Drayer acquired by physical therapy giant
Hummelstown-based Drayer Physical Therapy Institute LLC is being absorbed by one of the largest physical therapy providers in the country.
Upstream Rehabilitation, an Alabama-based chain of rehabilitation clinics, is purchasing the midstate firm for an undisclosed amount.
The addition of Drayer's 160 locations will make Upstream the fourth-largest provider of physical therapy nationwide, with over 550 outpatient facilities, according to a news release state. Among the newest locations for Drayer in Pennsylvania is a 4,000 square-foot office in Newberry Township.
"Upstream and DPTI share similar cultures and a strong commitment to clinical excellence and compliance," Upstream CEO David Van Name said in a news release. "We see a tremendous opportunity to combine the strengths and capabilities of both companies, while maintaining the portfolio of brands from each, to continue to grow and be the provider and employer of choice in the industry."
A representative from Drayer was not immediately available to comment.
Upstream used backing from Minnesota-based investment firm Yukon Partners to acquire Drayer, which will now join Upstream in the portfolio of Revelstoke Capital Partners, a private equity firm based in Denver, Colo.
Some minority stakeholders in Drayer, including the Goldman Sachs Merchant Banking Division, used a portion of their proceeds from, the deal to buy a minority stake in Upstream.
Revelstoke invests in a variety of medical properties, including substance abuse treatment centers, urgent care providers and a Massachusetts mammography provider.
Drayer founder Luke Drayer opened the company's first clinic in 2002 in Bel Air, Md. It has grown to include offices in 16 states.