Linden Enters the Physical Therapy Industry through Partnership with Drayer Physical Therapy Institute
Chicago, Illinois (August 21, 2008) – Linden LLC, a Chicago-based private investment firm that focuses on middle market leveraged buyout investments in the healthcare and life science sectors, today announced its investment in Drayer Physical Therapy Institute, a leading operator of outpatient physical therapy clinics throughout the Eastern United States.
Headquartered in Hummelstown, Pennsylvania, Drayer employs more than 150 licensed physical and occupational therapists that primarily treat sports-related injuries and orthopedic disorders. Drayer operates its own clinics as well as manages clinics owned by orthopedic physician groups. Drayer currently operates 40 clinics, serving more than 30,000 patients annually in Pennsylvania, Kentucky, Maryland, New Jersey, New York, Georgia, and South Carolina.
The Company is led by its Chief Executive Officer, Luke Drayer, a well known and respected industry leader. Mr. Drayer was one of the original founders of Joyner Sportsmedicine Institute, Inc., which was acquired by Nova Care, Inc. in 1998.
Tony Davis, Managing Partner and a co-founder of Linden, said, “We are excited about our partnership with Luke and his team. Together, they have created a culture of commitment and empowerment throughout all levels of the organization. This culture is an essential part of the formula that enables Drayer to attract highly talented employees, deliver exceptional patient care and satisfaction, and achieve superior operating and financial results.”
Four of the five members of the senior management team worked together at Joyner and Mr. Drayer and Scott Cielewich, the company’s Chief Financial Officer, worked together earlier in their careers. Craig Bouslough, Chief Operating Officer, was Director of Operations at Joyner and also owned his own physical therapy practice. Scott Cielewich, Chief Financial Officer and Board Member, has held a number of executive positions in the healthcare services sector and was an audit manager for Price Waterhouse & Co. Ronald Baum, Vice President of Clinical Operations, was a Center Manager and Regional Director of Operations at Joyner. Jeffrey Sargen, Vice President of Business Operations, was a Regional Director of Operations and Corporate Controller at Joyner.
Mr. Drayer added, “We are very excited about our new partnership with Linden. By partnering with an experienced healthcare investor such as Linden, we will be positioned to drive the next phase of the company’s growth. We chose Linden because of its long track record of successful investing in healthcare businesses like ours, its commitment to building strong organizations and the shared sense of values between our two organizations.”