WestStar Physical Therapy Network
Accord Asset Partners (“Accord”), a leading private equity firm based in San Diego, in partnership with Paras Capital Partners (“Paras”), a healthcare-focused private equity firm based in Boston, is pleased to announce the completion of its acquisition of WestStar Physical Therapy Network (“WestStar”), a Southern California-based physical therapy provider specializing in workers’ compensation and auto injury patients. The recapitalization will enable WestStar to scale throughout the region and expand into new states through growing its base of managed network clinics.
“Accord and Paras have extensive healthcare investing and operating expertise and are perfectly suited partners to help us scale WestStar and continue providing quality physical therapy services that get our patients back to regular activity after injury,” said Geoff Sundstrom, CEO of WestStar Physical Therapy Network.
“We are thrilled about our investment in WestStar and look forward to working alongside Geoff and the management team to build upon Weststar’s 40 year history of growth,” said Kevin Webb, Managing Partner at Accord.
“We’re proud to have represented WestStar in its partnership with Accord and Paras. Geoff and his team have built one of the leading networks of workers’ compensation and auto-injury focused physical therapy clinics in Southern California,” commented Jake Vesely, Director at Provident Healthcare Partners. “With Accord and Paras, WestStar has the resources and expertise to broaden its reach across California and into new states, and we look forward to following their continued success.”
Katten Muchin Rosenman provided legal counsel to Accord and Paras. Provident Healthcare Partners acted as WestStar’s investment banking advisor, Husch Blackwell served as legal counsel to WestStar, and Polen Capital provided senior debt financing for the acquisition of WestStar. The terms of the transaction were not disclosed.
About WestStar Physical Therapy Network
Founded in 1980, WestStar Physical Therapy Network is a specialized physical therapy operator in Southern California, exclusively treating workers’ compensation and auto injury patients. WestStar is a market leader with 17 full-service clinics and 15 network clinic partners across Southern California. For more information, visit www.wsptn.com.
About Provident Healthcare Partners
Provident is a leading healthcare investment banking firm specializing in merger and acquisition advisory, strategic planning, and capital formation services for healthcare companies. The firm has a comprehensive knowledge of market sectors and specialties, including orthopedics. Provident also has unsurpassed experience and insight into the M&A process, which includes working with a multitude of investors such as private equity firms and strategic consolidators. For additional information, visit www.providenthp.com or follow Provident on LinkedIn.
Contact: Provident Healthcare Partners
Jake Vesely
617-226-4293
jvesely@providenthp.com
