Livingstone secures capital for New York City Physical Therapy platform
Livingstone is pleased to announce the formation of MOTION PT Holdings, Inc. combining Brooklyn-based MetroSportsMed (“MSM”) and Manhattan-based STAR Physical Therapy (“STAR”) to create one of the largest physical therapy platforms in New York City. Pharos Capital Group, LLC provided the growth recapitalisation needed to effectuate the transaction.
MOTION, headquartered in Brooklyn, New York, is a leading provider of comprehensive physical and occupational therapy services in Brooklyn, Manhattan, and Long Island. The Company operates from 10 locations, employing a hybrid model of traditional outpatient clinics, hospital-affiliated outpatient clinics (on-site and satellite locations), and contract therapy for inpatient rehabilitation.
Pharos’ involvement will support management with business-building experience and significant capital to fund the acquisition-led expansion of the Company.
“Livingstone provided expert guidance throughout this complicated transaction and facilitated a competitive marketing process to provide MSM and STAR shareholders a variety of attractive alternatives to consummate MOTION’s formation,” commented David S. Menche, M.D., an orthopedic surgeon and founder of MSM, who will become Chairman of MOTION.
Ryan Buckley, Director at Livingstone Chicago added: “We are thrilled to have helped forge the formation of MOTION and to secure growth capital from Pharos to accelerate the Company’s platform expansion. Pharos, in partnership with management, will be able to leverage this unique and scalable platform to build a leader in the attractive northeastern US physical therapy market.”
“Pharos has unique experience with underserved markets and mid-sized healthcare businesses, and we are delighted to be working with the MOTION management team to find bolt-on acquisition opportunities that will help the platform build the premier physical therapy network,” commented Pharos Partner Jim Phillips.
Edward Miersch, incoming CEO of the group, concluded: “Partnering with a well-respected investment firm will give us the resources and capital to rapidly execute on our growth strategy in this fragmented, consolidating market.”
Livingstone is among the most active M&A advisors to the physical therapy industry. This transaction builds on a long-standing relationship with ATI Physical Therapy, with which Livingstone has completed five transactions since 2010, and the acquisition of PT Solutions by New Harbor Capital.