{"id":17992,"date":"2022-01-03T00:00:00","date_gmt":"2022-01-03T04:00:00","guid":{"rendered":"https:\/\/livingstagenew.wpenginepowered.com\/transaction\/livingstone-advises-therapy-partner-solutions-on-sale-to-lee-equity-partners\/"},"modified":"2026-06-16T11:44:03","modified_gmt":"2026-06-16T15:44:03","slug":"livingstone-advises-therapy-partner-solutions-on-sale-to-lee-equity-partners","status":"publish","type":"transaction","link":"https:\/\/livingstonepartners.com\/sv\/transaction\/livingstone-advises-therapy-partner-solutions-on-sale-to-lee-equity-partners\/","title":{"rendered":"Livingstone advises Therapy Partner Solutions on sale to Lee Equity Partners"},"content":{"rendered":"\n<p>Livingstone\u2019s healthcare team has advised Therapy Partner Solutions (\u201cTPS\u201d or the \u201cCompany\u201d), a portfolio company of majority-owner BroadCrest and Walnut Grove Capital Partners (\u201cWalnut Grove\u201d), on its sale to Lee Equity Partners, LLC (\u201cLee Equity\u201d). Livingstone acted as exclusive financial advisor to TPS. Transaction terms were not disclosed.<\/p>\n<p>TPS, headquartered near Jacksonville, FL, is a leading physical therapy platform in the Southeastern U.S., employing a diversified operating model delivering physical therapy services across three divisions: Clinic Partnerships, Management Services, and Performance Solutions.<\/p>\n<p>The TPS platform comprises approximately 60 owned and managed care sites across eight states and revenue cycle outsourcing and compliance consulting operations for independent clinics. The Clinic Partnerships division operates across six states through local brands, with significant brand recognition developed over 20+ years of in-market history. Through its Management Services division, the Company is the leading regional provider of management, operations, and therapist staffing services to hospitals, physician-owned therapy clinics, and home health agencies.<\/p>\n<p>TPS\u2019s experienced and cohesive senior management team is led by three founders, Steve Chenoweth, Sam Echols, and Chad Whitefield, who have a combined 75+ years of industry experience. Steve Chenoweth, Co-Founder and CEO, will continue to lead the Company as it accelerates its strong growth trajectory in partnership with Lee Equity. The entire senior management team, along with existing investor Walnut Grove, retained a meaningful equity investment in the business.<\/p>\n<p>\u201c<strong>Livingstone helped us navigate the process to find the right next partner, Lee Equity, who is best equipped to help us focus and aligned on the core areas we\u2019ve identified for strategic long-term growth<\/strong>,\u201d shared Steve Chenoweth, Co-Founder and CEO, TPS. \u201c<strong>We selected Livingstone based on their extensive credentials and proven track record in the sector, and the professionalism, temperament, attention to detail, and dedication to their craft were truly remarkable. As absolute advocates on our behalf, the Livingstone team allowed us to focus on our business while they scrutinized every last detail, preparing us for success.<\/strong>\u201d<\/p>\n<p>Lee Equity is a\u00a0New York-based private equity firm that partners with successful management teams to build companies with strong growth potential. Lee Equity targets equity investments of\u00a0$50 million\u00a0to\u00a0$150 million\u00a0in middle-market control buyouts and growth capital financings in companies with enterprise values of\u00a0$100 million\u00a0to\u00a0$500 million located primarily in North America.<\/p>\n<p>\u201c<strong>The significant interest we received in TPS is a testament to the scalable platform that the entire TPS management team, along with the Company\u2019s equity partners at BroadCrest and Walnut Grove, have been methodically building<\/strong>,\u201d shared Ryan Buckley, Partner, Livingstone. \u201c<strong>TPS employs a multi-faceted, complementary business model that is uniquely defensible and replete with multiple ways to win in a fast-growing sector experiencing a wave of consolidation.<\/strong>\u201d<\/p>\n<p>\u201c<strong>There has been tremendous activity in the physical therapy industry over the last year, and it has been critical to maintain in-depth, contemporaneous knowledge of the evolving sector<\/strong>,\u201d noted Mark Carl, Director, Livingstone. \u201c<strong>With the majority recapitalization of TPS and recent sale of Foothills Therapy Partners to Confluent Health, Livingstone continues to be positioned as the most active middle-market advisor in the outpatient physical therapy and rehabilitation space.<\/strong>\u201d<\/p>\n<p>TPS marks Livingstone\u2019s 269th transaction completed since 2018 and the 33rd global healthcare transaction completed in the same timeframe. Additionally, TPS adds to Livingstone\u2019s growing resume of successful transactions in the broader musculoskeletal sub-specialty, comprised of physical therapy, contract rehabilitation, orthopedics, physiatry, and podiatry. The sales of TPS and <a href=\"https:\/\/livingstonepartners.com\/sv\/\/sv\/transactions\/livingstone-advises-foothills-therapy-partners-on-new-partnership-with-confluent-health\/\">Foothills Therapy Partners<\/a> over the last 45 days follow a long line of successful physical therapy transactions involving industry leaders such as <a href=\"https:\/\/livingstonepartners.com\/sv\/\/sv\/transactions\/alliance-physical-therapy-avyttrar-affarsomrade-healthpro-heritage\/\">Alliance Physical Therapy Partners<\/a>, <a href=\"https:\/\/livingstonepartners.com\/sv\/\/sv\/transactions\/ati-physical-therapygtcr\/\">ATI Physical Therapy<\/a>, <a href=\"https:\/\/livingstonepartners.com\/sv\/\/sv\/transactions\/livingstone-har-sakrat-finansiering-for-en-new-york-baserad-sjukgymnastikplattform\/\">MOTION Physical Therapy<\/a>, and <a href=\"https:\/\/livingstonepartners.com\/sv\/\/sv\/transactions\/new-harbor-capital-acquires-majority-stake-in-pt-solutions-holdings\/\">PT Solutions<\/a>, among others.<\/p>\n<p><a href=\"https:\/\/www.agg.com\/\">Arnall Golden Gregory, LLP<\/a> served as legal counsel to TPS, and <a href=\"https:\/\/www.gtlaw.com\/en\/\">Greenberg Traurig LLP<\/a> served as legal counsel to Lee Equity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Livingstone\u2019s healthcare team has advised Therapy Partner Solutions (\u201cTPS\u201d or the \u201cCompany\u201d), a portfolio company of majority-owner BroadCrest and Walnut Grove Capital Partners (\u201cWalnut Grove\u201d), on its sale to Lee Equity Partners, LLC (\u201cLee Equity\u201d).<\/p>\n","protected":false},"featured_media":3736,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"client-type":[],"region":[],"sector":[],"service":[],"transaction-type":[],"class_list":["post-17992","transaction","type-transaction","status-publish","has-post-thumbnail","hentry"],"acf":{"team_members":[1929,1944,1843],"date":"20220103","client_type":60,"type":[1063],"region":[410],"services":[469],"sectors":[900,920],"related_transactions":[17982,17967,17673,17609],"related_testimonials":[53589],"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 Therapy Partner Solutions on sale to Lee Equity Partners - 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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