Maryland's Pivot Health Solutions Re-Capitalizes with $25 Million Investment; Rehabilitative Services Company Names New CEO
Sep 16, 2019, 16:00 ET
TOWSON, Md., Sept. 16, 2019 /PRNewswire/ -- Pivot Health Solutions, a leading provider of physical therapy, corporate wellness and occupational health services with two million patient visits in 2018, announced today that various investment funds affiliated with PennantPark Investment Advisers will invest $25 million in the company while existing lenders have reaffirmed their commitment to the business.
New CEO Chris Throckmorton, former CEO of IntegraMed Fertility, North America's largest fertility practice, will lead the re-capitalized company beginning October 1.
"I am excited to join Pivot Health Solutions and look forward to continuing their commitment to innovate and deliver personalized care to physical therapy and rehabilitation patients," Throckmorton said. "Our team continues to be dedicated to the relentless pursuit of healthiness in all the communities we serve."
Pivot's new equity investment will support its expansion of physical therapy practice locations centered in the Mid-Atlantic and a new corporate health services division launched in the 4th quarter of 2018. The company will also target acquisitions to accelerate its growth.
"We are very pleased to partner with Chris and the existing management team to support the continued evolution of Pivot´s growth story," said Jose Briones, Partner at PennantPark. He added "We believe the Company has tremendous opportunities for growth given its market presence and unparalleled service to its patients."
"With this injection of growth capital, Pivot will be an even stronger player in an industry projected to have 28 percent job growth over a 10-year span according the U.S. Bureau of Labor Statistics," Throckmorton said. "I believe we are well positioned to take advantage of anticipated trends in demographics, population health and new recovery methods that will demand increased services to help patients return to work and normal activity as soon as possible."
"These changes include an aging but more active Baby Boomer population; the escalation of chronic conditions requiring rehabilitative services including diabetes, obesity and cardiovascular disease leading to stroke; and a more aggressive approach to patient-centered care that continues to move away from post-operative rest and immobilization to more aggressive manual therapy strategies that speed up recovery."
At Pivot, Throckmorton will lead a company with 2,900 employees and 265 physical therapy clinics in six states and the District of Columbia. During his time at IntegraMed Fertility, he oversaw 2,400 employees in a network of practices in 18 states, the District of Columbia and the Canadian provinces of Ontario and Quebec.
Prior, he was Group President and COO of Surgery Partners LLC, during which time the company went public on NASDAQ, and Senior Vice President of Operations with HealthSouth Corporation where he held various operational roles. Chris holds a Bachelor of Science in Physical Therapy from the University of North Carolina-Chapel Hill, where he was a John Motley Morehead Scholar. He earned his Masters in Business Administration with a concentration in Finance from Georgia State University, graduating with honors.
In his new position, Throckmorton will also oversee Pivot Onsite Innovations, which works with nearly 100 companies in 42 states to mange and treat work-related injuries and employee health. They include major municipalities and Fortune 500 clients across a wide variety of industries, including pharmaceuticals, gaming and construction. It operates 13 occupational health locations on corporate campuses in Delaware, Maryland and Pennsylvania.
"Corporate collaborations are one of the fastest growing sectors of our business as clients look to contain rising health care costs, promote employee wellness and improve quality outcomes that return team members to work more quickly," Throckmorton said.
Pivot acquired Onsite Innovations in November 2018. Throckmorton sees no slowdown in the heightened M&A activity experienced in the rehabilitative services industries in recent years and anticipates that Pivot will continue to be an active buyer.
"It's become increasingly difficult for private practices and smaller networks to operate efficiently and maintain profitability," he said. "We'll look for the right opportunities in cities and industry sectors that allow us to expand our network footprint."
About Pivot Health Solutions
Founded in 2000, Pivot Health Solutions is the parent company of Pivot Physical Therapy, Pivot Occupational Health, Pivot Onsite Innovations, Pivot Sports Medicine, and Pivot Performance. It is one of the nation's fastest growing physical therapy, occupational health and corporate healthiness services providers.
Compassionately committed to safety, Pivot's family of brands provides all of the resources patients need to return to regular activities and stay healthy.
For more information visit www.pivoths.com. To learn more about Pivot Onsite Innovations, visit http://onsite-innovations.com/.
About PennantPark Investment Advisers
PennantPark Investment Advisers, LLC ("PennantPark") is a leading middle market investment platform, which today has more than $3.2 billion of assets under management. Since its inception in 2007, PennantPark has provided investors access to middle market investment offerings by private equity firms and their portfolio companies as well as other middle-market companies. PennantPark provides a comprehensive range of creative and flexible capital solutions. PennantPark is headquartered in New York and has offices in Chicago, Houston and Los Angeles. For more information visit www.pennantpark.com.
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SOURCE Pivot Health Solutions
