{"id":16545,"date":"2025-03-03T00:00:00","date_gmt":"2025-03-03T04:00:00","guid":{"rendered":"https:\/\/livingstagenew.wpenginepowered.com\/transaction\/livingstone-advises-spine-sport-on-sale-to-prn\/"},"modified":"2026-06-25T10:15:52","modified_gmt":"2026-06-25T14:15:52","slug":"livingstone-advises-spine-sport-on-sale-to-prn","status":"publish","type":"transaction","link":"https:\/\/livingstonepartners.com\/sv\/transaction\/livingstone-advises-spine-sport-on-sale-to-prn\/","title":{"rendered":"Livingstone Advises Spine &#038; Sport on Sale to PRN"},"content":{"rendered":"\n<p><strong>Livingstone\u2019s Healthcare team has advised <\/strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/spineandsport.com\/\"><strong>Spine &amp; Sport Physical Therapy<\/strong><\/a><strong> (\u201cSpine &amp; Sport\u201d or the \u201cCompany\u201d), a Great Point Partners (\u201cGPP\u201d) portfolio company, on its sale to <\/strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.prnpt.com\/careers\/\"><strong>Physical Rehabilitation Network<\/strong><\/a><strong> (\u201cPRN\u201d), a Gryphon Investors portfolio company. Livingstone served as the exclusive financial advisor to Spine &amp; Sport. Terms were not disclosed.<\/strong><\/p><p>Spine &amp; 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 &amp; Sport alongside leadership and founders when the Company operated 16 clinics in 2018.<\/p><p><em>\u201cSpine &amp; Sport and PRN share deep roots in San Diego and a mutual commitment to exceptional care, innovation, and professional growth,\u201d<\/em> said <strong>Brett Raasch PT, ATC, CEO of Spine &amp; Sport<\/strong>. <em>\u201cThis 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.\u201d<\/em><\/p><p>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.<\/p><p><em>\u201cSpine &amp; 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,\u201d<\/em> commented <a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/sv\/team\/ryan-buckley\/\"><strong>Ryan Buckley<\/strong><\/a><strong>, Partner at Livingstone.<\/strong> <em>\u201cWe\u2019re proud to have facilitated another important transaction involving two exceptional physical therapy platforms.\u201d<\/em><\/p><p>Mr. Raasch and the Spine &amp; Sport management team will remain with the Company and become integral members of the PRN team.<\/p><p><strong>Rohan Saikia, Managing Director with GPP <\/strong>stated, <em>\u201cLivingstone\u2019s 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 &amp; Sport stakeholders.\u201d<\/em><\/p><p>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 &amp; Sport, <a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/sv\/transactions\/metro-physical-aquatic-therapy-has-partnered-with-u-s-physical-therapy\/\">Metro Physical &amp; Aquatic Therapy<\/a> (to U.S. Physical Therapy), <a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/sv\/transactions\/fitness-quest-physical-therapy-joins-confluent-healths-expanding-network\/\">Fitness Quest Physical Therapy<\/a> (to Confluent Health), and <a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/sv\/transactions\/livingstone-advises-access-pt-on-partnership-with-confluent-health\/\">Access Physical Therapy &amp; Wellness<\/a> (to Confluent). Other notable successes within physical therapy include transactions involving industry leaders such as Agility Health, <a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/sv\/transactions\/alliancephysicaltherapy\/\">Alliance Physical Therapy Partners<\/a>, ATI Physical Therapy, Foothills Therapy Partners, <a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/sv\/transactions\/livingstone-advises-motion-pt-group-on-a-new-partnership-with-confluent-health\/\">MOTION PT Group<\/a>, PT Solutions, Renewal Rehab, and <a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/sv\/transactions\/livingstone-advises-therapy-partner-solutions-on-sale-to-lee-equity-partners\/\">Therapy Partner Solutions<\/a>.<\/p><p><em>\u201cAs the most active mid-market M&amp;A advisor to the physical therapy industry, Livingstone\u2019s expertise spans multiple care settings, differentiated operating models, and nearly half the states in the U.S.,\u201d<\/em> commented<strong> <\/strong><a rel=\"noopener noreferrer\" href=\"https:\/\/livingstonepartners.com\/sv\/team\/mark-carl\/\"><strong>Mark Carl<\/strong><\/a><strong>, Managing Director at Livingstone<\/strong>. <em>\u201cWith 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.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PRN Strengthens West Coast Footprint with Acquisition of California Market Leader<\/p>\n","protected":false},"featured_media":2289,"template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"client-type":[],"region":[],"sector":[],"service":[],"transaction-type":[],"class_list":["post-16545","transaction","type-transaction","status-publish","has-post-thumbnail","hentry"],"acf":{"team_members":[1929,1944],"date":"20250303","client_type":58,"type":[1063],"region":[410],"services":[469],"sectors":[900,937],"related_transactions":[16521,18215,17992,18102],"related_testimonials":[53855,53856,53857,53858],"contacts":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Livingstone Advises Spine &amp; 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