Revelstoke Capital Partners’ $1.4 Billion Fundraising and Acquisition of Upstream Rehabilitation

Houlihan Lokey Capital, Inc. served as placement agent for RCP Fund II, and PJT Park Hill served as financial advisor to RSAF I. Simpson Thacher & Bartlett LLP provided legal advice to the Funds. Winston & Strawn LLP provided legal advice, and Harris Williams served as financial advisor to Upstream Rehabilitation.

Revelstoke Capital Partners, a leading private equity firm focused on investing in healthcare services companies, announced today that it has completed fundraising for Revelstoke Capital Partners Fund II, L.P. and Revelstoke Single Asset Fund I, L.P.

The Funds will enable Revelstoke to continue its investment approach of partnering with management teams and entrepreneurs to build market-leading healthcare companies. Since the firm’s inception in 2013, Revelstoke has raised over $2.3 billion in equity commitments across various investing entities and has invested in 17 platform companies and 48 add-on acquisitions.

RCP Fund II, with $714 million of commitments, was oversubscribed, exceeding its target of $500 million and reaching its hard cap. RSAF I, with $660 million of commitments, was also oversubscribed.

Concurrently with the closing of RSAF I, the Funds acquired Upstream Rehabilitation, the third largest provider of outpatient physical therapy services in the United Statesthrough a broad network of 746 clinics across 27 states. The Funds have substantial committed and available capital to advance Upstream Rehabilitation’s strategy of consolidating the physical therapy market.

The Winston team was led by Brad Vaiana and Justin M. Levy, and also included Partners Ilya Bubel, Richard L. Falek, Rachel Ingwer, Scott Landau, Jordan Traister, and Associates Shreyansi Agarwal, Ariane Andrade, Jessica Diedrich, Dylan J. Hans, Austin Leach, Lola Longe, James Lucarello, Ana Núñez Cárdenas, and Zana Operta.

The Simpson Thacher team included Tom Wuchenich (Picture), John Kreager and Jing Xu (Funds); Katharine Moir, Jacqueline Clinton, Caroline Phillips and Abigail Hopper (Tax); and Erin Murphy (ERISA).

Involved fees earner: Jacqueline Clinton – Simpson Thacher & Bartlett; Abigail Hopper – Simpson Thacher & Bartlett; John Kreager – Simpson Thacher & Bartlett; Katharine Moir – Simpson Thacher & Bartlett; Erin Murphy – Simpson Thacher & Bartlett; Caroline Phillips – Simpson Thacher & Bartlett; Thomas Wuchenich – Simpson Thacher & Bartlett; Jing Xu – Simpson Thacher & Bartlett; Shreyansi Agarwal – Winston & Strawn; Ariane Andrade – Winston & Strawn; Ilya Bubel – Winston & Strawn; Jessica Diedrich – Winston & Strawn; Richard Falek – Winston & Strawn; Dylan Hans – Winston & Strawn; Rachel Ingwer – Winston & Strawn; Scott Landau – Winston & Strawn; Austin Leach – Winston & Strawn; Justin Levy – Winston & Strawn; Lola Longe – Winston & Strawn; James Lucarello – Winston & Strawn; Ana Núñez Cárdenas – Winston & Strawn; Zana Operta – Winston & Strawn; Jordan Traister – Winston & Strawn; Bradley Vaiana – Winston & Strawn;

Law Firms: Simpson Thacher & Bartlett; Winston & Strawn;

Clients: Revelstoke Capital Partners LLC ; Upstream Rehabilitation;

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Author: Ambrogio Visconti