ARC Physical Therapy+ has become a partner with U.S. Physical Therapy Inc., a move that ARC officials said will bring an infusion of “intellectual and financial” resources for the Overland Park, Kan.-based company.
U.S. Physical Therapy, a Houston-based company that runs physical and occupational therapy clinics in 43 states, said in a filing that it had acquired 90 percent of a “physical therapy business focused on creating solutions for industry.” Although the filing didn’t name the firm being purchased, it identified the practice as having 11 clinics and three onsite industrial client locations, which matches ARC’s profile.
The paperwork put the price of the deal at $36 million and said the annual revenue of the acquired business exceeds $11.5 million. ARC, which has 90 employees across Kansas and Missouri, has won numerous small-business awards under the guidance of CEO Matthew Condon. The deal will give Condon, who will remain the company’s chief executive, more time to develop a new venture, Bardavon Health Innovations, which focuses on health care technology and services.