U.S. Physical Therapy, Inc. (NASDAQ: USPH), a leading national operator of outpatient physical and occupational therapy clinics, has acquired a 70% interest in a five clinic outpatient physical therapy group. The practice presently has more than 58,000 patient visits per year and produces approximately $6.9 million in annual revenue. The purchase price of the acquisition was $9.0 million, which was financed with borrowings under the Company’s credit line and a seller note.
“With the contribution from outstanding acquisitions such as this one, continued de novo clinic development, and the strength of our established network of partner facilities, we look forward to building on what U.S. Physical Therapy accomplished in 2009 with continued significant growth in 2010 and beyond.”
Chris Reading, Chief Executive Officer, said, “With the contribution from outstanding acquisitions such as this one, continued de novo clinic development, and the strength of our established network of partner facilities, we look forward to building on what U.S. Physical Therapy accomplished in 2009 with continued significant growth in 2010 and beyond.”