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Pediatric Therapy Services is Pleased to Announce a Partnership with AlphaVista ServicesPediatric Therapy Services ("PTS"), a portfolio company of Shore Capital Partners ("Shore Capital"), is pleased to announce the acquisition and recapitalization of AlphaVista Services ("AlphaVista"). PTS was formed in May 2014 through the combination of MyTherapyCompany ("MTC") and Cumberland Therapy Services ("CTS (News - Alert)"). AlphaVista provides speech language pathology, occupational therapy, special education, school psychology and related services to a variety of public school districts and private learning centers. AlphaVista has a leading presence with many of the largest school districts in the San Francisco Bay Area, including San Jose. This Northern California presence complements PTS' existing presence and reputation in Southern California. PTS now employs over 500 therapists providing services to more than 200 clients in 20 states throughout the U.S. PTS has more than 50 years of combined experience in special education and school therapy services and is a top five national provider of school-based therapy services. With AlphaVista, PTS is now one of the largest Nonpublic Agencies ("NPAs") in the state of California. Pradeesh Thomas, a healthcare and education services entrepreneur, founded AlphaVista in 2007. Prior to forming AlphaVista, Pradeesh spent a decade t IBM, Hitachi (News - Alert), and Cybernet Software Systems in various engineering and management roles. Pradeesh will continue to serve as President of AlphaVista and noted, "I'm thrilled to partner with the PTS and Shore Capital teams given their collective success in becoming the fastest growing provider of school therapy services in the U.S." Anthony Rintala, the President of PTS noted that, "AlphaVista brings international recruiting expertise and deep relationships with important school districts in the Northern California market which will facilitate strong organic growth opportunities as PTS continues to help school districts deliver important and federally mandated services to children." Federal law requires school districts to follow the Individuals with Disabilities Education Act ("IDEA"), to provide specialized services to students who qualify. It is estimated that more than 6.8 million children now receive special services, such as speech and occupational therapy, through IDEA. Congress passed the first version of IDEA in 1975. The act was last reauthorized with amendments in 2004 and creates a national market for special education therapy services in U.S. public schools. PTS assists school districts with increasingly complex and important special education needs that are mandated by federal law. Michael McBurnie, the Founding Chairman of PTS (and founder of Progressus Therapy) stated, "Many school districts are finding that it is easier and more cost effective to utilize a third-party firm to recruit and manage qualified therapists rather than recruit them directly." There is a well-documented shortage of qualified school therapists and without year-round recruiting efforts, many schools have difficulty in recruiting therapists and coordinating the delivery of these specialized services. PTS works directly with the special education department of school districts to recruit therapists and help with the administration of services. CHILDS Advisory Partners provided buy-side acquisition services to PTS and Shore Capital with legal counsel provided by McDermott Will & Emery LLP and Winston & Strawn LLP.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160721005178/en/ |
