Central Pennsylvania – Madden and Gilbert Physical
Therapy, LLC.
USPH acquired 70% of the equity interests of the physical
therapy practice with the practice’s founder and owners retaining
30%. The purchase price for the 70% equity interest was
approximately $11.5 million. The business generates more than $7.5
million in annual revenue and has approximately 71,000 patient
visits per year.
Chris Reading, Chief Executive Officer, stated, “We are
extremely pleased to announce our latest acquisition in partnership
with Chad Madden and Mike Gilbert, two revered leaders in our
profession who have built a great physical therapy business using
the founding principles developed within Chad's Breakthrough
Marketing company. We look forward to a long and prosperous
relationship building on their well-established network of
facilities in South Central Pennsylvania. Chad and Mike have a
multi-year expansion plan built upon their excellent reputation and
terrific patient service and we are excited about helping them
realize their goals in the years to come.”
About U.S. Physical Therapy,
Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 604
outpatient physical therapy clinics in 39 states. The Company's
clinics provide preventative and post-operative care for a variety
of orthopedic-related disorders and sports-related injuries,
treatment for neurologically-related injuries and rehabilitation of
injured workers. In addition to owning and operating clinics, the
Company manages 38 physical therapy facilities for unaffiliated
third parties, including hospitals and physician groups. The
Company also has an industrial injury prevention business which
provides onsite services for clients’ employees including injury
prevention and rehabilitation, performance optimization, post-offer
employment testing, functional capacity evaluations, and ergonomic
assessments.
More information about U.S. Physical Therapy, Inc. is available
at www.usph.com. The information
included on that website is not incorporated into this press
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220401005068/en/
U.S. Physical Therapy, Inc. Carey Hendrickson, Chief Financial
Officer email: chendrickson@usph.com
Chris Reading, Chief Executive Officer (713) 297-7000
Three Part Advisors Joe Noyons (817) 778-8424
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