Alliance PT Completes Acquisition of Agility Health's U.S. Operations
NEW YORK, March 7, 2018 /PRNewswire/ -- Alliance Physical Therapy Management, LLC ("Alliance PT"), an affiliate of GPB Capital and Alliance Physical Therapy Partners, has completed its acquisition of the U.S. operations of Agility Health, Inc. (TSVX: AHI) ("Agility Health") as of February 28, 2018. Under the terms of a definitive purchase agreement with Agility Health, Alliance PT purchased 100% of Agility Health's U.S. operations for approximately $45 million.
"The high quality of the physical therapy and rehabilitation clinics, and the experienced practitioners providing patient care, are the cornerstones of Agility Health's U.S. assets," said Dotty Bollinger, Managing Partner of GPB Capital responsible for the firm's Healthcare Investments. "They will strengthen our physical therapy platform, and position us to play a leading role in providing innovative treatments to patients in more communities throughout the country."
Agility Health is one of the few healthcare operators in the country providing most key services of the post-acute continuum of care. Following the acquisition of Agility Health's Grand Rapids, Michigan-based U.S. division, Alliance PT's portfolio now provides rehabilitation services to over 165 physical therapy locations in 25 states. In addition, Alliance PT will harness Agility Health's corporate infrastructure and proprietary clinic management software ("AgileRPM") to deliver effective billing, revenue cycle management, payroll, compliance, recruiting, marketing, and other support services to its clinics.
Also, effective immediately, Patrick Reid, previously Chief Financial Officer of Agility Health, has joined Alliance PT as Chief Financial Officer. Mr. Reid has spent more than 25 years working in the healthcare industry, and possesses a broad range of expertise encompassing revenue cycle, finance, and operations of single-specialty physician practices and large integrated health systems. In his new role at Alliance PT, he will be responsible for overseeing all accounting, financial, and revenue management functions across the organization, as well as assisting management identify growth opportunities and lead staff.
"Agility Health provides us with a robust portfolio of outstanding clinics and practitioners in the Midwest," said Mark Andrzejewski, CEO of Alliance Physical Therapy Partners. "Patrick and the Agility Health employees will help us implement a seamless integration, and further streamline and grow our overall business."
"We remain committed to partnering with growth-oriented, income-producing healthcare companies so that they can achieve their business and patient care goals," said Manuel Frederico Vianna, Managing Partner of GPB Capital. "We continue to monitor the healthcare industry for companies that meet our acquisition criteria, and require capital to strengthen their operations and reach their next level of growth."
About Alliance Physical Therapy Partners LLC
Alliance Physical Therapy Partners is an affiliate of GPB Capital focused on acquiring private physical therapy practices across the U.S. to provide practice owners the opportunity to expand their footprint while receiving operational guidance and financial support. The Alliance Physical Therapy Partners team includes former private practice owners, direct marketing professionals and operations experts who have experience running and growing successful healthcare organizations. For more information, visit www.allianceptp.com.
About GPB Capital Holdings, LLC
GPB Capital is a New York-based alternative asset management firm focused on acquiring or investing in income-producing companies and assets. GPB Capital seeks to provide its portfolio companies with the strategic planning, managerial insight, and capital needed to enable strong businesses to achieve the next level of growth and profitability. GPB Capital has over $1.5 billion in assets under managementi and has acquired or invested in more than 160 portfolio companies. For more information, please visit www.gpb-cap.com.
We make statements herein that are considered to be forward-looking statements. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of Alliance PT and its affiliates. These statements (often using words such as "believes," "expects," "intends," "plans," "appear," "would," "should" and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we project. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, many of which are beyond our control.
iWhich is different and distinct from GPB Capital's "Regulatory AUM."
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SOURCE Alliance PT