{"id":8870,"date":"2018-11-08T00:00:00","date_gmt":"2018-11-08T04:00:00","guid":{"rendered":"https:\/\/livingstagenew.wpenginepowered.com\/transaction\/livingstone-sells-long-term-care-division-for-alliance-physical-therapy\/"},"modified":"2026-06-25T13:22:06","modified_gmt":"2026-06-25T17:22:06","slug":"livingstone-sells-long-term-care-division-for-alliance-physical-therapy","status":"publish","type":"transaction","link":"https:\/\/livingstonepartners.com\/en\/transaction\/livingstone-sells-long-term-care-division-for-alliance-physical-therapy\/","title":{"rendered":"Livingstone sells long-term care division for Alliance Physical Therapy"},"content":{"rendered":"\n

Livingstone\u2019s healthcare team has advised Alliance Physical Therapy Management (\u201cAlliance\u201d or the \u201cCompany\u201d), a portfolio company of GPB Capital (\u201cGPB\u201d), on the sale of the Company\u2019s division that delivers outsourced therapy services to long-term care facilities to HealthPRO Heritage (\u201cHealthPRO\u201d), a portfolio company of Beecken Petty O\u2019Keefe.  Livingstone acted as the exclusive investment banker to Alliance.  Deal terms were undisclosed.<\/strong><\/p>

In Q1 2018, Alliance completed the acquisition of Agility Health\u2019s U.S. division, growing Alliance to operate 155 locations in 27 states.  Alliance operates outpatient and onsite physical therapy clinics and also provides contract rehabilitation services to hospital inpatient rehabilitation units and industrial worksites.<\/p>

\u201cAlliance decided to strategically exit long-term care, known in the marketplace as Agility Health, in order to emphasize our core businesses of operating outpatient and hospital-based physical therapy clinics and industrial worksite units,\u201d <\/em>stated Mark Andrzejewski, Chief Executive Officer of Alliance<\/strong>.  \u201cThrough this divestiture, Alliance sought and found in HealthPRO a strategic buyer that shared our commitments to highly-compliant, client-centered care delivered by talented and valued therapists.\u201d<\/em><\/p>

HealthPRO is a diversified provider of therapy management and consulting services across the spectrum of care.  HealthPRO operates in 32+ states, employs more than 9,000 therapists, and has earned a reputation for innovation, compliance, and sophisticated use of technology to optimize patient and business level outcomes.<\/p>

\u201cThe Agility Health long-term care division maintains a patient-first philosophy that fits right in line with HealthPRO\u2019s culture of clinical excellence.  We look forward to leveraging our healthcare reform expertise and PDPM preparedness in partnering with Agility\u2019s highly-rated customer base,\u201d<\/em> stated Anton Kuznetsov, HealthPRO\u2019s Vice President of M&A.<\/strong>  \u201cThe acquisition also strengthens our presence in Michigan and furthers our reputation as a preferred acquirer within the industry.\u201d<\/em><\/p>

\u201cExiting the Agility Health long-term care division enhances the value of Alliance, allowing the Company to focus on aggressively expanding its core competencies within the fast-growing outpatient rehabilitation industry,\u201d<\/em> said Ryan Buckley<\/strong><\/a>, a Partner with Livingstone<\/strong>.  \u201cWe were delighted to advise Alliance in this strategically important transaction and further Livingstone\u2019s resume and position as a go-to investment banker within the rehabilitation industry.\u201d<\/em><\/p>

Livingstone\u2019s healthcare practice has closed 22 transactions, totaling nearly $800 million of transaction value, since 2015. Livingstone is one of the most active M&A advisors to the physical therapy industry, having completed over a dozen successful transactions with industry leaders such as ATI Physical Therapy<\/a>, MOTION Physical Therapy<\/a>, PT Solutions<\/a>, and Alliance<\/a>.<\/p>

Arent Fox LLP<\/a> served as legal counsel to Alliance, while Zarren Law Group, LLC<\/a> and Reed Smith, LLP<\/a> provided legal counsel to HealthPRO Heritage.<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":3417,"template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"client-type":[],"region":[],"sector":[],"service":[],"transaction-type":[],"class_list":["post-8870","transaction","type-transaction","status-publish","has-post-thumbnail","hentry"],"acf":{"team_members":[1190],"date":"20181108","client_type":40,"type":[1105],"region":[376],"services":[434],"sectors":[636],"related_transactions":"","related_testimonials":"","contacts":""},"yoast_head":"\nLivingstone sells long-term care division for Alliance Physical Therapy - Livingstone Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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