Springfield physical therapy clinic included in buyout

Overland Park, Kan.-based ARC Physical Therapy+, which opened a full-service physical and occupational therapy clinic in Springfield in 2011, has been purchased by an industry leader.

Houston, Texas-based U.S. Physical Therapy Inc. (NYSE: USPH) purchased a 90 percent interest in ARC for $36 million, according to news releases posted by the companies. U.S. Physical Therapy operates more than 474 clinics in 43 states.

ARC, which operates in Springfield at 1711 W. Battlefield Road, Ste. Q, is keeping its name and brand through the transition. ARC operates 11 clinics and three onsite industrial client locations, seeing more than 65,000 patient visits per year and posting annual revenue of more than $11.5 million.

"Our intent is for ARC to keep its relationships and quality clinical services intact, grow organically from those relationships, and then we provide our infrastructure so they can focus on nurturing relationships and exploring regional and national growth opportunities," U.S. Physical Therapy President and CEO Chris Reading said in his company's release.

As part of the deal, much of the administrative functions of ARC will be transported to U.S. Physical Therapy. However, ARC founder and CEO Matt Condon will retain his role, and ARC executives Jeff Weeks, chief operating officer, and Brian stewart, chief marketing and acquisitions officer, have transitioned into ownership roles.

In October 2011, the Springfield clinic of ARC became the company's 10th and its first outside of the Kansas City metropolitan area, according to Springfield Business Journal archives.

USPH shares were trading at $34.04 as of 10:46 a.m., compared to a 52-week range of $22.80 to $35.01.