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For Immediate Release

Waud Capital Partners Announces Partnership with Ivy Rehab

Chicago, IL, May 5, 2016 – Waud Capital Partners ("WCP" or "Waud Capital"), a leading lower middle-market private equity firm, has announced that it has partnered with the CEO and Founder of Ivy Rehab Network Inc. ("Ivy" or the "Company"), Michael Neuscheler, and the President of Ivy Midwest, Dave Franklin, to effectuate a management buyout of the Company. In conjunction with the buyout, WCP has also added another industry-leading executive, Jeremy VanDevender, to Ivy's senior leadership team in the Northeast region. Ivy represents an attractive entry point for WCP into the highly fragmented and growing outpatient rehabilitation therapy market and serves as a platform to execute a robust growth strategy driven by de novo openings, acquisitions and strategic partnerships in both existing and new geographic markets.

Founded in 2003 by Michael Neuscheler, Ivy provides management support services to a network of 45 outpatient physical therapy centers, consisting of 39 centers in the Northeast region (NJ, NY, and CT) and six centers recently opened in the Midwest (IN and IL). Waud Capital has developed a strong relationship with Michael Neuscheler since 2014, when WCP first identified Ivy as a highly attractive asset in the physical therapy industry due to its strong management team, scalable business model, and reputation for providing best-in-class clinical care to its patients.

Michael Neuscheler, Ivy's Chief Executive Officer, noted, "I am thrilled to partner with Waud Capital in Ivy's next stage of growth. With the existing team and new leadership, including Dave and Jeremy, we have a unique opportunity to build an industry leader. Partnering with Waud Capital will provide us with access to significant growth capital and incremental expertise that will allow us to accelerate the pace at which we pursue acquisitions, de novo growth opportunities and strategic partnerships. We are committed to remaining the gold standard for providing excellent clinical care to our patients while expanding Ivy's geographic presence."

WCP is excited to partner with a best-in-class senior leadership team at Ivy, led by Michael Neuscheler, Dave Franklin and Jeremy VanDevender (incoming President and Chief Revenue Officer of Ivy Northeast). Dave Franklin brings significant experience in the physical therapy industry, most recently serving as the Chief Operating Officer of Accelerated Rehabilitation, a top-5 physical therapy company prior to its acquisition by Athletico Physical Therapy, and has been spearheading Ivy's recent expansion into the Midwest region. Jeremy VanDevender brings clinical and operational physical therapy expertise both as a therapist and as an executive in the industry, most recently serving as a Senior Vice President of Operations at Accelerated Rehabilitation and, prior to that, as the Executive Vice President of Business Development and Chief Clinical Officer at Ivy, where he worked with CEO Michael Neuscheler for eight years.

David Neighbours, Partner at Waud Capital, commented, "We are thrilled to formalize our partnership with Michael, Dave, Jeremy and the other members of the Ivy team. Having established a deep understanding of the Company over the last several years, we are confident that Ivy is poised to capitalize on a robust, multi-pronged growth strategy and we have committed significant equity capital to support it." Matt London, Principal at Waud Capital, added, "WCP has been actively exploring investment opportunities in the outpatient physical therapy market for several years. The underlying attractive dynamics in the highly fragmented market coupled with Ivy's strong competitive position in its core markets, its reputation for clinical excellence and industry leading patient satisfaction, and the opportunity to assemble a best-in-class management team create a compelling investment opportunity."

About Ivy Rehab Network Inc.
Founded in 2003, Ivy provides management support services to a network of 45 outpatient physical therapy centers, consisting of 43 owned and two managed centers. The Company provides a comprehensive offering of physical therapy services through its clinics in the Northeast and Midwest regions of the United States. For additional information on Ivy, visit the Company's website at www.ivyrehab.com.

About Waud Capital Partners
Waud Capital Partners is a leading Chicago-based private equity investment firm founded in 1993 that partners with exceptional management teams to acquire or create platforms in the U.S. lower middle market through control-oriented growth equity investments, industry consolidation, buyouts or recapitalizations. The firm seeks to invest $50 million to $100 million (including follow-on investments) of total equity in each platform company and employs a disciplined three-phase investment strategy with staged investments designed to generate superior risk-adjusted returns. WCP targets services businesses in large, growing, fragmented markets within two industries: healthcare services and business and technology services. Typically, the initial platform companies in which WCP invests have enterprise values between $50 million and $250 million. The firm has approximately $2.1 billion in assets under management. Since its founding, WCP has successfully completed more than 190 investments, including platform companies and follow-on opportunities.

For additional information on WCP, visit www.waudcapital.com.

For Further Information:
David O. Neighbours, Partner
(312) 676-8407
dneighbours@waudcapital.com

Philip Kemp, Principal - Investor Relations
(312) 676-8435
pkemp@waudcapital.com

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