Welcome to another episode of SCOUT. We've produced this podcast series to give clients and friends a view into SouthernSun's investment process.

Sit back and enjoy today's latest episode of our podcast, "SCOUT: On the Road with SouthernSun". Today we bring you the story of U.S. Physical Therapy, Inc. (USPh), one of the nation's largest physical and occupational therapy businesses. USPh owns and operates more than 770 clinics across 44 states.

We're excited about our investment in this company – and we think you will be, too. Learn all about USPh's three key traits:

LEADERSHIP AND MANAGEMENT ADAPTABILITY

Most large physical therapy clinics are run by business professionals with no clinical background. But not USPh. CEO Chris Reading is an experienced clinician, which helps USPh quickly garner credibility and trust with its customers.

NICHE DOMINANCE

From its strategic acquisition philosophy to its innovative industrial injury-prevention segment, USPh is experiencing steady growth in a medical field that is only growing in importance as our population ages and places more value on health and longevity practices such as preventative care.

FINANCIAL FLEXIBILITY

In November, USPh completed its largest acquisition ever (gaining access to a new state in the process) and continues to be well positioned to deploy its resources in strategically meaningful ways.

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