Results Physiotherapy Acquired by Upstream Rehabilitation

August 2, 2021

Sterling Partners Announces Successful Event for the Company, Setting the Stage for Continued, Aggressive Growth

CHICAGO–(BUSINESS WIRE)–Sterling Partners (“Sterling”), a diversified investment management platform, announced today that its portfolio company Results Physiotherapy (“Results”) has been acquired by Upstream Rehabilitation (“Upstream”).

The Results portfolio, with more than 200 locations in 9 states, expands Upstream’s clinical footprint to more than 1,000 owned and managed clinics in 28 states providing over 5 million patient visits annually. Upstream will now employ approximately 3,500 providers and more than 7,000 total associates in the outpatient physical therapy space. With this acquisition, Upstream is now the largest provider dedicated to world-class outpatient physical, occupational, and speech/language therapy.

“It has been a privilege to be such an integral part of Results’ growth story over the last six years,” said Steven Taslitz, Co-Founder and Chairman at Sterling Partners. “This is an industry and an organization we intimately understand. Because of that, we were able to guide the company to a successful partnership with Upstream, which has a proven track record of growth and success.”

Acquired by Sterling Partners in 2014, Sterling and Results invested in talent development at the management and board of directors level, developed a new hospital system joint venture, and developed reporting metrics and segments to illuminate business performance. The company also saw significant growth across multiple states.

Michael Martin, CEO of Results Physiotherapy, added, “With Sterling’s constant support, resources, industry expertise, and connections, we not only achieved our vision of growth with them, we’ve been set up to continue to successfully scale and expand with our new partner who brings additional strengths and capabilities to our patient base and corporate infrastructure.”

Sterling has nearly four decades of experience building high-growth, healthcare organizations. The firm currently manages over $1.7 billion and has invested over $500 million dollars in the healthcare and life sciences sectors. Sterling and Results were represented by Houlihan Lokey, McGuire Woods, and Katten Muchin Rosenman.

As part of Upstream, Results has the ability to further expand its network of clinics across the country and grow through same store sales and de novo growth, as well as acquisitions and joint ventures.

About Upstream Rehabilitation: Founded in 2004, Upstream Rehabilitation is a portfolio company of Revelstoke Capital Partners and is the leading pure-play outpatient physical therapy services provider. Headquartered in Birmingham, Alabama, the company operated more than 865 owned and managed locations across 28 states prior to the acquisition. The company provides a comprehensive suite of outpatient and specialized physical therapy services through a network of strong regional brands including the following: BenchMark Physical Therapy, Drayer Physical Therapy Institute, Peak Physical Therapy, SERC Physical Therapy, Integrity Rehab Group and more.

About Sterling Partners: Sterling Partners (“Sterling”) is a diversified investment management platform founded in 1983 and based in Chicago. The firm started with four young entrepreneurs, who went on to build one of Chicago’s most prominent private equity firms. Today, the firm has expanded beyond its strong private equity practice into several other investment strategies. Complementing its institutional fund practice, Sterling invests in a wide variety of companies in various stages of growth – from early-stage, high-growth businesses to mature, profitable companies – on a deal-by-deal basis. These investments cross several industries, and the firm makes control, non-control, and preferred equity investments. Sterling adds value to its portfolio companies and the founders with whom it partners with its entrepreneurial roots, deep domain expertise, focus on transformational growth, and access to world-class executive talent. For more information, please visit

About Results Physiotherapy: Headquartered in Nashville, Tennessee, Results Physiotherapy is one of the largest and fastest growing physical therapy companies in the U.S., operating a network of over 200 clinics in nine states and treating more than 125,000 patients annually. The company prides itself on its commitment to clinical excellence through employee training and clinical emphasis on individualized treatment through manual therapy, exercise and education, ensuring evidence-based care for each patient. To learn more, please visit