Shore Announces Sale of Excel Rehabilitation Services, Michigan Rehabilitation Specialists, Quantum Physical Therapy, and MRS Davison
August 5, 2013 – Shore Capital Partners (“Shore”), a healthcare-focused private equity firm, is pleased to announce the sale of its physical therapy portfolio company SCP Physical Therapy to ATI Physical Therapy, a nationally recognized comprehensive rehabilitation provider, specializing in research-based physical therapy, sports medicine, work conditioning/hardening, functional capacity assessments, aquatic health, hand therapy and women’s health.
In May 2012, Shore acquired and merged two physical therapy companies, Michigan Rehabilitation Specialists (“MRS”) and Excel Rehabilitation Services (“Excel”) into SCP Physical Therapy. Together, Shore and the company’s management expanded the company’s presence in Michigan from 17 clinics to 33 clinics through aggressive new clinic growth and two add-on acquisitions. Additionally, Shore and its operating partners provided operational expertise to develop and implement sophisticated metric management tools to improve and enhance the operations of the business.
“We are pleased to have supported SCP Physical Therapy’s development into the leading independent provider of outpatient physical therapy in Michigan,” said Justin Ishbia, Founder and Managing Partner of Shore Capital Partners. “This transaction validates our model of partnering with strong clinicians to grow local businesses into regional leaders.” “When we invested in MRS and Excel, we saw a tremendous opportunity to build on the companies’ clinical expertise and strong reputation in Michigan,” said Joseph Mooney, a Shore Capital Operating Partner who served as the full-time Chief Marketing Officer for SCP Physical Therapy. “We are pleased that the combination of management’s clinical expertise and Shore’s operational and financial support allowed the company to aggressively expand its footprint in Michigan and become an attractive strategic acquisition for ATI Physical Therapy.”
The transaction closed on August 5, 2013. Terms of the transaction are not disclosed. Winston & Strawn, LLP provided legal counsel to Shore.
This is the first realization for Shore, which was founded in 2009. Shore has completed 11 investments across the physical therapy, home infusion, lab services, and urgent care sectors.
About Michigan Rehabilitation Specialists and Excel Rehabilitation Services
Established in 1999 and 1994, respectively, MRS and Excel provide physical and occupational therapy for orthopedic injuries, work related injuries, sports injuries and various neurological and neuromuscular conditions. The combined companies operate 33 locations throughout Michigan. For additional information, please visit the company website at www.mrspt.com.
