U.S. Physical Therapy
The Firm
U.S. Physical Therapy, Inc. operates outpatient physical therapy clinics and an industrial injury prevention business, and is listed on the New York Stock Exchange. It grows by buying practices from their owners, announcing each one as it closes, which makes it the most legible buyer in this trade.
The structure is what a searcher should read closely. It buys a MAJORITY and leaves the rest with the seller: sixty-seven percent of a twelve-clinic practice in July 2026, fifty percent of the management company behind an eight-clinic practice in January. The company markets this openly, carrying pages on selling a practice and on what it calls the partnership opportunity.
That shapes the competition. A searcher bidding for a physical therapy practice is bidding against a buyer who does not need to fund the whole price. They are also bidding against a seller who may prefer keeping a third of the business and a job to taking all the cash and leaving. Knowing which of those the owner wants is most of the negotiation.
The filings say three things the announcements do not. The stake it takes generally runs 65% to 75%, across a full range of 30% to 99%, and the practitioner who stays usually holds the rest. Smaller practices are not bought as deals at all: fourteen clinics in 2025 were, in the company's own phrase, tucked into larger partnerships, so a single-site owner is more likely to be folded into a neighboring partnership than to be announced. And the minority the seller keeps has a price already written down. The partner holds a put right that does not expire and survives their death. If it is exercised the company must buy at that business's historical earnings times an EBITDA multiple named in the agreement, rather than at whatever the practice is worth on the day. A seller negotiating the headline percentage is also negotiating the multiple their last tranche will be bought at years later, and only one of those two numbers gets talked about at the table.
What It Buys
Houston, Texas. Outpatient physical therapy practices bought in partial stakes rather than outright, several a year, leaving each selling owner a minority share and a continuing role in the clinic.
Selling to them one day, or watching them as the other bidder? Track them in the Contact Book so the relationship has a next-touch date.
Confirmed Deals
2 deals traced to announcements by U.S. Physical Therapy, 2026, newest first. Firms that announce every deal show a fuller run here than firms that report acquisitions as quarterly counts, so read this as the evidence that clears the bar rather than as the firm's whole record.
- Twelve-clinic physical therapy practice · July 2, 2026
Sixty-seven percent equity interest, the owners keeping thirty-three; about 112,000 annual visits and $12 million of revenue.
- Eight-clinic physical therapy management company · January 5, 2026
Fifty percent interest, the owners keeping fifty; about $8.0 million of annual revenue and 66,000 annual visits.