Denver, CO (March 1, 2016) - Headwaters MB advised a leading multi-clinic physical therapy practice with eight locations on its sale to U.S. Physical Therapy, Inc.  In connection with the transaction, U.S. Physical Therapy acquired a 55% interest in the company.

“We were delighted to have had an opportunity to represent this premier company in the physical therapy space, which has been undergoing rapid consolidation in recent years,” said Rod Rivera, Managing Director at Headwaters MB.  Roger Kahn, Managing Director at Headwaters MB, said “We were able to work closely with this excellent management team to achieve an outsize result for our client with one of the leading companies in the physical therapy industry.”

Chris Reading, U.S. Physical Therapy Chief Executive Officer, said, “We are extremely pleased to be working with this very capable group of clinician partners and their talented staff of professionals. They treat some of the most elite athletes in the nation while also providing terrific care and service to all of their patients and to the communities where they serve.  We very much look forward to assisting them with their growth plans. ”

Headwaters MB acted as exclusive financial advisor to the company.


About Headwaters MB
Headwaters MB is an independent, middle market investment banking firm providing strategic merger and acquisition advice, capital raising and special situations advisory. Named "Investment Bank of the Year" by major organizations for its third consecutive year, Headwaters MB is headquartered in Denver, CO with seven regional offices across the United States and partnerships with 18 firms covering 30 countries. For more information, visit

About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 514 outpatient physical therapy clinics in 42 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning and operating clinics, the Company manages 21 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups.


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