Daily News: July 9, 2012

Harris Advises Drayer Physical Therapy in Sale to GS Capital


Harris Williams & Co. announced the sale of Drayer Physical Therapy Institute, a provider in the physical rehabilitation industry, to affiliates of GS Capital Partners. Drayer was a portfolio company of Linden Capital Partners, which invested in Drayer in a 2008 recapitalization along with management.

Harris Williams 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 an 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.

GS Capital is a global provider 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.