Therapy clinics bought by Calif. firm

Armada group ran 4 rehab sites in NM

A California-based physical therapy company has acquired four outpatient orthopedic clinics in the Albuquerque area.

With the acquisition, New Mexico-based Armada Physical Therapy becomes part of the Physical Rehabilitation Network, the companies said Wednesday in a joint statement. Terms of the deal were not disclosed.

“We’re thrilled by the partnership with Armada and excited to be part of an organization bringing high-quality therapy services to New Mexico’s residents and communities,” said Bruce McDaniel, CEO of Physical Therapy Network, a privately held company based in Carlsbad. “Armada has an outstanding reputation in the community, and we’re proud to have them as part of our family of brands as we look for opportunities to expand across New Mexico.”

Armada was founded in 2013. Its services include pre- and post-surgical care, hand therapy, joint rehabilitation, workers’ compensation cases and sports medicine programs. The business currently operates three facilities in Albuquerque and one in Rio Rancho.

Physical Rehabilitation Network, which was founded in 1991, operates over 100 locations in eight states. The company, on its website, said it provides local autonomy and branding to its therapist partners while streamlining all traditional overhead activities of running a practice, such as revenue management, human resources, regional business development and contract opportunities.

“While the physical therapy industry is in an aggressive consolidation trend, it remains highly fragmented as no one physical therapy company accounts for more than 10 percent of the market and the top five players make up only 20 percent,” according to a recent industry report by investment advisers Capstone Partners. The $30-plus billion industry consists of 16,000 to 18,000 clinics nationally, with the majority owned and operated by small local practitioners, generating on average $1 million per center, according to the report.