M&A TRANSACTION · 2025
ATI Physical Therapy acquired by Knighthead Capital Management / Marathon Asset Management Consortium
$522.2M· 11.2x EBITDA· 0.70x revenue
Target
ATI Physical Therapy
Bolingbrook, IL
One of the largest outpatient physical therapy providers in the United States with nationwide clinic network
Acquirer
Knighthead Capital Management / Marathon Asset Management Consortium
Private Equity buyer
Disclosed financials at time of acquisition
Revenue
$746.0M
EBITDA
$46.7M
Deal Value
$522.2M
EV/EBITDA
11.2x
Context
This $522.2M acquisition of ATI Physical Therapy by Knighthead Capital Management / Marathon Asset Management Consortium sits in the physical therapy sub-vertical. The 11.2x EBITDA multiple paid in 2025 can be compared against the population median for physical therapy transactions of similar size on our Physical Therapy valuation hub. Knighthead Capital Management / Marathon Asset Management Consortium is acquiring as a private equity buyer; see how PE acquirers typically price physical therapy businesses on our Physical Therapy PE buyer-pool page.
Source
Data sourced from PRNewswire / Company Press Release — primary source. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology
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