How Private Equity Is Buying Up Physical Therapy Clinics

The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions · Jul 22, 2026 · 10m · transcript

Private equity firms have quietly rolled up thousands of physical therapy clinics across the US, consolidating a fragmented industry worth $35 billion. Lucas breaks down the math behind the roll-up strategy: why PT clinics have recession-resistant cash flows, how PE firms use a 'hub-and-spoke' model to centralize billing and marketing, and the controversy over whether patient outcomes improve or suffer when a local clinic gets bought by a national platform. Luna challenges the assumption that bigger always means better, citing a 2025 JAMA study that found higher referral rates but…