Livingstone Advises Spine & Sport on Sale to PRN

Livingstone’s Healthcare team has advised Spine & Sport Physical Therapy (“Spine & Sport” or the “Company”), a Great Point Partners (“GPP”) portfolio company, on its sale to Physical Rehabilitation Network (“PRN”), a Gryphon Investors portfolio company. Livingstone served as the exclusive financial advisor to Spine & Sport. Terms were not disclosed.

Spine & Sport, headquartered in San Diego, is a leading provider of physical therapy and rehabilitation services, operating 51 employee-owned outpatient physical therapy clinics across Southern California. GPP, a Greenwich-based private investment firm focused exclusively on the healthcare industry, invested in Spine & Sport alongside leadership and founders when the Company operated 16 clinics in 2018.

“Spine & Sport and PRN share deep roots in San Diego and a mutual commitment to exceptional care, innovation, and professional growth,” said Brett Raasch PT, ATC, CEO of Spine & Sport. “This partnership not only enhances our ability to serve patients and grow our operations but also creates new opportunities for our team, all while staying true to the principles that define us.”

PRN is a leading owner-operator of more than 250 outpatient physical therapy clinics across 16 states in the western and central regions of the U.S. Gryphon Investors, a leading middle-market private investment firm, partnered with PRN in December 2020.

“Spine & Sport was a highly sought-after investment on account of its San Diego market leadership, evidence-based therapy programs, efficient clinical delivery model that enhances patient access, proven management team, and strong track record of organic and acquisition-led growth,” commented Ryan Buckley, Partner at Livingstone. “We’re proud to have facilitated another important transaction involving two exceptional physical therapy platforms.”

Mr. Raasch and the Spine & Sport management team will remain with the Company and become integral members of the PRN team.

Rohan Saikia, Managing Director with GPP stated, “Livingstone’s deep knowledge of physical therapy value drivers, along with their extensive relationships with strategic buyers and the private equity firms interested in PT, were crucial in achieving an outstanding outcome for Spine & Sport stakeholders.”

Since late 2021, Livingstone has sold eight PT platforms collectively valued at nearly $1 billion. In the past year, Livingstone has completed four sell-side transactions including Spine & Sport, Metro Physical & Aquatic Therapy (to U.S. Physical Therapy), Fitness Quest Physical Therapy (to Confluent Health), and Access Physical Therapy & Wellness (to Confluent). Other notable successes within physical therapy include transactions involving industry leaders such as Agility Health, Alliance Physical Therapy Partners, ATI Physical Therapy, Foothills Therapy Partners, MOTION PT Group, PT Solutions, Renewal Rehab, and Therapy Partner Solutions.

“As the most active mid-market M&A advisor to the physical therapy industry, Livingstone’s expertise spans multiple care settings, differentiated operating models, and nearly half the states in the U.S.,” commented Mark Carl, Managing Director at Livingstone. “With the extensive knowledge gained from over two dozen PT transactions, Livingstone uniquely positions each client, highlights their distinguishing characteristics, and in turn delivers outstanding client outcomes.”