M&A TRANSACTION · 2025
ATI Physical Therapy, Inc. acquired by Knighthead Capital Management and Marathon Asset Management
$523.2M· 11.2x EBITDA· 0.70x revenue
Target
ATI Physical Therapy, Inc.
Acquirer
Knighthead Capital Management and Marathon Asset Management
Private Equity buyer
Disclosed financials at time of acquisition
Revenue
$746.6M
EBITDA
$46.7M
Deal Value
$523.2M
EV/EBITDA
11.2x
Context
This $523.2M acquisition of ATI Physical Therapy, Inc. by Knighthead Capital Management and Marathon Asset Management 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 and Marathon Asset Management 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 Press releases and earnings releases. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology
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