GPB Capital Holdings, LLC has finalized the sale of Alliance Physical Therapy Partners, LLC to BPOC, a Chicago-based pure-play healthcare investor. Alliance was acquired by GPB Holdings II, LP in 2017 and was more recently actively managed by GPB Capital’s operating partner, Highline Management, Inc. The transaction is effective immediately and BPOC has stated that the sale will not have any perceivable impact on patients or employees.
“This transaction underscores the past success of GPB Capital’s and Highline’s strategy to expand Alliance’s national network, strengthen its operational efficiency, and improve the patient experience,” said Rob Chmiel, CEO of GPB Capital. “The sale of Alliance will ultimately return value to our investors and we are working with our independent Monitor on a plan to distribute the available proceeds from the transaction.”
GPB Capital and Highline oversaw double-digit growth in the number of Alliance’s clinics, built a company that was highly admired by its competitors, patients, and employees at the time of sale — ultimately producing a positive return for investors. GPB Capital and Highline achieved this by expanding Alliance’s presence in key markets with favorable demographic trends, empowering providers with better tools and technology to improve the patient experience, and leveraging data to staff clinics with the right resources at the right times.
Highline, which manages the day-to-day operations of GPB Capital’s sponsored partnerships, negotiated the sale with BPOC. Kirkland & Ellis, LLP served as legal advisor and Houlihan Lokey Capital, Inc. served as financial advisor, respectively, to BPOC in connection with the transaction.
Alliance was represented in the transaction by the law firm of McGuireWoods LLP and Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor in connection with the transaction.
About GPB Capital Holdings, LLC
GPB Capital was founded to provide retail investors access to the type of investments that are typically only available to large institutional investors and high-net-worth individuals. The firm is focused on investing in established, profitable companies which demonstrate strong fundamentals, with the capacity to grow and generate returns for investors. Its investment strategy has historically been built on acquiring a controlling interest in income producing, middle-market companies, and providing the hands-on managerial and operational support services these companies need to scale, thus increasing cash flow and investor value.
