Physical therapy groups: who is PE-backed?
29 physical therapy clinic groups we have researched, grouped by label, with backers and sources.
PE-backed 24 PE-backed, now lender-controlled 1 Not PE, corporate-owned 2 Group practice 2
PE-backed 24 groups
A private-equity firm holds a majority or minority stake in the practice or in the company that manages it, including the PE arms of sovereign and pension funds. Partial stakes count.
| Group | Owner / backers | Since | Known locations |
|---|---|---|---|
| Athletico Physical Therapy | BDT & MSD Partners; lender group in a pending or recent debt-for-equity recapitalization | 2016 | 2095 |
| Confluent Health | Partners Group | 2019 | 1511 |
| Ivy Rehab Network | Waud Capital Partners | 2016 | 1276 |
| PT Solutions Physical Therapy | General Atlantic; TowerBrook Capital Partners and Ascension | 2021 | 987 |
| Professional Physical Therapy (ProPT) | Thomas H. Lee Partners | 2016 | 705 |
| Physical Rehabilitation Network (PRN) | Gryphon Investors; Silver Oak Services Partners | 2020 | 646 |
| BenchMark Physical Therapy part of Upstream Rehabilitation | Revelstoke Capital Partners | 2015 | 617 |
| H2 Health | Grant Avenue Capital | 2020 | 547 |
| CORA Physical Therapy (CORA Health Services) | H.I.G. Capital | 2021 | 496 |
| Drayer Physical Therapy Institute part of Upstream Rehabilitation | Revelstoke Capital Partners | 2018 | 327 |
| Phoenix Physical Therapy (Phoenix Rehabilitation and Health Services) | Audax Private Equity | 2018 | 325 |
| Bay State Physical Therapy | Calera Capital | 2019 | 313 |
| Doctors of Physical Therapy (incl. Empower Physical Therapy) | SV Health Investors; Sheridan Capital Partners | 2018 | 281 |
| Therapy Partners Group (formerly Golden Bear Therapy Partners) | Shore Capital Partners | 2019 | 277 |
| Alliance Physical Therapy Partners | BPOC | 2021 | 264 |
| Select Medical (outpatient rehabilitation) | Welsh, Carson, Anderson & Stowe; founders Robert A. Ortenzio and Martin F. Jackson | 2026 | 129 |
| Highbar Physical Therapy (formerly Performance Physical Therapy) | Rallyday Partners | 2022 | 118 |
| Results Physiotherapy part of Upstream Rehabilitation | Revelstoke Capital Partners | 2021 | 89 |
| Arete Health | MBF Healthcare Partners; Eric DeYoung | 2025 | 49 |
| APT Healthcare (Advanced Physical Therapy) | York Private Equity | 2022 | |
| FYZICAL Therapy & Balance Centers | New Harbor Capital | 2018 | |
| JAG Physical Therapy (formerly JAG-ONE Physical Therapy) | Pamlico Capital | 2018 | |
| SportsMed Physical Therapy | Hildred Capital Management | 2018 | |
| Upstream Rehabilitation | Revelstoke Capital Partners; Yukon Partners, Athyrium Capital Management and WP Global Partners as co-investors | 2015 |
PE-backed, now lender-controlled 1 groups
A former private-equity platform now controlled by its lenders after a restructuring.
| Group | Owner / backers | Since | Known locations |
|---|---|---|---|
| ATI Physical Therapy | Consortium of existing stockholders led by Knighthead Capital Management and Marathon Asset Management | 2025 | 1758 |
Not PE, corporate-owned 2 groups
Owned by a company that isn’t a PE fund: public companies and insurers, large family- or founder-owned companies whose owners aren’t the clinicians, family investment firms, and nonprofit insurers.
| Group | Owner / backers | Since | Known locations |
|---|---|---|---|
| U.S. Physical Therapy (USPH) | Public company | 1702 | |
| Intune Physical Therapy | Highland Ventures, Ltd. | 2023 | 42 |
Group practice 2 groups
A multi-office group owned by its dentists, doctors or vets, or a clinician-owned co-op, with no outside investor.
| Group | Owner / backers | Since | Known locations |
|---|---|---|---|
| Movement for Life Physical Therapy | Its physical therapists | 60 | |
| Lattimore Physical Therapy & Sports Rehabilitation Network | Its physical therapists |
Groups whose owner we couldn’t confirm are left out. A group with no known locations may still operate many offices under local names.