Private equity-backed Athletico Physical Therapy is buying Accelerated Rehabilitation Centers for an undisclosed amount.
Accelerated Rehabilitation, headquartered in Chicago, provides outpatient rehabilitation services through more than 230 centers in Illinois, Indiana, Iowa, Michigan, Missouri, Wisconsin, Ohio and Arizona. The company runs ProRehab and Newsome Physical Therapy.
Athletico Physical Therapy, based in Oak Brook, Illinois, provides physical therapy services through 88 locations in Illinois, Wisconsin and Indiana. The company is backed by New York private equity firm Harvest Partners LP. The firm focuses on buying energy, manufacturing, business services and health care businesses. Another Harvest portfolio company, AxelaCare Health Solutions, made an acquisition in October, picking up New York-based Advanced Care.
Combined, the businesses will serve patients in 336 locations in eight states. The deal also allows the company to strengthen relationships with physicians, payers and other groups, according to Ahletico.
Jefferies LLC acted as Accelerated's financial adviser on the deal.
Health care providers have been consolidating in order to more easily provide services to an influx of patients caused from the Affordable Care Act. For more, see ACA Reshuffles the Deck.