Q4-2020 Rehabilitation Update
Private equity-backed companies continue to dominate the acquisition landscape with a series of add-on acquisitions as well as new recapitalizations. Gryphon Investors made its second platform investment in the outpatient physical therapy space with the acquisition of Physical Rehabilitation Network. Evident by this transaction, private equity firms still see plenty of opportunity to enter the space as large mergers, or sales to strategic buyers, have been a minority of the exits over the years. As a result, we continue to see a high level of competition for both platform investments as well as add-on opportunities resulting in valuations remaining at elevated levels.
Looking ahead, Provident expects continued add-on transaction activity with the potential for additional private equity exits as several platforms approach the tail end of their investment cycle.
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