PHOENIX Rehabilitation and Health Services, Inc. has been acquired by Audax Private Equity

January 3, 2019

PHOENIX Rehabilitation and Health Services, Inc. (“PHOENIX”), headquartered in Blairsville, Pennsylvania, provides physical therapy and workplace health services. Founded in 1997, PHOENIX operates through a network of over 80 outpatient physical therapy and WorkPlace Health centers across the Mid-Atlantic and Southeastern US.  PHOENIX partners with physical therapists to provide efficient, purposeful and cost-effective patient care.

Effective December 12, 2018, PHOENIX was acquired by Audax Private Equity. Cain Brothers served as the exclusive financial advisor to PHOENIX in the transaction.  The transaction continues Cain Brothers’ strong track record in outpatient physical therapy and multi-site healthcare and highlights our deep industry relationships and market insight.

PHOENIX was recapitalized in 2013 by its founders and 3 Rivers Capital, a Pittsburgh-based private equity firm focused on control acquisitions of businesses with EBITDA between $3-10 million.  Since 2005, 3 Rivers has built expertise in acquiring family-owned businesses and corporate orphans.

Audax Private Equity, founded in 1999, has invested $5 billion in 199 platforms and 724 add-on companies. Through its disciplined “Buy & Build” approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With offices in Boston, New York, and San Francisco, Audax Group has over $13 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses.

For more information, please contact:

Wyatt Ritchie

Managing Director
(415) 962-2935
writchie@cainbrothers.com

Todd Rudsenske

Managing Director
(212) 981-6936
trudsenske@cainbrothers.com