Carleton McKenna Professionals Advise TherEX, Inc. on sale to Kindred Healthcare, Inc. (NYSE: KND)

Carleton McKenna & Co. acted as exclusive financial advisor to TherEX, Inc., a portfolio company of Stonehenge Partners and Emerald Partners, in its sale to Kindred Healthcare, Inc. (NYSE: KND). Carleton McKenna also rendered a fairness opinion to the Board of TherEX in connection with the transaction. The acquisition will expand the hospital-based rehabilitation services of Kindred’s RehabCare division, which specializes in providing cost-effective therapy services to more than 535,000 patients annually in acute and post-acute settings nationwide.

TherEX provides management staffing and outsourced services to over 25 acute care hospitals in more than 10 states with 185+ full time equivalent employees. The Company’s professionals provide physical therapy, occupational therapy, and speech language pathology services across the care continuum.

“TherEX has an established reputation for delivering improved patient outcomes, increased volumes, reduced length of stay, and reduced readmissions. This value proposition will increase as the U.S. moves away from fee-for-service payment methodologies towards risk-sharing payment models,” said Dominic Brault, a Managing Director at Carleton McKenna.

“This acquisition further allows us to continue the expansion of our continuum of post-acute services where we see demand for our services and better Continue the Care for our patients throughout a post-acute episode,” said Paul J. Diaz, Kindred’s Chief Executive Officer. “The TherEX acquisition will allow us to expand and build on the hospital-based rehabilitation services we have been growing since we acquired RehabCare in 2011.”

Michael Skiera, CEO of TherEX, commented that “Carleton McKenna served as a diligent partner throughout the sale process. Their team members worked closely with management and the shareholders through every step of the process, and the team’s focus and dedication of resources resulted in a successful outcome for TherEX’s stakeholders.”

Michael Thomas, Chairman of the TherEX Board of Directors and Principal at Stonehenge Partners, commented, “Carleton McKenna helped us achieve our objectives by driving an efficient process and giving us options. Ultimately we were acquired by Kindred, which is a great fit for our company and our employees.”

About Carleton McKenna & Co.

For more than thirty years, Carleton McKenna & Co. and its predecessor firms have been providing merger and acquisition advisory, capital raising and valuation services for small to mid-cap regional clients – both public and private – with expertise across a broad array of industries. For further information about Carleton McKenna & Co., please visit

If you would like more information about this transaction, please contact the following registered representatives*:

Paul H. Carleton
Christopher J. McKenna
Dominic M. Brault

*Securities placed through Financial America Securities, Inc., which is a member of FINRA/SIPC

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