US Physical Therapy Inc. (USPH) said Wednesday that it has acquired a 65% interest in a multi-partner outpatient rehabilitation practice for about $9.50 million.
The practice has 9 clinics located in the Mid-Atlantic region. It sees 60,000 physical therapy patients per year producing about $5.60 million in revenue.
Chris Reading, U.S. Physical Therapy Chief Executive Officer, said, "Through this partnership we are pleased to enter several new markets in Maryland and Pennsylvania. We believe that there is significant additional growth opportunity in the region."
US Physical Therapy said that it has funded the acquisition with its bank credit facility and seller notes.
The company noted that the practice would continue to be run by the firm's founding partners, whom retain a significant equity stake in the business.
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