Livingstone Advises ACCESS PT on Partnership with Confluent Health

Livingstone’s Healthcare team has advised Access Physical Therapy & Wellness (“ACCESS PT” or the “Company”), a family-owned outpatient physical therapy platform operating 66 clinics across four states, on its new partnership with Confluent Health.  Livingstone acted as exclusive financial advisor to ACCESS PT.  Transaction terms were undisclosed.

“This collaboration is a leap forward in enhancing the accessibility of our clinics, thereby amplifying our ability to cater to the increasing needs of our patient community,” shared Steve Albanese, PT, DPT, Co-Founder and Co-CEO of ACCESS PT. “Confluent Health’s comprehensive suite of services will greatly complement our offerings, allowing us to provide even more holistic care and support to those who rely on us for their health and well-being.”

Established in 2003 by siblings Chris and Steve Albanese, along with their spouses Janet and Shannon, ACCESS PT has flourished into one of the largest independent providers of physical therapy, occupational therapy, pelvic health, and speech therapy in the northeastern United States, with notable presence in New York’s Hudson Valley area.  Employing a diversified growth strategy encompassing de novo development, add-on acquisitions, and hospital partnerships, the Company has extended its reach to comprise 66 clinics spanning Connecticut, New York, North Carolina, and Pennsylvania. The ACCESS PT transaction marks a significant milestone for Confluent Health, elevating its national footprint to 750 outpatient clinics across the country.

“We are excited to welcome ACCESS PT into the Confluent Health family,” said Kristi Henderson, DNP, FAAN, CEO of Confluent Health. “Their forward-thinking approach and unwavering dedication to patient care perfectly aligns with our mission to broaden the reach of top-tier healthcare services. This collaboration underscores our commitment to enhancing our presence in the healthcare sector and ensures that more patients will benefit from our combined expertise and shared principles.”

While local care will never change, Confluent Health will provide ACCESS PT with access to an expanded suite of resources, including management services, advanced education, and musculoskeletal health tools. In addition, Confluent Health offers practice-enablement services to strengthen and grow their clinics with services such as marketing, recruitment, talent development solutions, financial services, and digital solutions, all with the overarching goal to allow therapists to focus on serving patients.

“Livingstone is honored to have facilitated this partnership, which promises a positive, transformative impact on physical therapy accessibility and enhanced MSK care in the Northeastern U.S.,” shared Ryan Buckley, Partner at Livingstone.

“We chose Livingstone as our M&A advisor for their unparalleled experience in physical therapy, steadfast guidance in representing family-owned businesses, and exceptional outcomes,” shared Christopher Albanese, PT, MS, Co-Founder and Co-CEO of ACCESS PT.

Livingstone has cultivated the most active M&A practice dedicated to physical therapy operators across the middle market, advising on over $1.3 billion of transaction value.  Since the end of 2021, Livingstone has sold five market leading physical therapy platforms. Success stories in physical therapy include transactions involving other industry leaders such as Agility Health, Alliance Physical Therapy Partners, ATI Physical Therapy, PT Solutions, Renewal Rehab, and Therapy Partner Solutions.

“Livingstone continues to demonstrate unwavering activity in the M&A market and a burgeoning healthcare practice, with nine healthcare M&A closings in the past 15 months,” added Mark Carl, Managing Director at Livingstone. “This transaction momentum is a reflection of our continued focus on power alleys in which we have deep domain expertise such as physical therapy and the broader musculoskeletal specialty.”