ATI Physical Therapy completes private buyout at $2.85 per share

ATI Physical Therapy, Inc. (OTCMKTS: ATIP) completed a merger that takes the outpatient physical therapy provider private, the company announced. A consortium of existing stockholders holding over 90% of voting shares, led by Knighthead Capital Management and Marathon Asset Management, acquired remaining shares for $2.85 per share in cash.

The transaction removes ATI from public trading after the consortium completed the merger process. Stockholders not part of the acquiring group will receive the cash payment for their shares.

"Having been an investor in the physical therapy industry for many years, we fully recognize the unique excellence of ATI's management team, value proposition and positioning in the market," said Andrew Shannahan, Managing Member at Knighthead Capital Management.

Randy Raisman, Head of US Opportunistic Credit at Marathon Asset Management, stated the firm remains "fully committed to further backing the management team in their mission to provide exceptional care to patients and to grow the business both organically and through new clinic openings."

ATI CEO Sharon Vitti said the private structure eliminates "the added expense and constraints of quarterly reporting cycles" and allows the company to focus on patients, providers, and partners.

The company will maintain its headquarters in Downers Grove, Illinois, and continue operating under current management and branding. ATI operates hundreds of physical therapy and rehabilitation clinics across the United States.

Stockholders will receive formal merger documentation in coming days, according to the company statement.

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