ATI Physical Therapy, the largest outpatient physical therapy provider in the U.S., is going public via a merger with special purpose acquisition corporation (SPAC) Fortress Value Acquisition Corp. II FAII, +0.92% in a deal with an enterprise value of $2.5 billion. SPACs, or blank-check companies, raise money in an initial public offering and then have two years to acquire a business or businesses. ATI, a portfolio company of private-equity firm Advent International, will remain listed on the New York Stock Exchange, but the ticker symbol will change to “ATI.” The deal is expected to close in the second quarter. The new company will have cash proceeds of up to $645 million, which will be used to repay existing debt and preferred equity and to fun growth and acquisition opportunities. ATI owns and operates nearly 900 physical therapy clinics in 25 states. The business will continue to be led by the current management team of CEO Labeed Diab, CFO Joe Jordan and COO Ray Wahl, and Advent will remain its largest shareholder.
View Article Origin Here
