Clarity Testing Services has Partnered with U.S. Physical Therapy

Livingstone’s healthcare team has advised Clarity Testing Services, Inc. (“Clarity” or the “Company”) on the sale of a 70% equity interest to U.S. Physical Therapy, Inc. (“USPH”) (NYSE: USPH).

Clarity is the premier provider of onsite mobile occupational health and drug & alcohol testing services. The Company serves highly regulated employers operating in industries governed by Department of Transportation (“DoT”) and Occupational Safety and Health Administration (“OSHA”) compliance requirements, which mandate frequent workforce testing.

“We are extremely pleased to announce this acquisition today which further expands our offerings in industrial injury prevention service lines,” said Eric Williams, President and Chief Operating Officer-East of USPH. “The management team is a perfect fit for our culture, and we look forward to exploring cross-selling opportunities with our existing industrial injury prevention partners.”

The Company, which was founded in 1995 by Dr. Jeffrey Altholz, operates a fleet of mobile units across New York and the tri-state area, along with clinical offices in Tarrytown and Long Island City, New York, and serves employers and union workforces in industries that require reliable, efficient workplace testing.

“Clarity represents a best-in-class platform distinguished by strong fundamentals, deep customer relationships, differentiated capabilities, and a scalable operating model that attracted significant interest from prospective buyers,” said Ryan Buckley, Partner at Livingstone. “We are proud to have partnered with the Clarity team to secure the right long-term partner in USPH and structure a transaction that support the Company’s continued growth.”

USPH operates 780 outpatient physical therapy clinics in 44 states. USPH clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically related injuries and rehabilitation of injured workers. USPH also has an industrial injury prevention business which provides onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments.

“Livingstone was instrumental in delivering an exceptional outcome for Clarity, and we are grateful for their guidance and commitment through the process,” said Jeffrey Altholz, CEO and Chief Medical Officer of Clarity. “USPH is the right partner for our next phase of growth, bringing the scale and operational expertise to help us invest in our people, expand geographically, and enhance the value we deliver to customers.”

Livingstone’s healthcare team has maintained strong momentum, completing 20 healthcare M&A transactions over the past three years in a market widely defined by uncertainty. The practice remains focused on sub-sectors where deep domain expertise, differentiated industry insight, and enduring relationships drive advantage. This disciplined model – anchored by senior banker-led execution and an unwavering commitment to client advocacy – has consistently delivered exceptional outcomes.