GPB Capital Affiliate Grows its Portfolio, Acquiring Majority Ownership of Results Physical Therapy to Deliver Cutting-Edge Care to More Patients
New York – December 13, 2017 – Alliance Physical Therapy Partners (“Alliance PT”), an affiliate of GPB Capital, announces that Back in Motion® Physical Therapy LLC (“Back in Motion”), which operates outpatient physical therapy centers around Portland, Maine, has acquired Results Physical Therapy, adding two additional locations in central Maine. Alliance PT acquired a majority ownership stake in Back in Motion in May 2017, and after only a few months of working with the team of experienced professionals at Alliance PT, Back in Motion has grown to the point where it can provide high-quality care to more patients by acquiring and integrating other businesses.
“The impressive growth that Back in Motion has achieved, in such a short period of time, is a testament to the managerial, administrative, and financial support we make available to our operating partners,” said Dotty Bollinger, Managing Partner with GPB Capital responsible for the firm’s Healthcare Strategy. “We will continue to work alongside Back in Motion’s management team to facilitate growth, and position the practice to deliver state-of-the-art physical therapy treatment to more patients across Maine.”
As part of an innovative arrangement to help physical therapy practice operators achieve their next stage of growth and profitability, GPB Capital enables them to work closely with the team at Alliance PT in exchange for majority ownership stakes. Alliance PT provides services to streamline and optimize processes related to managed payroll, benefits, workers’ compensation, and recruitment, and seeks to help practice operators obtain more favorable terms during negotiations with insurance companies over large-scale reimbursement. The Alliance PT staff possesses a broad range of experience building and running physical therapy practices, and can offer guidance about recruitment, acquisitions, compliance, technology, strategic growth, and direct-to-consumer marketing.
“We’re excited that Back in Motion is experiencing this type of growth, especially at such an early stage in our relationship,” said Mark Andrzejewski, CEO of Alliance Physical Therapy Partners. “Our mission is to offer our partners like Back in Motion the opportunity to realize their vision of helping more people return to a normal, active lifestyle by expanding their footprint in physical therapy.”
At the time of its acquisition, Back in Motion operated three outpatient physical therapy centers. The company experienced 11.3% growth in patient volume between 2015 and 2016. Alliance PT continues to work with the management team at Back in Motion to implement standardized operational adjustments in order to improve the level of care for a greater number of patients.
Results Physical Therapy operates outpatient physical therapy clinics in Brewer and Dexter, Maine. The company was founded in 2006 by Carol Lane, a physical therapist who has operated the practice since 1987. Results Physical Therapy’s two clinics both operate gyms open to the public, which can serve as sources of referrals for the outpatient practice. The company will maintain its brand after its integration into Back in Motion, which will become GPB Capital’s portfolio company focused on the physical therapy market in Maine. Terms of Results Physical Therapy’s acquisition by Back in Motion, which closed on September 28, 2017, were not disclosed.
“GPB Capital and Alliance Physical Therapy Partners have certainly followed through on their promise to help us grow our practice,” said Michel Brunet, Co-Founder of Back in Motion Physical Therapy. “As part of their dedication to portfolio companies, they have given us the tools, capital, and support we need to achieve the long-term goals we have for our business—and our patients.”
About GPB Capital Holdings, LLC
GPB Capital is a New York-based alternative asset management firm focusing on acquiring income-producing private companies. GPB Capital provides their portfolio companies with the strategic planning, managerial insight, and capital needed to enable strong businesses to achieve the next level of growth and profitability. GPB Capital has over $1.35 billion in assets under management[i] and has acquired or invested in more than 100 portfolio companies. For more information, please visit www.gpb-cap.com.
About Alliance Physical Therapy Partners
Alliance Physical Therapy Partners is an affiliate of GPB Capital Holdings, LLC focused on acquiring private physical therapy practices across the U.S. to provide practice owners the opportunity to expand their footprint while receiving operational guidance and financial support. The Alliance Physical Therapy Partners team includes former private practice owners, direct marketing professionals, and operations experts who have experience running and growing successful healthcare organizations. For more information, visit www.allianceptp.com.
[i] Which is different and distinct from GPB Capital’s “Regulatory AUM.”