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Goldman Sachs Closing

Jul 2 |

Drayer Physical Therapy Institute, LLC (“Drayer”), a leading provider of outpatient physical rehabilitation services, announced today that it has been acquired by GS Capital Partners (“GSCP”) and members of Drayer management from its previous owners, including Linden Capital Partners.

Drayer is a leading owner and operator of outpatient physical therapy clinics in the United States.  The company delivers physical rehabilitative, preventative, and occupational therapy services through its expanding base of 74 owned and 10 managed physical therapy clinics across 14 states.  Drayer’s reputation for best-in-class patient care, its local and regional density, and its strong employee retention make Drayer a provider of choice for both patients and referral sources in the markets its serves.

“We have had a rewarding relationship with Linden, and look forward to continuing to drive the company’s growth and success with our new equity partners,” said Luke Drayer, founder and Chief Executive Officer of Drayer.  “GSCP understands how our business delivers value, and strongly supports our mission to continue to be the highest quality provider of physical therapy care to our patients.”

“Drayer is a leading care provider in the growing outpatient physical rehabilitation market and should continue to benefit from positive long-term trends,” said T.J. Carella, a managing director at GS Capital Partners.  “We are excited about the opportunity to work with Luke and the entire Drayer team to help accelerate the growth of the company while maintaining the patient-first culture and commitment to employees that have driven Drayer’s success.”

Debt financing for the transaction was provided by The Senior Secured Loan Program through which Ares Capital Corporation and an affiliate of GE Capital co-invest in senior loans.  Harris Williams & Co. acted as financial advisor, and Kirkland & Ellis LLP and Saul Ewing LLP acted as legal advisors to Drayer and Drayer management, respectively.  Boies, Schiller & Flexner LLP and Simpson Thacher & Bartlett LLP acted as legal advisors to GSCP.

About Drayer Physical Therapy Institute, LLC

Headquartered in Hummelstown, PA, Drayer is a leading owner and operator of outpatient physical therapy clinics primarily focused on treating sports-related injuries and orthopedic disorders.  Drayer’s strategy is to operate its own clinics and develop strong relationships with referring physicians through high quality patient care.  The company currently operates 84 owned and managed clinics in the Northeast, Mid-Atlantic, Southeast and Northwest United States.  For more information, please visit

About GS Capital Partners

Since 1986, the Goldman Sachs Merchant Banking Division and its predecessor business areas have raised 16 private equity and principal debt investment funds aggregating over $82 billion of capital (including leverage).  A global leader in private corporate equity investing, the GS Capital Partners family of funds focuses on large, high quality companies with strong management and funding acquisition or expansion across a range of industries and geographies.  Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.  For more information, please visit