The Wire

Dec. 15, 2020

Gryphon Investors snaps up physical therapy provider PRN, Vegan restaurant chain By Chloe, backed by Bain Capital, readies for bankruptcy

Morning, readers!

 

Gryphon Investors is going back for more. Already an experienced investor in physical therapy, the San Francisco private equity firm has agreed to acquire Physical Rehabilitation Network in what marks its third investment to date in the sector, I learned. The seller is Silver Oak Investment Partners, whose investment dates to April 2012. 

 

Check out my story for financial details and more.

 

The pending deal for PRN could very well kickstart more activity in physical therapy, I'm told. San Francisco's Gryphon, for its part, also owns CORA Health Services, which PE Hub wrote in January had engaged an adviser for an upcoming process. That process is now expected to get underway in 2021, sources anticipate. Gryphon also owned Accelerated Rehabilitation Centers several years ago.  

 

Generally speaking, I've been told that many operators in physical therapy have done a good job transitioning to telehealth, all the while successfully adapting from a labor management perspective to become even more efficient than pre-covid times. 

 

Read the full wire commentary on PE Hub.

 

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Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

 

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

 

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

 

If you have additional questions, email Private Equity Editor Chris Witkowsky at [email protected].

 

Also of note (may require subscriptions)

On the move: Caisse de dépôt et placement du Québec, one of the world’s largest investors in private equity, selected Martin Laguerre to oversee its PE and capital solutions platforms. Read Buyouts' full report.