Revelstoke Capital Partners has completed its investment in Upstream Rehabilitation, a national provider of outpatient rehabilitation services.
Upstream Rehabilitation offers its services through both free-standing physical therapy clinics and a member network of rehabilitation service providers. According to Revelstoke, the company is one of the largest in the industry with over 300 owned and managed clinics across 23 states. Upstream is led by its CEO David Van Name. The company was founded in 2004 and has corporate offices in Birmingham, AL and Chattanooga, TN (www.upstreamrehabilitation.com).
“We are excited to partner with an extremely talented and experienced management team to grow Upstream and further solidify its position as a leader in outpatient rehabilitation services,” said Mark King, CEO, Managing Partner and Co-Founder of Revelstoke. “Upstream has significant opportunity to drive growth through de novo expansion as well as acquisitions.”
Revelstoke invests from $10 million to $250 million in companies that have at least $5 million of EBITDA. Sectors of interest include healthcare services and products; transportation and logistics; specialty distribution; energy and energy services; building products; business and outsourced services; marketing services; financial services; industrial services; and medical technology. Since founding in 2013, Revelstoke has raised more than $515 million in equity commitments. The firm is headquartered in Denver (www.revelstokecp.com).
With its investment in Upstream, Revelstoke has now completed seven platform investments and five add-on acquisitions totaling approximately $1 billion of enterprise value since the firm’s founding in 2013.
Ally Corporate Finance provided a senior credit facility to support the acquisition. Mezzanine capital was provided by Yukon Partners (www.yukonpartners.com) and Northwestern Mutual Capital (www.northwesternmutualcapital.com).
“Our partnership with the principals of Revelstoke dates to the 1990s, and we are again delighted to invest alongside Mark King, Simon Bachleda, Dale Meyer, and their colleagues,” said Michael Hall, Managing Partner of Yukon.
Harris Williams & Co. served as financial advisor to Upstream.
© 2015 PEPD • Private Equity’s Leading News Magazine • 12-18-15
