Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Upstream Rehabilitation (Upstream), a portfolio company of Revelstoke Capital Partners (Revelstoke), on its sale to Revelstoke Single Asset Fund I, a newly formed special purpose vehicle affiliated with Revelstoke. Upstream is a leading national provider of outpatient and specialized physical therapy services, operating more than 746 clinics across 27 states. The advisory engagement was led by Andy Dixon, Cheairs Porter, Ben Bloomfield and Michael Mahoney of the Harris Williams Healthcare & Life Sciences (HCLS) Group. 

“It was a pleasure working alongside Upstream management and the Revelstoke team throughout this transaction,” said Andy Dixon, a managing director at Harris Williams. “Upstream is well-positioned at the forefront of attractive tailwinds in the physical therapy sector, and our team is excited to see the company’s next chapter in partnership with Revelstoke.”

Having previously advised Upstream on its initial sale to Revelstoke in 2015 and subsequently advising the sellers during Upstream’s merger with Drayer Physical Therapy Institute, this transaction adds to Harris Williams’ successful track record of working with leading companies in the physical therapy space.

Upstream, one of the largest and fastest growing physical therapy providers in the U.S., operates through a network of strong regional brands including the following: BenchMark Physical Therapy, Drayer Physical Therapy Institute, Peak Physical Therapy, SERC Physical Therapy, Integrity Rehab Group and more. The company provides a comprehensive suite of outpatient and specialized physical therapy services and sees over 4 million patient visits annually. Upstream is headquartered in Birmingham, Alabama.

Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy to build exceptional companies. Since the firm’s inception in 2013, Revelstoke has raised over $2.3 billion of equity and has completed 65 acquisitions, which includes 17 platform companies and 48 add-on acquisitions.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams HCLS Group has experience across a broad range of sectors, including medical devices, products and distribution; multi-site and retail healthcare providers; alternate site care; healthcare IT; managed care and cost containment services; outsourced clinical services; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams website.