Excel is the premier provider of sports and orthopedic physical therapy and rehabilitation services operating seventeen locations across northern New Jersey. Excel’s physical therapists provide treatment to patients across all locations, and deliver a broad suite of physical therapy services, ranging from therapeutic activities, both active and passive, to neuromuscular re-education, electric stimulation, hydro and laser therapy. The Company serves a broad customer base, including senior citizens, recreational sports participants, high school and college athletes, and professional athletes. Excel is led by an experienced management team that has worked together for over 25 years.Transaction:
Completed in late 2016, the transaction accomplished several objectives for the existing owners. It provided them a meaningful liquidity event, while allowing for the retention of a substantial ownership stake. The transaction also enabled the owners for the first time to bring in outside capital and expertise to help expand upon the current base business.
In Excel we were attracted to the highly experienced senior management team, the Company’s unique position as the premier provider in the marketplace and the outstanding unit economics in a healthcare related business. Having grown Excel to seven locations, the management team demonstrated the ability to open clinics in new markets while maintaining a high-quality patient experience and continuing to grow established locations. The Company was identified as a strong platform to leverage Caymus Equity’s significant experience in businesses with strong unit economics.
During the due diligence phase of the transaction we worked with Excel to develop a unit economic model to better understand the ramp of de novo locations by analyzing the historical performance of the Company’s seven locations from opening to maturity. This model played a central role in our investment thesis and established the framework for the growth plan going forward. In the time since our investment, Caymus Equity has implemented a strategic growth plan that has included the addition of a CFO and COO, the execution of a de novo growth strategy, and the pursuit of strategic add-ons, with the company recently completing the acquisition of two regional competitors. Excel has exhibited strong performance since the implementation of Caymus Equity’s strategic growth plan, with clinics having increased from seven to seventeen in less than four years.
Securities Offered through Caymus Securities LLC, Member FINRA/SIPC
One Paces West
2727 Paces Ferry
Road SE, Suite 1650
Atlanta, GA 30339
T (404) 995-8300
641 Lexington Avenue
New York, NY 10022
T (212) 755-3600