Harris Williams & Co. Advises Drayer Physical Therapy Institute LLC on its Transaction with Upstream Rehabilitation Inc.


Richmond, Virginia, January 5, 2018 – Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it advised Drayer Physical Therapy Institute LLC (DPTI), a portfolio company of Goldman Sachs Merchant Banking Division (GS MBD), on its combination with Upstream Rehabilitation Inc. (Upstream), a portfolio company of Revelstoke Capital Partners LLC (Revelstoke). Certain DPTI shareholders, including GS MBD, rolled over a portion of their proceeds in exchange for a minority ownership stake in Upstream. DPTI and Upstream are leading owners and operators of outpatient physical therapy clinics. Harris Williams & Co. served as the exclusive advisor to DPTI. The transaction was led by Cheairs PorterAndy DixonTyler Bradshaw and Charles Busch of Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group.

“The combination of DPTI and Upstream brings together two clinical leaders in physical therapy with highly complementary footprints and will enable the merged business to expand its geographic presence, diversify its referral base and payor mix and serve a greater number of patients, creating a tremendous platform for future growth,” said Cheairs Porter, a managing director in Harris Williams & Co.’s HCLS Group.

“Having worked with DPTI on its sale to GS MBD and Upstream on its sale to Revelstoke, we have a deep respect and admiration for both businesses and are excited to see them come together to continue to provide best in class patient care and execute on their growth plans within the highly fragmented physical therapy market together,” added Andy Dixon, a managing director in Harris Williams & Co.’s HCLS Group.

DPTI is a leading owner and operator of outpatient physical therapy clinics in the United States. DPTI delivers physical rehabilitative, preventative and occupational therapy services through more than 160 owned and managed clinics in 15 states.

Goldman Sachs Merchant Banking Division is the primary center for the firm’s long-term principal investing activity. With nine offices across seven countries, GS MBD is one of the leading private capital investors in the world with equity and credit investments across corporate, real estate and infrastructure strategies. Since 1986, the group has invested over $180 billion of levered capital across a number of geographies, industries and transaction types.

Upstream is a provider of outpatient rehabilitation services, including free-standing physical therapy clinics, outpatient rehabilitation management services and a member network of rehabilitation service providers. On a combined basis with DPTI, Upstream will operate more than 550 owned and managed clinics across 27 states.

Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy to build exceptional companies. Revelstoke has approximately $1.0 billion of regulatory assets under management and, since the firm’s inception in mid-2013, has completed 40 acquisitions, which includes 10 platform companies and 30 add-on acquisitions.

Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent 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.

Harris Williams & Co.’s HCLS Group has experience across a broad range of sectors, including medical devices, products and distribution; multi-site and retail healthcare providers (including dental care providers); alternate site care; healthcare IT; managed care and cost containment services; outsourced clinical services; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams & Co. website.

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 a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

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