Benzinga | Apr 1, 2021 09:37AM EDT

U.S. Physical Therapy Says Acquires A Five-Clinic Physical Therapy Practice For $11.9M

U.S. Physical Therapy, Inc. ("USPH" or the "Company") (NYSE:USPH), a national operator of outpatient physical therapy clinics, today announced its first acquisition of 2021 and the second in the past four months.

The Company completed the acquisition of a five clinic physical therapy practice. USPH acquired 70% of the equity interests with the practice's founder and associates retaining 30%. The purchase price was $11.9 million. The business generates approximately $7.0 million in annual revenue and has approximately 46,000 patient visits per year.

Chris Reading, Chief Executive Officer, stated "Our new partner has done a tremendous job in growing this practice, achieving record-high volume and revenue in 2020 despite the pandemic, and we believe there is still significant growth to come. The founders are delightful people and our entire team is very excited to work with them to further grow and scale our new partnership."