Fast-growing physical therapy provider Results Physiotherapy has been acquired by a Birmingham competitor supported by an investor that also is backing Fast Pace Urgent Care.
Terms of Upstream Rehabilitation’s purchase of Results aren’t being disclosed.
Upstream is a portfolio company of Revelstoke Capital Partners while Results has been backed by Sterling Partners since the spring of 2014. Combined, the two organizations run more than 1,000 owned and managed clinics in 28 states, employ more than 7,000 people and handle more than 5 million patient visits per year.
“Addressing our country’s unmet need for high-quality physical and occupational therapy in a low-cost care setting is one of the great challenges in health care today,” said Upstream CEO Ron Kuerbitz. “Combining the capabilities of Upstream and Results will allow us to improve access to patient-centric care delivered by an engaged team of therapist partners and associates who share a passion for life-long learning and a commitment to their communities.”
Results has grown markedly in the past few years: Since 2017, the Nashville-based company has grown its clinic network to more than 200 from 125. CEO Mike Martin, who came on in 2019, and his team last year signed a partnership agreement with regional health system Ascension Saint Thomas.
In a statement Monday, Martin said 17-year-old Upstream will bring “additional strengths and capabilities to our patient base and corporate infrastructure” and give the Results business time to grow both through de novo clinics and acquisitions or joint ventures.
“It has been a privilege to be such an integral part of Results’ growth story over the last six years,” said Steven Taslitz, co-founder and chairman of Sterling Partners. “This is an industry and an organization we intimately understand. Because of that, we were able to guide the company to a successful partnership with Upstream, which has a proven track record of growth and success.”