Harris
Williams & Co., a preeminent middle market investment bank
focused on the advisory needs of clients worldwide, announces the sale
of Drayer Physical Therapy Institute (Drayer), a national leader in the
physical rehabilitation industry, to affiliates of GS Capital Partners
(GS Capital). Drayer was a portfolio company of Linden Capital Partners
(Linden), who invested in Drayer in a 2008 recapitalization along with
management. Harris Williams & Co. acted as the exclusive financial
advisor to Drayer. The transaction closed on July 2, 2012 and was led by
Turner Bredrup, Cheairs Porter, Geoff Smith and Andy Dixon from the
firm’s Healthcare & Life Sciences (HCLS) Group.
“Drayer has established itself as a clear leader in the physical therapy
market through the quality of its patient care, operational excellence
and mission driven approach. This transaction is evidence of the
continued strong interest that continues in the sector, driven by
investors’ desire to find scalable business models that have the
potential to reduce overall cost to the healthcare system,” said Turner
Bredrup, a managing director and head of Harris Williams & Co.’s HCLS
Group.
Drayer is a leading operator of outpatient physical therapy clinics
primarily focused on treating sports-related injuries and orthopedic
disorders. Drayer’s strategy is to operate its own clinics and develop
strong relationships with referring physicians through high quality
care. The company currently operates over 80 owned and managed clinics
in the Northeast, Mid-Atlantic, Southeast and Northwest United States.
Linden is a Chicago-based private equity firm focused exclusively on
partnering with healthcare and life science companies. Linden's strategy
is based upon three elements - healthcare and life science industry
specialization, integrated private equity and operating expertise and
strategic relationships with large corporations.
GS Capital is a global leader in private corporate equity investing. The
GS Capital family of funds focuses on large, high quality companies with
strong management and funding acquisition or expansion across a range of
industries and geographies.
Harris Williams & Co. (www.harriswilliams.com),
a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a
middle market investment bank focused on the advisory needs of clients
worldwide. The firm has deep industry knowledge, global transaction
expertise, and an unwavering commitment to excellence. Harris Williams &
Co. provides sell-side and acquisition advisory, restructuring advisory,
board advisory, private placements, and capital markets advisory
services.
The firm’s HCLS
Group focuses on transactions across the spectrum of healthcare
market segments. For more information, contact Turner Bredrup, James
Clark or Cheairs Porter at +1 (804) 648-0072 or Todd Morris at +1 (415)
288-4260.
Investment banking services are provided by Harris Williams LLC, a
registered broker-dealer and member of FINRA and SIPC, and Harris
Williams & Co. Ltd, which is authorised and regulated by the Financial
Services Authority. Harris Williams & Co. is a trade name under which
Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
For general release inquiries, please contact Kimberly Baker, marketing
director, at +1 (804) 648-0072.
