U.S. Physical Therapy Acquires Industrial Services Provider
March 23 2017 - 7:00AM
Business Wire
U.S. Physical Therapy, Inc. (NYSE: USPH), announced today that
it has acquired a majority interest in a company which is a leading
provider of workforce performance solutions.
Services provided include onsite injury prevention and
rehabilitation, performance optimization and ergonomic assessments.
The majority of these services are contracted with and paid for
directly by employers including a number of Fortune 500 companies.
Other clients include large insurers and their contractors.
Benefits of services provided include the reduction of
on-the-job injuries, reduced work related injury claims, reduced
absenteeism, reduced employee healthcare costs, lower employee
turnover and improved workforce productivity.
The business produced $15.9 million in revenue in 2016. U.S.
Physical Therapy acquired a 55% interest in the business for $6.6
million. The remaining 45% stake is being retained by existing
management.
Chris Reading, U.S. Physical Therapy Chief Executive Officer,
said, “Across the country, through the strength of our community
imbedded partners and sales teams, we have a tremendous portfolio
of meaningful industrial and municipal relationships. This
acquisition, which brings a capable and committed team, with deep
roots as well, will help further broaden our industrial service
offerings to include a menu of cost-saving, preventative services
increasingly important to large self-insured companies”
About U.S. Physical Therapy,
Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 558
outpatient physical therapy clinics in 42 states. The Company's
clinics provide preventative and post-operative care for a variety
of orthopedic-related disorders and sports-related injuries,
treatment for neurologically-related injuries and rehabilitation of
injured workers. In addition to owning and operating clinics, the
Company manages 30 physical therapy facilities for unaffiliated
third parties, including hospitals and physician groups.
More information about U.S. Physical Therapy, Inc. is available
at www.usph.com. The information included on that website is not
incorporated into this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170323005256/en/
U.S. Physical Therapy, Inc.Larry McAfee, 713-297-7000Chief
Financial OfficerorChris Reading, 713-297-7000Chief Executive
Officer
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