ATI Physical Therapy Acquires North River Physical Therapy

CHATTANOOGA, Tenn. (October 2, 2013) – FourBridges Capital Advisors today announced the acquisition of Chattanooga-based North River Physical Therapy by ATI Physical Therapy, a KRG Capital portfolio company and a nationally recognized provider of orthopedic rehabilitation services with more than 250 clinics across 10 states. FourBridges served as the investment banker and exclusive financial advisor to North River Physical Therapy.

North River specializes in orthopedic rehabilitation and sports medicine. Since its first clinic was established in 1991, the privately-owned company has grown into an eight-clinic practice with locations across the Chattanooga metropolitan area. More than 30 North River staff members are joining ATI. The company’s executive team members, Andrew Marini, Chris Maschhoff and Gary Carlson, have been named Regional Directors of ATI Physical Therapy and will continue to serve their Chattanooga-area patients.

“Throughout the process, FourBridges remained focused on leveraging North River’s solid market position and potential for future growth. Ultimately, our goal was to identify a strategic partner whose objectives aligned with North River’s,” said FourBridges managing director Chris Rowe. “ATI was the perfect fit for our client and has the resources needed to accelerate North River’s growth plan and allow them to focus on their patients’ outcomes.”

North River’s management team approached FourBridges with the intention of finding a larger platform for the growing company. Initially, FourBridges professionals analyzed North River’s historical financials and forecasted future performance to gauge the company’s stance in the current market.

FourBridges then contacted a targeted list of potential strategic partners. North River attracted the interest of multiple parties, and FourBridges worked with the company’s management team to evaluate several opportunities. ATI came forward with an appealing proposal and proved to be the best strategic match for North River.

“ATI possesses a mission and care philosophy that goes hand-in-hand with the high standards that North River has established over the past 20 years. This partnership will enable the North River team to expand our services, provide care for a broader patient base and focus on patient treatment,” said North River CEO Gary Carlson. “Continuing to grow our business while completing this transaction would have been nearly impossible without a financial advisor. Our management team had no idea how complex and exhaustive the process of finding the right strategic partner could be. FourBridges thoroughly explained each step, handled the legwork, negotiated the transaction and minimized any surprises along the way.”

About North River Physical Therapy
Established in 1991, North River Physical Therapy is a therapist-owned orthopedic and sports medicine rehabilitation practice based in Chattanooga, Tenn. The company operates eight clinics across the Chattanooga and North Georgia area. By providing high-quality, cost-effective care through a hands-on treatment approach, North River aims to maximize individual treatment goals and achieve clinical excellence.

About ATI Physical Therapy
ATI Physical Therapy is a provider of orthopedic rehabilitation services, specializing in physical therapy, work conditioning/hardening, hand therapy, aquatic therapy, sports medicine, and women’s health. Headquartered in Bolingbrook, Ill., the company operates more than 275 clinics in 10 states: Illinois, Indiana, Wisconsin, Michigan, Ohio, Maryland, Pennsylvania, Delaware, Georgia and Tennessee. ATI is a portfolio company of KRG Capital Partners, a Denver-based private equity firm with approximately $2 billion currently under management.

About FourBridges Capital Advisors (Member FINRA/SIPC)
FourBridges Capital is a middle market investment banking firm based in Chattanooga, Tenn., that represents business owners in buying companies, selling companies and accessing capital for growth. Each of the senior banking professionals at FourBridges has been a corporate C-level executive. Together, they leverage their extensive capital markets experience to achieve superior results for their clients.