Silver Oak Services Partners Completes Sale of Physical Rehabilitation Network

Dec. 17, 2020 -Portfolio Company News

Founded in 1991 and headquartered in Carlsbad, CA, PRN ( is a leading outpatient physical therapy provider in the Western United States. The company operates 138 clinics in 12 states (CA, CO, ID, MN, MT, ND, NM, NV, OR, SD, TX and WA), with density in high-growth, economically thriving markets. PRN distinguishes itself through its therapist-friendly minority equity partnership model and comprehensive centralized support that empowers its therapists to focus on delivering leading patient satisfaction and best-in-class patient care.

Silver Oak made its original investment in PRN in April 2012. During Silver Oak’s ownership, PRN’s clinic base nearly doubled in size from 70 clinics in 4 states to 138 clinics in 12 states, with EBITDA nearly tripling. Silver Oak worked closely with PRN management to drive same store growth through investments in sales and marketing, improve operating efficiencies, add management and system infrastructure to support growth, and pursue a comprehensive growth plan through de novo development, acquisitions, and health system partnerships.

“We are extremely proud of our partnership with the PRN management team and the Company’s track record of growth,” said Dan Gill, Managing Partner at Silver Oak. “We are excited to reinvest in PRN, and believe the Company is well positioned to capitalize on its multidimensional growth strategy while continuing to provide exceptional quality of care.”

Ajay Gupta, CEO of PRN, noted, “Silver Oak has been a great partner for PRN, providing valuable support and guidance that has enabled PRN to scale meaningfully while never losing sight of our goal to provide top quality care to patients through our clinician partners. We look forward to working with the Gryphon and Silver Oak teams in continuing to build our differentiated platform.”

Houlihan Lokey was the financial advisor to PRN, and Jefferies & Company was the financial advisor to Gryphon. Kirkland & Ellis and Waller Lansden Dortch & Davis acted as legal advisors to PRN. Kirkland & Ellis acted as legal advisor to Gryphon.

About Silver Oak Services Partners
Founded in 2005 and based in Evanston, IL, Silver Oak Services Partners ( is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, consumer and healthcare service companies. Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue. The firm is currently investing out of its fourth fund, a $500 million investment vehicle.