Latest / The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions
How Private Equity Is Rolling Up Physical Therapy Chains
Private equity has been quietly consolidating the physical therapy industry for years, but a recent wave of mega-deals is reshaping the landscape. In this episode, Lucas and Luna break down the economics of PT roll-ups—how firms like Athletico and ATI grew through acquisition, the role of Medicare reimbursement changes, and why some experts worry about patient outcomes when profit margins drive decisions. They examine one specific $2.3 billion deal from early 2026 and what it means for independent clinics. If you've ever wondered why your local PT practice suddenly has a corporate logo…
The skinny
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