How Private Equity Is Buying Up Physical Therapy Clinics

The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions · Aug 4, 2026 · 9m · transcript

Private equity has been quietly rolling up physical therapy practices across the US for over a decade, and the pace has accelerated sharply since 2020. In this episode, Lucas and Luna trace the consolidation playbook: from the rise of platform companies like Athletico and Confluent Health to the 'buy-and-build' strategy of tucking in independent clinics. They break down the economics that make physical therapy so attractive—high margins, recurring demand, and a fragmented market of over 30,000 small practices—and examine the trade-offs for patients and clinicians. With roughly 25…