Select Rehabilitation Acquires RehabCare from Kindred Healthcare
Proforma Revenues Exceed $1 Billion for National Contract Therapy Provider
GLENVIEW, Ill. (December 1, 2020) – Select Rehabilitation (“Select”) today announced the acquisition of RehabCare from Kindred Healthcare, LLC. Transaction terms were not disclosed.
With proforma revenues exceeding $1 billion, Select is the nation’s largest founder-owned and operated provider of contract therapy services. The company employs 17,000 rehabilitation therapists serving more than 2,300 post-acute skilled nursing facilities, CCRCs, assisted and independent living facilities, schools and home health locations in 43 states. RehabCare is Select’s eighth strategic acquisition in eight years.
“Our incredible success is a true testament to our loyal and dedicated leadership team and therapists,” noted Select’s Chairman and Co-founder, Neal Deutsch. “Before founding Select 22 years ago, our CEO and our president were practicing therapists and I was a CPA advising growing businesses. We simply focused on delivering exceptional patient care at a single facility, then grew through word-of-mouth referrals. Despite our size today, Select remains a closely-held company with the same focus on quality of care.”
Select’s cultural foundation of clinical excellence, quality care provision, outstanding customer service and proprietary technology solutions have earned the company a strong reputation in the industry and a loyal customer base. Expanded operations resulting from the RehabCare acquisition position Select to leverage its proprietary technology solutions beyond the contract therapy sector.
“We are pleased to complete the sale of RehabCare to Select, an industry leader with the same values and dedication as RehabCare,” said Kindred’s President and CEO, Benjamin A. Breier. “This successful transaction is a testament to the innovative approach and clinical and operating expertise of RehabCare’s leadership team and compassionate caregivers.”
“We are thrilled to welcome RehabCare’s experienced leadership and dedicated therapy teams to the Select family,” said Select’s CEO and Co-founder, Anna Gardina Wolfe. “Their addition solidifies our best-in-class reputation throughout the U.S. and expands our mission to provide compliant-driven, outcome-focused patient care. We are honored to develop relationships with our new facility partners, and to introduce our state-of-the-art, technology-driven platforms that enhance patient care and deliver data-driven performance analytics.”
Truist Securities served as Select’s financial advisor and Katten Muchin Rosenman LLP as its legal advisor. Fully-committed financing for the transaction was provided by Truist, BBVA Securities and Fifth Third Bank.
About Select Rehabilitation
Select Rehabilitation is one of the nation’s largest providers of contract rehabilitation services with proforma revenues exceeding $1 billion. The Glenview, Illinois-based company’s 17,000 therapists deliver a range of clinical services at more than 2,300 facilities located in 43 states. Established in 1998, the founder-operated company’s innovative approach to delivering exceptional patient outcomes, state-of-the-art technology infrastructure and compliance-driven patient-care model have earned it a strong reputation among skilled nursing, assisted living and independent living providers. Learn more at www.selectrehab.com.
Senior VP, Business Development