Gryphon Investors has acquired Physical Rehabilitation Network (PRN) from Silver Oak Services Partners in a deal where Silver Oak makes a new investment in the company and PRN’s management retains an equity stake in the business.
PRN operates physical therapy clinics in 12 states in the Western U.S. “Physical therapy is a $36 billion industry that is increasingly viewed as preventive care, supported by payers looking to make sure diagnostic expense and more invasive treatments are appropriate. We believe the physical therapy sector will experience more growth as active people age and require attention to injuries, but increasingly turn away from pharmaceutical treatment.” says Gryphon partner Kevin Blank.
Jefferies & Company is acting as financial advisor to Gryphon, and Houlihan Lokey is financial advisor to PRN. Kirkland & Ellis is providing legal advice to Gryphon and PRN. Waller Lansden Dortch & Davis is also acting as legal advisor to PRN.