Off-market deal: 3-location physical therapy practice with $950K profit

Ben here!

For today’s off-market deal, there’s a three-location outpatient physical therapy practice in North Carolina generating $3M in revenue and $950K in adjusted profit that we just discovered.

The owners are motivated to sell, one is willing to stay on in a paid clinical role for one to two years post-close, and the books are clean and ready for review.

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The Deal Overview

This is an established physical therapy group that has grown from a single clinic into a three-location operation with a fully staffed clinical team.

The practice handles its own billing, insurance contracting, and claims management in-house, a significant operational advantage that most smaller practices outsource.

North Carolina permits non-PT ownership, which meaningfully expands the buyer pool beyond licensed clinicians to include investors, healthcare groups, and PE-backed platforms.

This opportunity came through direct outreach in the Southeast healthcare community and is not publicly listed anywhere.

The Numbers

Revenue: ~$3.0M

Adjusted EBITDA: ~$950K

EBITDA margin: ~31–32%

Clinical team: 5 DPTs + 4 PTAs

Owner 1 transition: 3–6 months (billing/admin)

Owner 2 transition: 1–2 years in paid clinical/leadership role (~$120–125K)

Books: Clean QuickBooks reporting + historical tax returns available

GM already in place for remote clinic operations

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Why this Deal Stands Out

A $950K EBITDA with no single-provider dependency risk is rare in healthcare.

Most physical therapy practices are built around one or two key clinicians, and if you lose them, the revenue walks out the door with them.

This group has nine credentialed clinical staff across three locations, making it genuinely transferable.

The in-house billing and insurance operation is another significant differentiator.

Strong reimbursement management is what separates practices that grow from those that plateau, and this one already has it built in.

With one owner staying on clinically for up to two years, a buyer has real runway to get embedded before taking full ownership of operations.

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