BUYER DISCOVERY
Who buys physical therapy practices?
92 disclosed physical therapy practiceacquisitions analyzed — the active strategic and private equity buyers, how often each one buys, and their most recent named deals. Sourced from SEC filings and verified M&A press releases.
Quick answers
- How many disclosed transactions?
- 92 disclosed physical therapy practice acquisitions with a named acquirer.
- Most active buyers
- U.S. Physical Therapy, Inc. (47) · U.S. Physical Therapy (USPH) (4) · HealthSouth Corp. (3) · Revelstoke Capital Partners (3) · Grant Memorial Hospital (1) · Physical Rehabilitation Network (1)
- What would these buyers pay for my business?
- Run the ExitValue.ai calculator to price your physical therapy practice against these 92 disclosed transactions. The engine surfaces what each buyer pool pays for your size, margin, and growth profile.
Top strategic buyers
Operators, larger competitors, and corporate consolidators acquiring physical therapy practice businesses for synergy and capability fill.
| Acquirer | Deals | Median deal size | Recent targets |
|---|---|---|---|
| U.S. Physical Therapy, Inc. | 47 | $12M | Industrial Injury Prevention Company (2026), Outpatient Home Care Physical and Speech Therapy Practice (2025), Three-Clinic Practice (2025), Eight-Clinic Practice (2024) |
| U.S. Physical Therapy (USPH) | 4 | $12M | Metro Physical & Aquatic Therapy (Metro MSO) (2024), Four-Clinic Physical Therapy Practice (2020), Three-Clinic Physical Therapy Practice (2020), Eleven-Clinic Physical Therapy Practice (2019) |
| HealthSouth Corp. | 3 | $57M | Cardinal Hill Rehabilitation Hospital (2015), Fairlawn Rehabilitation Hospital (2014), Sugar Land Rehabilitation Hospital (2010) |
| Grant Memorial Hospital | 1 | $0.5M | Physical Therapy Practice (2025) |
| Physical Rehabilitation Network | 1 | $110M | Spine & Sport Physical Therapy (2025) |
| Briotix Health (USPH subsidiary) | 1 | $24M | IIP Services Business (2024) |
| Wheeling Rehabilitation | 1 | $44M | Peterson Healthcare and Rehabilitation Hospital (2024) |
| Lifepoint Health, Inc. | 1 | $38M | Everest Rehabilitation Hospitals (4) (2023) |
| OhioHealth Rehabilitation Hospital JV (Select Medical) | 1 | $28M | Reunion Rehabilitation Hospital (2023) |
| RWJ Barnabas Health | 1 | $235M | JAG-ONE (2022) |
| Athletico Holdings | 1 | $550M | Pivot Health Solutions (2022) |
| Fortress Value Acquisition Corp. II | 1 | $2.5B | ATI Physical Therapy (2021) |
Top private equity buyers
Private equity firms and PE-backed platforms rolling up physical therapy practice businesses. Platform-tier buyers typically pay up for scale, clean financials, and a management layer that survives integration.
| Acquirer | Deals | Median deal size | Recent targets |
|---|---|---|---|
| Revelstoke Capital Partners | 3 | $300M | Upstream Rehabilitation (2019), Encore Rehabilitation (2015) |
| Knighthead Capital Management / Marathon Asset Management Consortium | 1 | $522M | ATI Physical Therapy (2025) |
| Knighthead Capital Management and Marathon Asset Management | 1 | $523M | ATI Physical Therapy, Inc. (2025) |
| General Atlantic | 1 | $1.2B | PT Solutions (2022) |
| HIG Capital | 1 | $500M | CORA Health Services (2021) |
| Partners Group | 1 | $622M | Confluent Health (2019) |
| Advent International | 1 | $1.9B | ATI Physical Therapy (2016) |
| Thomas H. Lee Partners | 1 | $450M | Professional Physical Therapy (2016) |
Recent M&A activity
Disclosed physical therapy practice acquisitions by year.
Methodology note
Acquirer activity reflects disclosed M&A transactions in the ExitValue.ai database, filtered to physical therapy practice businesses with a named acquirer. Counts include deals with disclosed financials only — total transaction volume in this segment is typically 2–3x larger. The valuation engine reveals what each buyer pool pays for your specific business when you run the calculator. Full methodology
What's your physical therapy practice worth to these acquirers?
12-input M&A-grade workup with sellability score, named comparable deals, and AI-written commentary. 2 minutes.
- ✓Sellability score with 5-driver breakdown and lift estimates
- ✓Named comparable M&A transactions in your sub-vertical
- ✓AI-written analysis grounded in your specific inputs
Engine-grounded estimate. Comparable named deals on the full results page.
More on physical therapy valuations
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- Value a physical therapy· run the calculator
- Physical Therapy median multiples· real-deal benchmarks
- Who buys physical therapy businesses?· active buyers
- Who acquired Industrial Injury Prevention Company?· buyer profile
- How to value a physical therapy· long-form guide