Farmington, MI – An affiliate of Encore Rehabilitation Services, LLC (“Encore”), a portfolio company of Revelstoke Capital Partners LLC (“Revelstoke”), a Denver-based private equity firm, has completed the acquisitions of Evergreen Rehabilitation, LLC (“Evergreen”) and Select Medical Rehabilitation Services, Inc. (“SMRS”) and Metro Therapy, Inc. (“Metro Therapy”), the contract therapy business of Select Medical Holdings Corporation (NYSE:SEM).
Evergreen, based in Louisville, Kentucky, is a provider of outsourced rehabilitation and management services to long-term care facilities including skilled nursing and assisted living facilities. Evergreen provides physical, occupational, and speech therapy services to more than 100 client facilities across more than 20 states.
Michael Houlihan, CEO and Co-Founder of Evergreen, commented “The resources and expertise that Encore brings will enable Evergreen to continue its mission to offer first class therapy to its patients across the country.” Michael Houlihan will continue with Encore as its President of Business Development.
SMRS and Metro Therapy provide outsourced rehabilitation services to skilled nursing facilities, assisted living facilities, hospitals, and schools. SMRS and Metro Therapy provide physical, occupational, and speech therapy services, as well as staffing services, to more than 370 facilities across more than 25 states.
Sue Olsen, President of SMRS, commented “I am excited to join forces with Encore to create a dynamic contract therapy provider that has experience, talent and resources on a national level. Our combined company will use evidenced-based therapy programs and quality reporting to create the best possible patient experiences and functional outcomes.” Sue Olsen will continue with Encore as its President of Ancillary Services and a Divisional Vice President overseeing regional operations in Florida, New Jersey and New York.
“These acquisitions will add significant scale and reach to Encore and will further expand our services across the continuum of care,” said Linda Shackelford, CEO and Co-Founder of Encore. “Evergreen and the Select contract therapy business have developed strong reputations in the industry. We are pleased to have Michael Houlihan and Sue Olsen join our team and look forward to being one combined company focused on high quality patient care and client service.”
Winston & Strawn LLP acted as legal advisor to Encore in the transactions. Dechert LLP acted as legal advisor and Stephens Inc. acted as financial advisor to Select Medical Holdings Corporation. Stites & Harbison PLLC acted as legal advisor to Evergreen.
Encore is a provider of outcome-driven rehabilitative therapy services and associated compliance and revenue cycle support services primarily to skilled nursing facilities as well as assisted living facilities, home health agencies, hospitals and schools. Encore operates in 34 states and manages the delivery of a full spectrum of physical, occupational and speech therapy services and provides sophisticated quality, compliance and documentation capabilities to more than 650 client facilities. Encore was founded in 2007 and is headquartered in Farmington Hills, Michigan.
Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy to build exceptional companies. Since the firm’s inception, Revelstoke has raised approximately $2.3 billion of equity and has completed 64 acquisitions, which includes 16 platform companies and 48 add-on acquisitions.