Cardinal Equity Partners has sold Advanced Physical Therapy to GTCR-backed ATI Physical Therapy
Lincoln International, a leading global mid-market investment bank, has announced that Advanced Physical Therapy (“Advanced” or the “Company”) has been sold to ATI Physical Therapy (“ATI”), a portfolio company of Chicago-based private equity firm GTCR. Advanced was a portfolio company of Cardinal Equity Partners (“Cardinal”), a private investment partnership located in Indianapolis, Indiana that is focused on high-quality lower and middle market businesses in the Central U.S.
Based in Indianapolis, Indiana, with over 20 outpatient and client-site therapy clinics located throughout the state, Advanced is Indiana’s leading independent provider of outpatient physical therapy, occupational hand therapy and workers compensation rehabilitation. Additionally, the Company’s Advanced Worksite Solutions business segment provides onsite corporate wellness and ergonomic consulting for corporate clients.
ATI provides comprehensive outpatient rehabilitation services across 100+ clinics throughout Illinois, Wisconsin, Delaware, Maryland, and Pennsylvania, with 4 pre-existing locations in Indiana.
Lincoln International acted as the exclusive financial advisor to Cardinal and Advanced, working closely with the company’s management team and shareholders throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.
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