ATI secures Las Vegas foothold with the acquisition of Matt Smith Physical Therapy

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Livingstone’s Healthcare sector team has advised long-standing client ATI Physical Therapy, a portfolio company of KRG Capital Partners, on the acquisition of Matt Smith Physical Therapy, a 12 clinic private practice in the Las Vegas Valley. This acquisition positions ATI as the market leader in Nevada and strengthens ATI’s footprint in the western US, which the company first established in late 2014 with the acquisition of Washington-based Apple Physical Therapy.

“We are committed to being the leader in the physical therapy industry and continue to build a unique platform,”said Dylan Bates, CEO of ATI. “The addition of MSPT and our growth in the southwest region is an exciting new chapter for ATI. We look forward to our future together.”

MSPT is the leading provider of physical therapy, hand therapy, sports medicine and workers’ compensation services in the state of Nevada. Matt Smith will remain an owner within ATI, overseeing the Nevada market.

“We are merging our business with the leading platform in physical therapy. This partnership will allow us to grow and provide additional benefits and services to our patients,”said Matt Smith, President of MSPT. “While our name may be changing, our clients will continue to have the same wonderful care from our entire team. We hold steadfast to our vision of Changing Lives, and this ‘change’ will have a positive impact on all those we work with through our practice.”

“The addition of MSPT is a natural fit for ATI,”said Brent Mack, ATI’s Chief Clinical Operations Officer, who will oversee the integration of MSPT.“As a leader in the Las Vegas area, MSPT is dedicated to the highest standards for patient care. Together, we will continue this mission, and look for future opportunities that will allow us to positively impact the lives of more individuals.”

Founded near Chicago in 1996, ATI currently operates over 400 clinics across 13 states. ATI was recapitalised by KRG Capital Partners, a Denver-based private equity firm, in 2012.

“The acquisition of MSPT is consistent with ATI’s strategy of partnering with market leaders in new geographies and leveraging ATI’s infrastructure to drive additional organic and acquisition-led growth,”said Ryan Buckley, Director at Livingstone Chicago. “Through three acquisitions over the last six months, Livingstone has assisted ATI in entering two new states – Missouri and Nevada – and strengthening its presence in Michigan.”

Livingstone’s relationship with ATI dates back to 2005 when Livingstone advised management with respect to its initial private equity recapitalisation with KRG. Since then, Livingstone has advised ATI on numerous add-on acquisitions and the Company’s 2010 recapitalisation. Today, ATI is a dominant national platform and one of the fastest growing operators within the physical therapy sector.


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