Private equity firm Revelstoke Capital Partners has completed its investment in Upstream Rehabilitation, a national provider of outpatient rehabilitation services, including free-standing physical therapy clinics, outpatient rehabilitation management services and a member network of rehabilitation service providers. The Birmingham, AL-based company has more than 300 owned and managed clinics across 23 states.
Mezzanine capital was provided by a group including Yukon Partners and Northwestern Mutual Capital. Ally Corporate Finance acted as administrative agent, sole lead arranger and book runner on the senior credit facility.
With its investment in Upstream, Revelstoke has now completed seven platform investments and five add-on acquisitions totaling approximately $1 billion of enterprise value since the firm’s inception.
Winston & Strawn served as legal advisor to Revelstoke. Harris Williams served as financial advisor, and Proskauer Rose served as legal advisor, to Upstream in the transaction.