Concentra (CON, Financial) has reached a definitive agreement to acquire Pivot Onsite Innovations from Athletico Physical Therapy, aiming to significantly expand its presence in the onsite health clinic market. With this acquisition, Concentra Onsite Health is set to increase its network to approximately 350 clinics situated at employer worksites across over 40 states.
The acquisition values Pivot Onsite Innovations at $55 million, although this figure may be adjusted based on the terms of the purchase agreement. Concentra plans to finance this transaction through a blend of its existing cash reserves and its available borrowing capacity under the current revolving credit facility.
The transaction is slated for completion in the second quarter of 2025, contingent upon the fulfillment of standard closing conditions.
