Is ATI Physical Therapy Private Equity Owned?
ATI Physical Therapy
Includes ATI, ATIP
physical therapy · Bolingbrook, IL
2016
“Advent took it public through a SPAC, slashed its earnings forecast within two months, watched therapists quit in droves, and got delisted from the NYSE.”
What Happened
- •Advent International bought ATI in 2016, then took it public via a SPAC merger with Fortress Value Acquisition Corp. II in June 2021 — buy, load with hype, cash out through public markets
- •In its very first earnings report as a public company, ATI slashed its forward revenue projections and disclosed massive therapist turnover that it had failed to mention during the SPAC process
- •ATI paid $31 million to settle a class action alleging the company concealed its therapist retention crisis from SPAC investors — the lawsuit alleged they hid that clinicians were quitting faster than they could be replaced
- •Delisted from the NYSE in December 2024 after its market cap fell below $15 million — now trading on the OTC Pink Market, the stock market's equivalent of a yard sale
The Damage Done
- ▸Therapist attrition across ATI's 900+ clinics in 24 states meant patients faced appointment delays, shorter sessions, and constant provider turnover — you'd rarely see the same therapist twice
- ▸Clinics closed across multiple states as the company hemorrhaged therapists and money simultaneously, leaving patients mid-treatment with nowhere to go
- ▸The SPAC-fueled expansion prioritized opening new locations over staffing existing ones — more doors open, fewer therapists behind them
- ▸Billing was outsourced to cut costs, creating a layer of confusion between patients and their insurance that made resolving claims a nightmare
Sources
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Frequently Asked Questions
Is ATI Physical Therapy owned by private equity?
Not anymore. ATI Physical Therapy was formerly owned by Advent International starting in 2016, but the firm has since exited. The effects of PE ownership often linger.
What happened to ATI Physical Therapy after the acquisition?
Therapist attrition across ATI's 900+ clinics in 24 states meant patients faced appointment delays, shorter sessions, and constant provider turnover — you'd rarely see the same therapist twice Clinics closed across multiple states as the company hemorrhaged therapists and money simultaneously, leaving patients mid-treatment with nowhere to go
Who owns ATI Physical Therapy?
ATI Physical Therapy is owned by Advent International, which acquired it in 2016.