M&A Advisory Services For Physical Therapy


Assessment of Performance and Opportunities

Focused Preparation for a New Market

Sale Execution

Take a look at our most recent transactions by clicking here.

The Advantages of Partnering with an Acquirer
Who Has Gone Through One or More Cycles of Private Equity

This week Paul welcomes back Larry Benz, CEO of Confluent Health, to discuss what the strategic advantage might be of partnering with a company
who has already gone through several private equity cycles.

Put your name and email in below to watch our most recent interview. 




A Recent Success Story

Many sellers have been told that EBITDA is the only driver of valuation in the M&A world, and that they can get a great valuation and great terms from any interested buyer - including the first one they talk to. That is a myth. Click below to hear Chad Elms, Founder and Chairman of the Board for Momentum PT explain why. 


Learn why


We have done more deals than anyone in the rehab industry because we have more experience and depth than any other team dedicated exclusively to transactions in our industry.

Thomas P. Carden

M&A Division
Senior Managing Director

Tom has more than 30 years of experience with banking and corporate finance in the healthcare industry and has personally facilitated more transactions than any other individual in our industry.

He has extensive experience in providing healthcare companies with mergers & acquisitions advice and transaction execution, analyzing and underwriting growth financing and financing mergers & acquisitions for healthcare providers.

Tom was one of three executive equity partners who developed the strategic and business plan for Healthcare Business Credit Corporation (HBCC) in 1997 and led HBCC from a concept company into one of the premiere middle market healthcare finance companies in the United States.  

Paul J. Martin

President & CEO

In 1993 Paul Martin decided to grow his 3-clinic rehab company in NJ. During the next 3 years he added 18 new clinics before partnering with NovaCare in 1996.

In 2000 Paul founded Martin Healthcare Advisors to provide consulting and M&A Advisory Services to the rehab industry. He and his team have helped more than 500 rehabilitation business owners grow and prosper using MHA’s strategic planning and execution.

As a consultant, mentor and speaker, Paul draws from his history of success in rehabilitation transactions, business development and operations to show business owners how to create significant organizational value.

David M. Pearce

M&A Advisor

Dave built his own successful company and then sold it, retaining an equity position. His success with that transaction prepared him for his current role as an advisor to owners of smaller companies who want to “finish well” by selling successfully to the right buyers.

He also works in our Consulting Division, where he most enjoys working side by side with practice owners in his areas of expertise, which include practice management, company growth models, minority equity structures and ownership exit strategies. This work makes him particularly valuable to clients who need help upgrading their companies’ performance in preparation for a sale.

Joe Anzur

M&A Analyst

Joe brings the kind of “big company skills” that help us keep deals moving forward with speed and minimum delays. Having worked on both the buy side and sell side for large regional firms, he brings a practical, balanced approach to his work.

In addition, our team counts on Joe and his high-level IT skills to expedite the building of a compelling CIM and the development of a straightforward path through due diligence.

Ben Sawin

M&A Analyst

Our buyers need to move rapidly to engage in the opportunities of most interest to them in the market. Data rooms, when poorly managed can delay any deal and frustrate the buyer. We count on Ben to make sure that never happens here. His strong skills, discipline and experience allow him to make important contributions to moving our process forward to a successful closing. And Ben's writing skills help us present our clients’ stories in the best possible light.




The Advantages of Partnering with an Acquirer
Who Has Gone Through One or More Cycles of Private Equity

This week Paul welcomes back Larry Benz, CEO of Confluent Health, to discuss what the strategic advantage might be of partnering with a company
who has already gone through several private equity cycles.


Learn More About Our M&A Advisory Services by clicking here.

Crucial Conversations with the Industry's Thought Leaders

Brent Mack

CEO of Golden Bear PT

Talks about his company’s desire to become a national platform and what they intend to do next.

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Larry Benz

CEO of Confluent Health

Shares his insight into why the bigger deals in this industry are different on both sides.

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Darin Tucker

CEO of Peak Physical Therapy

Talks about the different and unique needs that larger, "Marquee" companies require.

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Rick Katz

VP of Biz Dev
Spine and Sport Physical Therapy

Discusses his company's recent culture redevelopment.

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Guy Sansone

CEO of H2 Health

Talks about his company's growth model and the role that financial compensation plays.

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John Galluci

CEO of JAG One Physical Therapy

Explains why his company prefers to partner with companies who have strong ties to the community.

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Kelly Mcfarland

CEO, Premier Physical Therapy

Talks about her decision to grow using the resources of her acquirer, Empower Physical Therapy

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Andrew Lotsis

CEO, Active Pro Rehab Partners

Discuss his strategy for growth and path to success for the companies they acquire.

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Steve Chenoweth

CEO, Therapy Partner Solutions

Explains how his experience selling his own company now informs his acquisiton process.

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John Dean

CEO, Mid-Michigan Physical Therapy

Reveals the personal choice that he and his wife made that led them to seek a partnership.

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Joe Sullivan

CEO, Peak Performance PT

Explains his thought process around partnering with Ivy Rehab Physical Therapy.

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Erich Herkloz

CEO, Strive Physical Therapy

Details his experience partnering with Confluent Health and the opportunities it offered.

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Steve DiPaola

CEO, Empower Physical Therapy

Discusses Empower's culture and preference for partnering as opposed to simply acquiring.

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Steve Windwer

CEO, Bay State Physical Therapy

Talks about Bay State's passion for freeing up partners to focus on clinical excellence.

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Aaron Kraai

CEO, Doctors of Physical Therapy

Explains the company's strategy for working with smaller private practices on a personal level.

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Chris Reading

CEO, US Physical Therapy

Discusses the association of industry executives dedicated to representing our industry in Washington.

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Nick Rowland

Principal, Sheridan Capital Partners

 Shares insights into Sheridan's thinking about our industry's potential today and into the future.

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Brian Barth

CDO, Cora Physical Therapy

Talks about how their recapitalization with H.I.G. Capital could affect the market. 

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David Van Name

Founder, Upstream PT 

Discusses recent acquisition of Physiotherapy and their strategy for the future.

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Ray Wahl

COO, ATI Physical Therapy

Talks about ATI recently going public and it how affects their strategy in this market.

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Tommy Kleinhans

Bowman & Company

Explains the impact that the proposed Capitol Gains Tax could have on your M&A deal.

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Josh Meyers

Owner, OSTI PT

Shares the experience of going through the M&A process with 4 other owners.

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Michael Rucker

CEO, Ivy Rehab PT

Discusses his unique perspective as a business manager who developed his skills in other healthcare verticals.

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Kelly McFarland Lawrence

CEO, Premier Rehab PT and Aquatics

Talks about how a breakthrough in managing the company catapulted its market value 350%.

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Steve DiPaola

CEO, Empower Physical Therapy

Talks about Empower's strategy and what acquirers are looking for in this market.

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Tom Carden

Senior Managing Director, MHA

Discusses ATI's announcement and what the impact will be on the industry.

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Larry Benz & Erich Herkloz

CEO, Confluent Health

Discusses ATI's announcement and what the impact will be on the industry.

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Paul Welk

Attorney, Tucker Arensberg

Talks about how you can prepare now to avoid the most common deal killers before you even start your deal.

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