Encore Rehabilitation Services has acquired Evergreen Rehabilitation, Select Medical Rehabilitation Services and Metro Therapy, the contract therapy business of Select Medical Holdings Corp. The transactions were supported by Yukon Partners, a provider of mezzanine capital for middle-market private equity transactions.
Encore, headquartered in Farmington Hills, MI, provides rehab services and associated compliance and revenue cycle support services primarily to skilled nursing facilities. The company, part of Yukon’s portfolio, is led by Revelstoke Capital Partners, a Denver-based private equity investment firm.
“We are excited to support Revelstoke and the Encore management team as they continue to execute their value-added strategy,” said Michael Hall, managing partner of Minneapolis-based Yukon. “With Revelstoke’s hands-on approach and experience within the healthcare industry alongside the operational expertise and leadership of the senior management team, we are confident Encore, together with these add-ons, will continue its impressive growth trajectory within the rehabilitative services market.”
Evergreen, based in Louisville, KY, provides physical, occupational, speech therapy and management services to more than 100 assisted living facilities and SNFs across more than 20 states. “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,” said Evergreen co-founder and CEO Michael Houlihan, who will continue with Encore as its president of business development.
SMRS and Metro Therapy provide outsourced physical, occupational and speech therapy services, as well as staffing services, to more than 370 AL facilities, SNFs, hospitals and schools across more than 25 states. “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,” said Sue Olsen, president of SMRS, who 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. “Our combined company will use evidenced-based therapy programs and quality reporting to create the best possible patient experiences and functional outcomes.”
Linda Shackelford, CEO and co-founder of Encore, said: “These acquisitions will add significant scale and reach to Encore and will further expand our services across the continuum of care. 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.”