BUYER POOL ANALYSIS
Selling a physical therapy practice to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 11x across 15 disclosed deals (P25: 8.2x, P75: 12.8x). Median EV/Revenue 2.2x across 53 deals. Median deal value: $19.86M.
- How many disclosed transactions?
- 55 deals total (55 from 2018+), filtered to Strategic / Industry acquirers of physical therapy practice businesses.
- Most active buyers
- U.S. Physical Therapy, Inc. (28) · U.S. Physical Therapy (USPH) (4) · Concentra Health Services, Inc. (1) · Grant Memorial Hospital (1) · Physical Rehabilitation Network (1) · Briotix Health (USPH subsidiary) (1)
Recent disclosed deals
Strategic / Industry acquisitions of physical therapy practice businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Industrial Injury Prevention Company | U.S. Physical Therapy, Inc. | $21.6M | — | 3.10x |
| 2025 | Nova Medical Centers | Concentra Health Services, Inc. | $265.0M | 9.4x | 2.03x |
| 2025 | Outpatient Home Care Physical and Speech Therapy Practice | U.S. Physical Therapy, Inc. | $2.9M | — | 1.40x |
| 2025 | Physical Therapy Practice | Grant Memorial Hospital | $0.5M | 3.2x | 0.40x |
| 2025 | Spine & Sport Physical Therapy | Physical Rehabilitation Network | $110.0M | 12.9x | — |
| 2025 | Three-Clinic Practice | U.S. Physical Therapy, Inc. | $13.2M | — | 2.50x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to physical therapy practice businesses acquired by strategic / industry 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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