Physiotherapy Associates, the Exton, PA based rehabilitation service provider company, recently filed for Chapter 11 bankruptcy protection. Accounting concerns along with a $325M debt load are reportedly at the core of the bankruptcy. Physiotherapy operates 575 outpatient rehab and O&P clinics in 34 states.
The firm was a 2012 acquisition by Court Square Capital Partners - part of a trend toward increased PE investments in healthcare over the past few years. Physiotherapy Associates is NOT headed down the bankruptcy road alone. Rotech Healthcare, a home medical equipment company and Rural/Metro Corp., a provider of ambulance services hit the path earlier this year. >>Read more