Middle Market private equity firm Pharos Capital Group has sold its majority stake in portfolio company MOTION PT Group to Confluent Health.
Pharos is headquartered in Dallas and Nashville. No financial details were disclosed.
MOTION is a physical therapy, occupational therapy, and speech therapy company with 59 clinic locations across Connecticut, Maryland, Massachusetts, and New York.
Jim Phillips, Partner at Pharos, said, “We are pleased that Pharos’s support allowed the company to address the pressing need for value-driven, tailored physical therapy services,” Pharos Partner Jim Phillips said in a statement. “MOTION’s dedication to developing a comprehensive physical therapy service model is helping improve the quality of life for clients of all ages in a growing number of communities. We wish CEO Ed Miersch and the entire MOTION team continued success with their new investment partners.”
Fostering strategic expansion
Pharos said that under its leadership, MOTION completed more than 25 acquisitions, expanded beyond its Brooklyn and Manhattan roots to new geographies, and developed hospital and health system relationships centered on the triple aims of expanded access to care, improved patient outcomes, and lowering the overall cost of healthcare.
With Pharos’s support, MOTION executed on strategic expansion while reinforcing its clinical culture of quality care dedicated to overall patient experience across its comprehensive array of rehabilitation and therapy services, all in the low-cost setting of outpatient physical therapy for the benefit of patients and payors.
“Working with Pharos has been a rewarding experience for MOTION. Pharos’s expertise in value-based healthcare services, along with their financial resources, has allowed us to exceed our growth objectives while maintaining our focus on patients,” Miersch said in a statement. “Through our combined efforts, we believe we have laid the groundwork for a successful future with our new strategic partners.”
Pharos Capital Group is a physician-founded investment firm focused on growing healthcare companies that aim to lower the total cost of care, improve patient outcomes and expand access to care in underserved markets.
Since its founding, Pharos has invested in 58 companies and has over $1.1 billion of private equity assets under management as of Dec. 31. Pharos typically invests $25-$50 million in rapidly growing middle market companies seeking later stage funding for internal growth, acquisitions, leveraged buyouts, management buyouts, or recapitalizations, mostly across healthcare sectors.
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