Dynamic Healthcare M&A Database

Acquiring Party	Water Street Healthcare Partners, a Chicago-based private equity firm.
Transferring Party	Physiotherapy Associates, the outpatient physical therapy business of Stryker Corporation (NYSE: SYK).
Sector	Medical Services
Date	June 4, 2007
Analysis The divestiture permits Stryker to focus on its core surgical lines. Water Street intends to accelerate Physiotherapy Associates' growth and further build its position in a fragmented market through acquisitions. Physiotherapy Associates provides outpatient physical therapy services, such as general orthopaedics, spinal care and neurological rehabilitation, through 475 clinics in 31 states. Deal value -- $150m, on sales of $262.6m (0.6x) and operating income of $18.0 (8.3x).
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Dynamic Healthcare M&A Database - 2Q07