January 14, 2022 -- Lee Equity Partners, LLC (“Lee Equity”), a growth-focused middle market private equity firm, announced today that funds managed by the firm have invested in Therapy Partner Solutions (“TPS” or the “Company”). TPS, headquartered near Jacksonville, FL, is a leading physical therapy platform in the Southeastern U.S. TPS employs a diversified operating model delivering physical therapy services across three divisions: Clinic Partnership, Management Services and Performance Solutions.
The TPS platform is comprised of approximately 60 owned and managed care sites across eight states, as well as revenue cycle outsourcing and compliance consulting operations for independent clinics. The Clinic Partnerships division operates across six states through local brands, with significant brand recognition developed over 20+ years of in-market history. Through its management division, the Company is the leading regional provider of management, operations and therapist staffing services to hospitals, physician-owned therapy clinics, and home health agencies.
TPS’ experienced and cohesive senior management team is led by three founders, Steve Chenoweth, Sam Echols, and Chad Whitefield, who together have a combined 75+ years of industry experience. Steve Chenoweth, co-founder and CEO, will continue to lead the Company as it continues on its growth trajectory. The entire senior management team, along with existing investor Walnut Grove Capital Partners, retained a meaningful equity investment in the business. Financial terms of the transaction were not disclosed.
“Since our founding, TPS has been focused on partnering with entrepreneurial physical therapists and giving them the resources to provide top quality care to patients. We are excited to partner with Lee Equity to continue our growth and improve our offerings to therapists, patients, and our communities,” said Steve Chenoweth, CEO of TPS.
“Physical therapy is a high-value service for communities, providing excellent treatment outcomes at an attractive cost to the system. We believe TPS is well positioned to expand access to therapy across the Southeast,” said Christian Chauvet, a Principal at Lee Equity. “We are excited to work closely with TPS’ veteran management team to capitalize on the many opportunities ahead and to drive future growth.”
Livingstone served as exclusive financial advisor to TPS and Arnall Golden Gregory, LLP served as TPS’ counsel. Greenberg Traurig LLP served as legal counsel to Lee Equity.
About Therapy Partner Solutions
Founded in 2017, Therapy Partner Solutions Holdings is the parent organization for five uniquely positioned companies within the therapy industry. Designed to provide services across the continuum of care, Therapy Partner Solutions companies are among the industry’s best when it comes to optimizing operations, finance, staffing, recruiting, compliance and billing. Collectively, these companies employ over 600 professionals, servicing clients & partners across the US. The outpatient clinic partnership model developed by Therapy Partner Solutions is designed to enable clinic owners to share in the ongoing value created as their practice grows, while also participating in the expansion of their clinic footprint. Visit www.therapypartnersolutions.com.
About Lee Equity Partners
Lee Equity Partners is a New York-based private equity firm that partners with successful management teams to build companies with strong growth potential. Lee Equity targets equity investments of $50 million to $150 million in middle-market control buyouts and growth capital financings in companies with enterprise values of $100 million to $500 million that are located primarily in the North America. The firm invests in a range of industries where the team has deep relationships developed over decades, including business services, financial services, and healthcare services. Visit www.LeeEquity.com.
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