BUYER POOL ANALYSIS
Selling a physical therapy practice to Individual / Owner-Operator buyers
Owner-operators, SBA-financed independent buyers, and smaller management buyouts. Pricing reflects what an individual can finance (typically 10-25% down + SBA 7(a)) and operate hands-on. Below typical PE engagement size.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 14x across 7 disclosed deals (P25: 8.77x, P75: 14.3x). Median EV/Revenue 1.8x across 11 deals. Median deal value: $35M.
- How many disclosed transactions?
- 13 deals total (5 from 2018+), filtered to Individual / Owner-Operator acquirers of physical therapy practice businesses.
- Most active buyers
- Global Medical REIT LP (3) · U.S. Physical Therapy, Inc. (1) · Fortress Value Acquisition Corp. II (1) · Fortress Value Acquisition Corp. II (SPAC) (1) · NeuPath Health Inc. (1) · Gryphon Investors (1)
Recent disclosed deals
Individual / Owner-Operator acquisitions of physical therapy practice businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Three-Clinic Practice | U.S. Physical Therapy, Inc. | $7.6M | — | 1.80x |
| 2021 | ATI Physical Therapy | Fortress Value Acquisition Corp. II | $2500.0M | 14.3x | 2.80x |
| 2021 | ATI Physical Therapy (SPAC Merger) | Fortress Value Acquisition Corp. II (SPAC) | $2500.0M | 14.3x | 3.40x |
| 2021 | HealthPointe Medical Centres Ltd. | NeuPath Health Inc. | $5.2M | — | 0.74x |
| 2020 | Physical Rehabilitation Network | Gryphon Investors | $280.0M | 14.0x | — |
| 2016 | HealthSouth East Valley Rehabilitation Hospital, LLC | Global Medical REIT LP | $22.4M | — | 13.07x |
What this buyer pool prices for
Individual buyers — owner-operators, SBA-financed independents, smaller management buyouts — price for what they can finance (typically 10-25% down with SBA 7(a) loans up to $5M deal value) and operate hands-on. Multiples are below PE / strategic because the buyer is taking the owner-operator role, not stepping in as institutional capital. Owner-dependency and seasonality matter more here than to a PE buyer.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to physical therapy practice businesses acquired by individual / owner-operator buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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