December 17, 2018
GREENWICH, CT and SAN DIEGO, CA — Great Point Partners (“GPP”) today announced a growth recapitalization of Spine & Sport Physical Therapy, a leading provider of outpatient physical therapy and rehabilitation services in the San Diego, CA metropolitan area, operating 16 owned outpatient physical therapy clinics as well as managing five additional locations in Northern California. The Company’s outpatient clinics provide treatment to patients suffering from musculoskeletal impairments associated with accidents, sports injuries, surgeries, and various other medical conditions.
“Right from the initial conversation when they proactively approached us about a partnership, Great Point demonstrated its expertise in physical therapy and health care. Their prior successful experience with Professional Physical Therapy and market knowledge make them an ideal partner for Spine & Sport. Our shared vision for growth is to continue to build Spine & Sport organically and through tuck-in acquisitions. We will do that while continuing to maintain the highest level of clinical care and providing more opportunities for our employees,” said Mark Mathiesen, CEO of Spine & Sport.
“We are excited to partner with the Spine & Sport team and help them execute an accelerated growth plan,” said Adam Dolder, Managing Director at Great Point Partners. “With our investment, directly relevant experience and shared vision, we believe it’s possible to transform the Company into the leading outpatient physical therapy provider in Southern California. Our plan is similar to what we accomplished with Professional Physical Therapy in the New York metro area.”
“The founders of Spine & Sport, Mike Biggs, Mark Mathiesen and Joe Verna have done a tremendous job building the business over the past decade,” added Stephen Weaver, Principal of Great Point Partners. “We are thrilled to partner with the team on the growth strategy by combining their experience and high-quality clinicians with our knowledge of the outpatient physical therapy sector and ability to source and execute tuck-in acquisitions.”
About Great Point Partners
Great Point Partners (“GPP”), founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with approximately $1.4 billion of equity capital currently under management and 28 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP II, which has closed on $215 million. Great Point manages capital in private (GPP I, $156 million and GPP II, $215 million of committed capital, and GPP III with a target of $250 million in committed capital) and public (BioMedical Value Fund strategy, approximately $800 million) equity funds. Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 growing health care companies. The private equity funds invest across all sectors of the health care industry with particular emphasis on biopharmaceutical services and supplies, outsourcing and alternate site care, pharmaceutical infrastructure and information technology enabled businesses. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies. Reach Great Point at 203-971-3300 or www.gppfunds.com.
About Spine & Sport
Spine & Sport Physical Therapy (“Spine & Sport”), headquartered in San Diego, CA is a leading provider of physical therapy and rehabilitation services in the San Diego metropolitan area. Spine & Sport was founded in 1999 and is currently operated by three entrepreneurs with significant experience in the outpatient multi-site healthcare space. The Company operates 16 owned outpatient physical therapy clinics as well as managing five additional locations in Northern California. The Company’s outpatient clinics provide treatment to patients suffering from musculoskeletal impairments associated with accidents, sports injuries, surgeries, and various other medical conditions. Spine & Sport’s rehabilitation programs and services help patients minimize physical and cognitive impairments and maximize functional ability so that they can return to competition, the workplace and / or their normal lifestyle. Reach Spine & Sport at 800-976-7544 or www.spineandsport.com/