What did Fortress Value Acquisition Corp. II pay for ATI Physical Therapy?

Fortress Value Acquisition Corp. II acquired ATI Physical Therapy for $2.50B in 2021 (14.3x EBITDA), equivalent to 2.80x revenue. Target revenue was approximately $903.0M. Target EBITDA was approximately $175.0M.

What does ATI Physical Therapy do?

ATI Physical Therapy is a physical therapy business.

What multiple did Fortress Value Acquisition Corp. II pay for ATI Physical Therapy?

14.3x EBITDA and 2.80x revenue, based on disclosed deal value of $2.50B and disclosed financials.

M&A TRANSACTION · 2021

ATI Physical Therapy acquired by Fortress Value Acquisition Corp. II

$2.50B· 14.3x EBITDA· 2.80x revenue

Target

ATI Physical Therapy

Acquirer

Fortress Value Acquisition Corp. II

Disclosed financials at time of acquisition

Revenue

$903.0M

EBITDA

$175.0M

Deal Value

$2.50B

EV/EBITDA

14.3x

Context

This $2.50B acquisition of ATI Physical Therapy by Fortress Value Acquisition Corp. II sits in the physical therapy sub-vertical. The 14.3x EBITDA multiple paid in 2021 can be compared against the population median for physical therapy transactions of similar size on our Physical Therapy valuation hub.

Source

Data sourced from SEC filings. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology

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Citation: ExitValue.ai. (2021). ATI Physical Therapy acquired by Fortress Value Acquisition Corp. II. https://exitvalue.ai/deals/ati-physical-therapy-acquired-by-fortress-value-acquisition-corp-ii-hc-2021-0106