Could Athletico be sold?
Oak Brook-based Athletico Physical Therapy, a rapidly expanding chain of orthopedic rehabilitation centers and training services, could be exploring the sale of its company, according to unnamed sources in a Reuters report Thursday.
The report said Athletico, which has about 360 locations in nine states, could be valued at about $2 billion, including debt. The company has about 4,000 employees, according to the company website.
Athletico has hired investment bank Jefferies LLC to explore strategic alternatives, including the sale or a majority or minority stake in the company, Reuters said.
"Athletico has grown significantly in 2016, and that upward trajectory will continue into 2017 and beyond," Mark Kaufman, 52, president and CEO, told the Daily Herald Business Ledger for an upcoming story. "As we look ahead, we are planning to invest in new centers, hire and train new staff members and will continue making improvements to our existing clinics."
Building Athletico from a one-clinic operation in Chicago to a 360-clinic company was a family affair. Kaufman said that his father made all of the treatment tables for the first 80 to 90 centers. The Athletico brand would not be where it is today without his parents' love and support, he told the Ledger.
Kaufman did not immediately respond to calls seeking further details on the possible sale. His spokesman also could not immediately comment.
A sale of Athletico, should one occur, will likely result in the company's management continuing to own a significant stake in the company, Reuters said.
In 2014, Athletico had 80 clinics in three U.S. states when buyout firm Harvest Partners LP invested in the company in 2014 in a $400 million deal. Harvest Partners declined to comment.
The company has 12-month earnings before interest, tax, depreciation and amortization of around $130 million, Reuters said.