Therapy Partners Group

What Therapy Partners Group does

Therapy Partners Group (TPG) is a private, PE-backed outpatient physical therapy platform founded in 2019 (originally as Golden Bear Therapy Partners, rebranded in 2022) and headquartered in Bolingbrook, Illinois with operational support in Modesto, California. The company operates a roll-up model, acquiring independent physical, occupational, and speech therapy practices and retaining their local brand identities while layering centralized back-office functions (accounting, HR, marketing, IT, legal, credentialing, and training). As of 2025, TPG runs 140+ clinics across seven U.S. states (Arizona, California, Texas, Washington, Oregon, Nevada, Utah) under 24 retained local brands, employs 1,500+ team members, and serves 6,000+ patients daily. Shore Capital Partners is the disclosed financial sponsor.

TPG's core technology and product portfolio centers on a healthcare practice management and clinical operations platform supporting physical, occupational, and speech therapy services across the network. Core clinical offerings include orthopedic and sports PT, pelvic health, hand therapy, pediatric therapy, aquatic therapy, telehealth, and work injury prevention/industrial services. Differentiated internal programs include Therapy Partners Group University (TPGU), which delivers ABPTRFE-accredited residencies in orthopedic, sports, and pelvic health physical therapy, fellowships (including an Upper Extremity Athlete Fellowship with the Cincinnati Reds and an NCAA Division I Athlete Fellowship), a New Graduate Success Program, and an Emerging Leaders Program; a loan-linked hiring model ties student loan repayment to clinician tenure as a retention mechanism. Patient management runs on third-party infrastructure (Raintree) for scheduling, records, and billing.

The revenue model is fee-for-service clinical care billed primarily through insurance plans with patient responsibility varying by coverage, supplemented by workers' compensation and employer work-injury programs. Go-to-market is acquisition-based enterprise field sales: TPG identifies independent practice owners seeking transition, succession, or operational relief and offers partnership structures with financial certainty, flexible timelines, and continued clinical involvement. Customer segments split between individual patients (primary, consumer) and independent PT practice owners (secondary, business). Hospital referral partnerships with systems such as Methodist McKinney Hospital, Texas Health Huguley, and Dallas Regional Medical Center feed clinical volume into co-branded and TPG-operated locations. Pricing is not publicly disclosed; services are quoted per service line and billed through payer channels.

Name

Therapy Partners Group

Legal name

Therapy Partners Group

Website

https://therapypartnersgroup.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Therapy Partners Group is a private, PE-backed outpatient physical, occupational, and speech therapy platform operating 140+ clinics across seven U.S. states under 24 retained local brands, serving 6,000+ patients daily through an acquisition-led roll-up model.

Ownership category

akta.pro rank

Product category

Outpatient Physical Therapy Services

NAICS

Offices of Physical, Occupational and Speech Therapists, and Audiologists (62134), Offices of Other Health Practitioners (6213), Ambulatory Health Care Services (621)

SIC

Services-Specialty Outpatient Facilities, Nec (8093), Services-Health Services (8000)

akta.pro primary industry

Outpatient Rehabilitation Clinics (PT/OT/SLP) (HLAFAFAG)

akta.pro secondary industry

Outpatient Physical Therapy (PT) Clinics (HLADAJAD)

Keywords

• Outpatient physical therapy
• Occupational therapy services
• Speech language pathology
• Rehabilitation clinical services
• Physical therapy practice acquisition

Headquarters

HQ city

Modesto

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain, Others

Revenue model

1. Patient Care Services: Fee-for-service healthcare revenue generated from physical therapy, occupational therapy, and speech therapy services provided to patients. Services are billed to insurance plans and/or patients directly.
2. Practice Partnership Acquisitions: Revenue growth through acquisition of independent physical therapy practices, integrating them into the TPG family of brands with centralized back-office support

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Therapy Partners Group operates a network of 140+ outpatient physical therapy, occupational therapy, and speech-language pathology clinics across 7 U.S. states, delivering rehabilitation, injury prevention, post-surgical recovery, and specialty services (pelvic health, hand therapy, aquatic therapy, pediatric, sports performance, work injury, telehealth) to patients under a 'family of brands' model that retains local clinic identities while standardizing back-office operations. The company also acquires independent PT practices and runs TPGU, an internal continuing-education, residency, and fellowship platform for clinician development.

Product overview

Therapy Partners Group is a holding company that operates as a parent organization for a family of physical therapy, occupational therapy, and speech therapy brands across 7 states. The company operates on a platform-plus-partner model, providing back-office support (accounting, HR, marketing, IT, legal/compliance, training) while allowing local brands to maintain their community identity. The portfolio includes approximately 24 acquired regional brands (such as Golden Bear Physical Therapy, Greater Therapy Centers, Bodycentral Physical Therapy, Two Trees Physical Therapy, ProSport, and others) alongside core internal offerings. Key product lines include Therapy Partners Group University (TPGU), which provides residency programs in sports/orthopedic/pelvic health specialties, new graduate mentorship, leadership development, and continuing education. The company offers specialized services spanning aquatic therapy, pelvic health, hand therapy, pediatric therapy, sports performance, telehealth, and work injury rehabilitation. The organization was founded in 2019 and rebranded from Golden Bear Therapy Partners in 2022.

Differentiator

Problem solved

Functional benefit

Brands

• Therapy Partners Group University (TPGU): Internal continuing education and professional development platform offering residency programs, fellowship education, new graduate mentorship, and leadership development.
• TPG University

Products and services

• Physical Therapy Services Core outpatient physical therapy services for back pain, neck pain, joint conditions, sports injuries, work injuries, and post-surgical rehabilitation, delivered across 140+ Therapy Partners Group clinics in 7 states.
• Occupational Therapy Occupational therapy services including hand therapy, work injury rehabilitation, and pediatric occupational therapy provided at Therapy Partners Group clinics.
• Speech-Language Pathology Speech therapy services including treatment for speech delays, speech sound disorders, augmentative and alternative communication (AAC), and pediatric speech therapy.
• Pelvic Health Physical Therapy Specialized physical therapy for pelvic floor dysfunction, women's health conditions, pregnancy and postpartum care, and male pelvic pain, offered through select Therapy Partners Group brands.
• Aquatic Therapy Pool-based therapy using underwater treadmills and water resistance for rehabilitation and fitness, offered at Therapy Partners Group clinics with aquatic facilities.
• Hand Therapy Specialized therapy for hand, wrist, and upper extremity injuries including post-surgical rehabilitation and custom orthotics.
• Pediatric Physical Therapy Physical therapy services for children including treatment for developmental delays, torticollis, toe walking, scoliosis, and coordination disorders.
• Sports Performance & Training Sports enhancement programs including running analysis, golf performance (TPI certified), biomechanics force plate analysis, 1080 Sprint training, and athlete development.
• Work Injury Prevention & Rehabilitation Industrial services including work injury prevention, work testing systems, drug screening, job site ergonomics, and return-to-work programs.
• Telehealth Virtual physical therapy consultations and remote patient care services offered by Therapy Partners Group clinics.
• Therapy Partners Group University (TPGU) Internal continuing education platform offering residency and fellowship programs in sports, orthopedic and pelvic health physical therapy, new graduate mentorship, leadership development, and advanced clinical certification pathways for clinicians.
• Practice Partnership & Acquisition Program Program for independent physical therapy practice owners to partner with or sell to Therapy Partners Group, providing financial certainty, flexible transition timing, retention of legacy brand identity, and centralized back-office support.

Quantifiable outcome

• 6,000+ patients served daily
• +1 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Orthopaedic Specialty Institute (OSI) Physical Therapy DepartmentcoreStrategic or Co-development Partner · 14 August 2025Therapy Partners Group acquired the physical therapy department of Orthopaedic Specialty Institute in August 2025, expanding their California footprint to 74 clinics. This acquisition positions TPG as one of the largest fully-integrated outpatient physical therapy providers in California.
• MeyerPTminorStrategic or Co-development PartnerPartnership with MeyerPT for practice management and clinical operations support services.
• Methodist McKinney HospitalcoreChannel Partner/ Reseller/ DistributorMultiple partnership locations including EDGE Physical Therapy at Methodist McKinney Hospital, Greater Therapy Centers partnerships, and Real Performance Physical Therapy partnered with Texas Health Huguley. These hospital partnerships provide clinical referral pathways and co-branded clinic locations.
• Texas Health HuguleycoreChannel Partner/ Reseller/ DistributorPartnership with Texas Health Huguley for Real Performance Physical Therapy and Burleson Real Performance clinic locations. Provides hospital-affiliated referral network and clinical integration.
• Dallas Regional Medical CentercoreChannel Partner/ Reseller/ DistributorPartnership with Dallas Regional Medical Center for multiple Greater Therapy Centers locations including Carrollton, Flower Mound South, Mesquite, Dallas North, Plano Midway, and North Flower Mound clinics.
• Cincinnati RedsminorStrategic or Co-development PartnerPartnership with Cincinnati Reds for Upper Extremity Athlete Fellowship program providing specialized sports physical therapy training.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• U.S. Physical Therapy: U.S. Physical Therapy (NYSE: USPH) operates ~600+ outpatient PT clinics across the U.S. via a similar partnership/buy-and-build model. It is the closest publicly traded analog to TPG in clinic count growth model and operator-led partnership structure.
• ATI Physical Therapy: ATI Physical Therapy operates one of the largest outpatient PT clinic networks in the U.S., offering PT, sports medicine, and workers' comp services. It competes head-to-head with TPG in many metros and shares the multi-state clinic operator model.
• Ivy Rehab Network: Ivy Rehab is a rapidly growing PE-backed outpatient PT, OT, and SLP platform with hundreds of clinics across the U.S. Its acquisition-led rollup strategy, multi-state footprint, and pediatric/specialty service mix directly mirror TPG's.
• Upstream Rehabilitation: Upstream Rehabilitation is one of the largest outpatient PT providers in the U.S., operating brands such as Drayer Physical Therapy and Benchmark Physical Therapy. It pursues the same partnership-based acquisition strategy as TPG.
• Athletico Physical Therapy: Athletico (owned by Bayshore Capital and management) operates 900+ outpatient PT clinics across the U.S., offering orthopedic, sports, and occupational health PT. It is a direct competitor in the multi-state PT operator space.
• CORA Health Services: CORA Health is a PE-backed outpatient PT operator with 200+ clinics across the Southeast and Midwest, offering PT, OT, and specialty services. Its acquisition-led growth and Southeast/Midwest footprint overlap with TPG's expansion strategy.
• Pivot Physical Therapy: Pivot Physical Therapy is a multi-state outpatient PT provider offering orthopedic, sports, and industrial rehab services across the East Coast and Midwest. It shares TPG's multi-clinic operator model and partnership acquisition approach.
• Results Physiotherapy / Upstream: Results Physiotherapy, operating as part of Upstream Rehabilitation, is a multi-state outpatient PT chain offering hands-on manual therapy and orthopedic services. It is a direct competitor in the operator-led PT clinic model.

Broad incumbents

• Select Medical / Concentra: Select Medical (NYSE: SEM) is a large publicly traded post-acute and outpatient rehab provider operating the Concentra occupational health network alongside inpatient rehab hospitals. It competes with TPG in outpatient rehab and workers' comp PT.

Emerging players

• Empower Physical Therapy: Empower PT is an emerging PE-backed outpatient PT platform focused on partnership acquisitions in select regions. It is a smaller but comparable rollup peer to TPG in target markets like the Southwest.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/therapypartnersgroup
• LinkedInlinkedin.com/company/therapy-partners-group
• Instagraminstagram.com/therapypartnersgroup_tpg
• Pinterestpinterest.com/therapypartnersgroup

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries22 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Therapy Partners Group