We believe the physical therapy industry is highly fragmented with over 17,000 providers nationally. We also believe the demand for services is increasing driven by an aging U.S. population and an increasing awareness of the value of preventative and rehabilitation services in overall health and wellness. Specifically, according to the CDC, falls among the elderly are one of the leading drivers of healthcare costs in the U.S., at nearly $30 billion per annum. FYZICAL is one of the largest franchisors of physical therapy clinics in the U.S., one of the nation’s fastest growing healthcare franchises, and one of the only operators in the industry who directly addresses balance therapy. The company’s franchise model is also rarely used in the industry. FYZICAL strives to enable practices to remain independent while gaining the benefits of scale that accompanies a national brand and provides operators with an attractive alternative to traditional consolidation models. The company has primarily grown through a “conversion model” where existing PTs convert into FYZICAL franchises thereby gaining access to FYZICAL’s large and experienced operations support team, technology, and proprietary balance therapy and wellness programing.
“We looked at many different partners for our future and felt New Harbor was the best equipped to help us achieve our goals for FYZICAL. Our team was confident that New Harbor can provide our company with the guidance and capital necessary to take FYZICAL into its future as a world class brand.”Jim Abrams
The company was founded in 2013 by Jim Abrams, a well-known entrepreneur in franchising, and a handful of doctors and therapists in an effort to create a progressive and innovative model in the PT industry. New Harbor’s investment coincided with a planned leadership transition in the business – Jim Abrams, was seeking to step away from day-to-day management of the business, and New Harbor assisted with identifying and hiring his replacement, Brian Belmont (former COO of Planet Fitness), to run the business. The investment management plan at FYZICAL contemplated investing in a professional management, growing the franchise base, building out the franchise support organization, and adding corporate-owned “centers of excellence” across the country.
FYZICAL has grown rapidly under New Harbor’s ownership, more than doubling the number of franchised locations and corporate-owned centers. The company was ranked #33 on Entrepreneur’s Franchise 500 rankings in 2020 and #4 on Franchise Times Fast & Serious Franchises in 2019.