PRO Rehab provides outpatient physical therapy services through twenty clinics located around the St. Louis metropolitan area and Southern Illinois. The Company was founded in 1990 and was owned and operated by three practicing physical therapists.
Accelerated Rehab is a Chicago-based provider of outpatient physical therapy services. In early 2008, Accelerated was recapitalized through a large equity investment by Gryphon Investors, a well known private equity firm headquartered in San Francisco, California. Gryphon invested significant capital to fund continued growth through acquisitions.
Challenges
Ownership was seeking liquidity but also wanted to continue to manage the business to preserve the culture and successful growth in the business.
The Company's payor environment and reimbursement climate had dramatically shifted in recent years.
Because of the adverse affect of other mergers and acquisitions in the marketplace, confidentiality among employees, referral sources, competitors, and potential acquirors was paramount.
Accomplishments
Legacy ran a highly confidential targeted process that identified the optimum partner while minimizing the possibility of confidentiality breaches.
Legacy was able to sell into a pro forma business level based on prospective new payor rates.
Legacy was able to draft market the company thereby preserving alternate options without tainting the market. Accordingly, the buyer was held to a timeline optimal to PRO Rehab.
