Harris Williams & Co. Advises Upstream Rehabilitation Inc. on its Sale to Revelstoke Capital Partners LLC

December 17, 2015

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Upstream Rehabilitation Inc. (Upstream) to Revelstoke Capital Partners LLC (Revelstoke). Upstream is a leading provider of outpatient rehabilitation therapy services. Harris Williams & Co. served as the exclusive financial advisor to Upstream, a portfolio company of Charterhouse Equity Partners LLC (Charterhouse). Proskauer Rose LLP served as legal counsel to the company. The transaction was led by Cheairs Porter, Andy Dixon, Andy Hewlett and Ricky Ng of Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group.

“Upstream is one of the largest and most diversified platforms in the industry and the company has had an incredible track record of growth driven by a history of de novo clinic and management contract expansion, and an ability to execute and integrate acquisitions in a fragmented market,” said Cheairs Porter, a managing director at Harris Williams & Co. “The transaction is indicative of the strong interest and activity that we have seen from both strategic and financial acquirers in the outpatient rehabilitation services sector.”

Andy Dixon, a director in Harris Williams & Co.’s HCLS Group, added, “Upstream is well positioned to capitalize on the demographic and healthcare trends driving demand for outpatient rehabilitation services. We expect to see additional growth and consolidation in the sector.”

Upstream is a leading national provider of comprehensive outpatient rehabilitation services. The company offers a unique suite of services, including free-standing physical therapy clinics, outpatient rehabilitation management services and a member network of rehabilitation service providers. Upstream is one of the largest and fastest growing providers in the outpatient rehabilitation market, with over 300 owned and managed clinics throughout 23 states. Upstream offers a full range of customized services that are unrivaled in the industry.

Charterhouse is a private equity firm with over four decades of experience in working with operating executives and building leading middle market companies. Established in 1973, Charterhouse has invested in excess of $2 billion in equity and established over 100 platform companies.

Revelstoke is a private equity firm formed by experienced investors who focus on building exceptional industry-leading companies. Revelstoke strives to partner with management teams to execute on a disciplined organic and acquisition strategy to build industry-leading companies and generate superior investment returns for management owners and investor partners. Revelstoke’s managing partners have over six decades of combined private equity investing and capital formation experience having completed over 100 platform and add-on acquisitions, representing approximately $6 billion of total enterprise value.

Harris Williams & Co.’s HCLS Group has experience across a broad range of sectors, including alternate site care, outsourced clinical and practice management services; healthcare staffing; healthcare IT; managed care and cost containment services; medical devices, products and distribution; 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 & Co. website.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.  The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority.  Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.