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Upstream Becomes the Largest Pure-Play Provider of Outpatient PT in the U.S. with Acquisition of Results Physiotherapy

BIRMINGHAM, Alabama, August 2, 2021 — Upstream Rehabilitation (“Upstream”) announced today it completed the acquisition of Results Physiotherapy (“Results”).

With this acquisition, Upstream becomes the largest pure-play outpatient physical therapy provider in the U.S. The Results clinics expand Upstream’s portfolio to over 1,000 owned and managed clinics across 28 states. Upstream’s approximately 3,500 providers perform over 5 million patient visits annually.

“I am pleased to welcome the Results team to Upstream,” said Ron Kuerbitz, Chief Executive Officer of Upstream. “Addressing our country’s unmet need for high-quality physical and occupational therapy in a low-cost care setting is one of the great challenges in healthcare today. Combining the capabilities of Upstream and Results will allow us to improve access to patient-centric care delivered by an engaged team of therapist partners and associates who share a passion for life-long learning and a commitment to their communities.”

“We are excited to join the Upstream platform,” said Michael Martin, CEO of Results. “This partnership is a natural fit due to our similar clinical and operational models, as well as a clear alignment of values and culture. By joining Upstream, we can continue our mission with a partner who brings unique strengths and capabilities.”

“In addition to Upstream’s market-leading same-store sales and de novo growth, add-on acquisitions are a critical element of Upstream’s significant growth trajectory. The acquisition of Results accelerates Upstream’s mission of expanding access to physical rehabilitation services and providing patients the quality care they deserve,” said Simon Bachleda, Chairman of Upstream’s Board of Directors and Co-Founder and Managing Partner at Revelstoke Capital Partners.

The Results acquisition is Upstream’s largest acquisition to date, and adds even greater scale, network density and capabilities to the Upstream platform, all of which position Upstream’s patients and stakeholders to continue benefiting from the shift to low-cost care settings and value-based care models.

Winston & Strawn LLP and McDermott Will & Emery LLP acted as legal and regulatory counsel, respectively, to Upstream. Houlihan Lokey and McGuireWoods LLP and Katten Muchin Rosenman LLP acted as financial advisor and legal counsel, respectively, to Results.

About Upstream Rehabilitation: Founded in 2004, Upstream Rehabilitation is a portfolio company of Revelstoke Capital Partners and is the leading pure-play outpatient physical therapy services provider. Headquartered in Birmingham, Alabama, the company operated more than 865 owned and managed locations across 28 states prior to the acquisition. The company provides a comprehensive suite of outpatient and specialized physical therapy services through a network of strong regional brands including the following: BenchMark Physical Therapy, Drayer Physical Therapy Institute, Peak Physical Therapy, SERC Physical Therapy, Integrity Rehab Group and more.

About Revelstoke Capital Partners: 

Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related health and wellness sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $3.1 billion of assets under management. Since the Firm’s inception in 2013, Revelstoke has completed 101 acquisitions, which include 21 platform companies and 80 add-on acquisitions.

About Results Physiotherapy:

Headquartered in Nashville, Tennessee, Results Physiotherapy is one of the largest and fastest growing physical therapy companies in the U.S., operating a network of over 200 clinics in nine states and treating more than 125,000 patients annually. The company prides itself on its commitment to clinical excellence through employee training and clinical emphasis on individualized treatment through manual therapy, exercise and education, ensuring evidence-based care for each patient.

For More Information:
Sabrina Isherwood, Chief Marketing Officer, Upstream Rehabilitation
Phone: 978-580-9790