Martin Healthcare Advisors Research
Advisory Approach
Martin Healthcare Advisors (MHA) is the premier M&A advisory firm exclusively serving the outpatient rehabilitation industry. Founded in 2000 by Paul Martin, MPT—a physical therapist who built and sold his own 21-clinic practice before founding the firm—MHA brings unique operator-turned-advisor perspective to every transaction. The firm's thesis is grounded in deep domain expertise: they understand rehab clinic operations because their team includes former PT practice owners and operators.
MHA's approach centers on a proprietary four-step M&A system: (1) Outside-In Assessment to evaluate current valuation and growth opportunities, (2) Preparatory Consulting to operational performance and increase value pre-sale, (3) Synchronized Competition to create level playing field competitive processes, and (4) unmatched knowledge of what every acquirer values most, gained through 27+ years of relationships with major PE and strategic buyers.
The firm's sweet spot is founder-owned outpatient physical therapy and rehabilitation clinics with $3M-$50M in enterprise value. They are not a fit for businesses below $2M TEV, hospitals or health systems, or purely asset sales.
Sector Focus
Martin Healthcare Advisors specializes exclusively in healthcare services, with primary focus on outpatient rehabilitation. Their expertise includes:
Physical Therapy & Rehabilitation—Outpatient physical therapy clinics, multi-location PT practices, sports rehabilitation centers, and specialty rehab providers. This is their core competency, representing 90%+ of their transaction volume.
Applied Behavior Analysis (ABA)—ABA therapy practices serving autism and developmental disability populations. This is a secondary focus area where they've expanded expertise.
The firm maintains deep knowledge of rehab sub-sectors including orthopedic rehabilitation, sports medicine, worker's compensation rehab, and pediatric physical therapy. They understand the unique economics of fee-for-service vs. center-based reimbursement models.
Deal Track Record
Martin Healthcare Advisors has completed 150+ transactions representing more than 400 clinics with total payouts to owners exceeding $500 million. They are the most active rehab M&A advisor by transaction volume.
Recent activity demonstrates their market leadership:
- H1 2025: 7 transactions across California, Nevada, New York, North Carolina, Pennsylvania, Virginia, and Wyoming
- FY2024: 8 transactions totaling 31 clinics across 8 states
- 2021-2022: Record deal volume during peak COVID/post-COVID period
Representative transactions include:
- Peak Physical Therapy → Confluent Health (2021): 12 clinics across Idaho and Washington state, led by Darin Tucker, PTA
- Oasis Physical Therapy & Sports Rehab → Upstream Rehabilitation (2020): 5 clinics in Tri-Cities, Washington, led by Mindi Irvine
- Shore Orthopedic & Athletic Rehabilitation (SOAR) → Strive Physical Therapy (2021): New Jersey-based practice, partnered with Strive/Confluent Health
- Health In Motion Physical Therapy → Confluent Health (2023): Strategic partnership transaction
Process & Fee Structure
MHA runs a structured, institutional-quality sell-side process tailored to rehab clinics:
Typical Engagement Structure:
- Retainer required (credited against success fee)
- Modified Lehman or custom success fee structure
- 6-9 month process timeline from engagement to close
- 200-400 targeted buyer contacts per engagement
Process Components:
- Comprehensive Outside-In Assessment evaluating current valuation, acquirer landscape, and growth opportunities
- Preparatory Consulting to operationalize value-driving initiatives pre-sale (can increase value 2-2.5X)
- Synchronized competitive process with level playing field for all acquirers
- Proprietary buyer intelligence database of 100+ active PE and strategic acquirers
The firm guarantees personal introductions to top acquiring CEOs and focuses on what acquirers value most in real-time, not historical data.
Buyer Network
MHA maintains the most extensive buyer network in outpatient rehabilitation, with 27+ years of relationships across:
Private Equity Platforms: Confluent Health (Waud Capital Partners), Upstream Rehabilitation, Ivy Rehab, Physicial Therapy & Hand Specialists, Results Physiotherapy, U.S. Physical Therapy, and 50+ other PE-backed platforms.
Strategic Acquirers: Hospital systems, large multi-state PT practices, and specialty healthcare companies.
The firm's unmatched relationships are evidenced by Paul Martin's weekly "Crucial Conversations" video podcast featuring one-on-one interviews with acquiring CEOs like Michael Rucker (Ivy Rehab) and Larry Benz (Confluent Health).
Based on 2025 market data, PE acquirers represent 59% of rehab transactions, with Waud Capital Partners (Confluent Health) being the most active PE backer. Strategic acquirers including Ivy Rehab, Ivy Rehab for Kids, U.S. Physical Therapy, and public companies provide consistent deal flow.
Competitive Positioning
MHA differentiates from generalist M&A firms through:
- Pure-play rehab focus—Only firm exclusively dedicated to outpatient rehabilitation
- Operator DNA—Founder and team members are former PT practice owners who understand clinic operations
- Proprietary pre-sale optimization—Preparatory Consulting that can double or triple value before sale
- Deep buyer relationships—27 years of relationships with every major rehab acquirer
- Market intelligence—Real-time knowledge of what acquirers value most, updated monthly
- Transaction volume—150+ deals, more than any other rehab advisor
- Thought leadership—Paul Martin's weekly "Crucial Conversations" podcast with acquiring CEOs
Not a Fit If
Martin Healthcare Advisors typically declines:
- Businesses below $2M TEV
- Hospitals or health systems
- Pure asset sales
- Non-healthcare businesses
- Owners wanting limited buyer outreach
- International transactions
Team
The MHA team combines operator experience with investment banking rigor:
Paul Martin—CEO & President, Founder (2000). MPT, CSCS, CBI, M&AMI. Former PT practice owner who built and sold 21-clinic practice before founding MHA. Based in Delray Beach, FL.
Tom Carden—M&A Senior Managing Director (joined 2009). Seasoned healthcare investment banker with 25+ years of M&A experience. Based in Lady's Island, SC.
Joseph Anzur—Director, Mergers & Acquisitions
Dave Pearce—M&A Advisor
Josh Meyers—Director, Consulting Services and M&A Advisor
Michael Rispoli—Analyst, Mergers & Acquisitions
Kevin Anderson—Consultant
Heather Martinelli—Executive Assistant
Geographic Coverage
MHA serves clients nationwide with primary presence in:
- Florida (Delray Beach headquarters)
- New Jersey (Mt. Laurel office)
- Remote coverage across all 50 states
The firm has closed transactions in 35+ states with particular density in California, New York, New Jersey, Pennsylvania, Florida, Texas, and Pacific Northwest.
Market Leadership
Martin Healthcare Advisors is recognized as the #1 rehab M&A firm by transaction volume. Their market insights are regularly featured in industry publications including Levin Associates Healthcare M&A News, and Paul Martin is a frequent speaker at APTA Private Practice Section conferences. The firm's quarterly market updates and annual Rehab M&A Conferences provide thought leadership for practice owners navigating exit decisions.