How Private Equity Is Buying Up Physical Therapy Chains

The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions · Jun 18, 2026 · 8m · transcript

Private equity firms have been consolidating physical therapy clinics at a rapid pace, with the largest platforms now operating over 1,000 locations each. In this episode, Lucas and Luna examine the economics behind these roll-ups: why PT clinics are attractive targets, how the consolidation affects patient care and therapist compensation, and the growing backlash from clinicians who say the model prioritizes productivity over outcomes. The hosts walk through a specific case: the rise and recent turbulence of ATI Physical Therapy, which went public via SPAC in 2021 and has since seen its…