Agility Health Inc., Grand Rapids, MI, has agreed to sell 100% of its US-based assets to Alliance Physical Therapy Management, a wholly owned subsidiary of Alliance Physical Therapy Partners, Tampa, FL, a portfolio company of New York-based asset management firm GPB Capital Holdings. The arms-length transaction is valued at $45 million and was expected to close in February.
According to the purchase agreement, the company’s subsidiary, Agility Health Holdings, and Alaris USA, will sell their respective membership interests in Agility Health LLC, the owner of the company’s US-based assets, to Alliance. A portion will provide capital to grow Medic Holdings, Agility Health’s Canadian subsidiary that will constitute the primary business and asset of the company post-transaction. Medic currently operates 12 outpatient foot care clinics across two provinces in Eastern Canada and manufactures orthotics and prosthetics.