Physical therapy deal sourcing firms, ranked.
The physical therapy deal sourcing firms worth a shortlist in 2026 serve a sector most buyers underestimate: PT clinics are one of the most active add-on acquisition categories in healthcare, and one of the hardest to reach with a generic approach. Across 10,744 emails to physical therapy owners in our owner response rates by sector research, 2.0 owners per 1,000 were open to a conversation, the fourth highest of the twelve sectors measured. On one PT platform's own add-on search, that showed up directly: 15 positive conversations with clinic owners, none through a brokered process. None of the five generalist firms we checked name physical therapy, PT, or outpatient rehab anywhere on their own live sites, read today. We publish this list and DealSource Systems is our own service, so it is ranked first; the other five are ranked on fit, and every claim about them is quoted from that firm's own live website, read on 25 October 2026, and linked as the source.
A buyer with a physical therapy thesis, whether a platform running add-ons, a PE fund underwriting a new clinic group, or an advisor running sell-side mandate origination for a PT owner who wants to sell, is choosing between firms that treat the sector as one line in a broad buy box. None specialise, so the real decision is who can work a small, local, owner-operated universe properly, not who claims to "know physical therapy."
Which physical therapy deal sourcing firms actually specialise in the sector
None of them. Harvey & Company comes closest, listing "Healthcare Services" and "Medical Products" among 30-plus served sectors, but physical therapy, PT, and outpatient rehab appear nowhere on harveyllc.com. The other four generalists do not name healthcare at the sub-sector level at all. Our own evidence is the WestStar Physical Therapy add-on case study: a clinical platform pursuing add-on acquisitions, where a direct approach to clinic owners produced 15 positive conversations and zero brokered processes, inside a universe too small and too local for most data platforms to cover.
Quick comparison
| Provider | Location | Best for | Starting price |
|---|---|---|---|
| DealSource Systems | Aarhus, Denmark (Danish Lead Co.), covers the US, UK and Europe | A physical therapy platform running add-on sourcing, or a buyer underwriting a new PT thesis | $4,000/month flat, published in full |
| Harvey & Company | Newport Beach, California | Well-capitalised funds and corporations running buy-and-build at enterprise scale | Contact for pricing |
| CAPTARGET | San Diego, California | PE, corporate development, family offices and buy-side advisors wanting broad market coverage | Contact for pricing |
| SourceCo | Not published | Buyers wanting a matching platform across a $2M to $200M founder-led revenue band | Contact for pricing |
| TruSight | Not published | Funds wanting a subscription feed plus intermediary coverage, sector-agnostic | Contact for pricing |
| Konverrt | Not published | Lower middle market PE and independent sponsors testing a PT thesis before a full retainer | A few thousand a month once qualified meetings land |
How we chose this list
We built this physical therapy deal sourcing firms list by only considering firms that run owner outreach for buy-side mandates, not directories that hand over a list and leave the calling to the buyer. Every firm below states, on its own site, that it works buy-side origination for private equity, independent sponsors, family offices, search funds or M&A advisors, and we checked each specifically for whether physical therapy, PT clinics, or outpatient rehab appear as a named focus. None were current DealSource Systems clients or partners at the time of writing.
DealSource Systems
Best for: a physical therapy platform running add-on sourcing, or a PE fund, independent sponsor or search fund underwriting a new PT thesis, that wants clinic-owner conversations before a broker runs a process.
DealSource Systems is the origination arm of Danish Lead Co. AI maps the market and scores readiness signals, and an operator with deal experience reviews every message before an owner sees it, described on how it works. Pricing starts from $4,000 a month for a single thesis, no success fee, 90-day minimum, published in full. Our proof point here is the WestStar Physical Therapy add-on search, 15 positive clinic-owner conversations with none through an intermediary, covered further in add-on acquisitions and buy-and-build sourcing.
Harvey & Company
Best for: well-capitalised funds and corporations running buy-and-build strategies at enterprise scale, where sector depth across 30-plus generalist industries matters more than a PT-specific record.
Harvey & Company is a buy-side acquisition search and advisory firm headquartered in Newport Beach, California. Its site lists Healthcare Services and Medical Products among 30-plus served sectors and serves funds and corporations directly. No physical therapy, PT, or outpatient rehab claim appears on harveyllc.com, and pricing is not published. DealSource Systems vs Harvey & Company sets that scale against our thesis-driven model.
CAPTARGET
Best for: funds and advisors wanting volume outreach across a stated buyer base, where a PT thesis is one of many buy boxes rather than a named focus.
CAPTARGET runs off-market owner outreach for a stated "Private equity, Corporate development, Family offices, Independent sponsors, Search funds, Buy-side advisors" client base, headquartered in San Diego, and currently promotes a free "20 Free Acquisition Targets" offer. No physical therapy claim appears on captarget.com, and pricing beyond the free offer is not published. DealSource Systems vs CAPTARGET weighs that model against our flat retainer.
SourceCo
Best for: buyers who want a matching platform across a defined revenue band rather than a fully managed outreach programme.
SourceCo uses AI and proprietary data to match founder-led companies in the "$2 million to $200 million" range with private equity, corporate development, search fund and family office buyers, with sellers paying nothing. Case studies on sourcecodeals.com lean automotive services and residential HVAC; no physical therapy claim appears, and buyer pricing is not published. DealSource Systems vs SourceCo compares the matching model against an operator-run programme.
TruSight
Best for: funds and family offices wanting a steady subscription feed of proprietary opportunities without committing to a single sector thesis.
TruSight offers a retained buy-side search, intermediary coverage through "13,000+ intermediary contacts," and access to its Private Equity Info data platform, on trusightllc.com. No headquarters, no named sectors, and no physical therapy claim appear on the site, and pricing is not published. DealSource Systems vs TruSight sets that sector-agnostic feed against a defined thesis.
Konverrt
Best for: an advisor or PE firm testing a physical therapy thesis before committing to a full retainer.
Konverrt names sell-side M&A advisory firms first among its client types, ahead of lower-middle-market PE firms, independent sponsors and search funds, with "no invoice until your first two qualified meetings" land, then a few thousand dollars a month scaled to the size of the sending programme over a 90-day pilot. Named focuses on konverrt.com lean B2B SaaS and services; no physical therapy claim or headquarters is published. DealSource Systems vs Konverrt is the closest read, since it sells the model nearest ours.
Why do physical therapy owners respond differently than other healthcare sectors
Better than most, and worse than a buyer running a generic programme would guess. Our owner response rates by sector research put physical therapy at 2.0 owners open to a conversation per 1,000 emails, with 19% of human replies open, from a single campaign of 10,744 emails. That sits well above medical practices at 0.2 and diagnostic imaging at 0.5, two sub-sectors also consolidated hard, and not far behind marketing agencies at 1.7. The gap matches what the WestStar search found directly: PT clinic owners will talk, but almost never through a broker, because the universe is small, local, and the owner is the entire decision. That figure rests on one campaign, so treat it as a planning input rather than a fixed law of the sector, but the order of magnitude holds: a PT thesis should expect meaningfully more owner engagement than a diagnostic imaging or medical-practice thesis for the same volume of outreach.
What does add-on sourcing actually look like for a physical therapy platform
Smaller, slower and more personal than platform search, and the WestStar engagement shows why. The target universe is clinic owners inside a fixed geography and size band, a group that is small, local, owner-operated and largely absent from the data platforms most buyers license. A platform can buy every database on the market and still not have a usable list of the twenty clinics inside its own drive-time radius that fit, because the businesses are too small to be covered and the owners are not actively looking. The reasons a clinic owner sells are usually personal rather than financial: retirement, a clinical career someone no longer wants to run as a business, a lease coming up for renewal. That means the outreach has to be written for a clinic owner, not a CFO, and the follow-up has to run in months, because the geography is fixed by the platform and a quiet patch cannot be fixed by widening the net, the usual escape hatch on a platform search. Our add-on acquisitions and buy-and-build sourcing guide and portfolio company deal sourcing models compared cover how that changes the operating model against a platform-level search.
How should a physical therapy buyer evaluate a deal sourcing partner
- 1. Ask directly whether the firm has run a PT mandate, and ask for the number of owner conversations it produced, not just activity volume. None of the five generalists here state a physical therapy track record on their own site, so a reference request is the only way to separate real experience from a buy box that happens to include healthcare.
- 2. Size the universe before pricing the programme. If there are 60 fitting clinics in the radius, no amount of spend produces 200 conversations, and a provider promising otherwise is planning to email businesses that do not fit. The WestStar search treated 15 conversations inside one drive-time radius as a large share of a small reachable universe, not a disappointing number.
- 3. Decide whether you are buying or selling. The firms above run buy-side outreach; a PT group going to market usually needs sell-side mandate origination run as a managed process, a distinction covered in sell-side vs buy-side origination.
- 4. Plan for a long nurture, not a quarterly review. On a fixed geography, the win comes from being the buyer a clinic owner remembers when personal circumstances change, not from catching them in the quarter the programme happened to start. Our owner outreach calculator can size the volume a given target count needs, but the timeline has to be set separately.
Buyers weighing a PT thesis against other hard-to-reach healthcare categories may also want our diagnostic imaging deal sourcing firms and healthcare deal sourcing firms coverage, and advisors representing a PT owner directly should see healthcare sell-side mandates for how the sell-side version of this question plays out.
Conclusion
Physical therapy sits in an unusual spot: owners respond better than most of healthcare, but the universe that matters for an add-on search is too small and too local for the data platforms most buyers already pay for. The physical therapy deal sourcing firms available today are generalists who do not name the sector specifically, which makes a documented result, not a sector-specific pitch, the thing worth asking for. Our own behavioral health deal sourcing firms and home health agency acquisitions coverage look at adjacent categories if PT is one thesis among several on your list.
If you would rather have this run for you, DealSource Systems does off-market deal sourcing for lower middle market private equity: owners reached directly before they run a process, for a flat $4,000 a month.
Frequently asked questions
What is the best physical therapy deal sourcing firm for an add-on search?
It depends on the mandate, but DealSource Systems is the only one of the six with a published physical therapy result: 15 clinic-owner conversations in the WestStar case study. The other five generalists have not published a sector-specific track record either way.
Do any deal sourcing firms specialise only in physical therapy?
Not among the six firms we checked. Physical therapy sits inside a 30-plus sector buy box at Harvey & Company and is unnamed at the other four generalists; DealSource Systems' PT work shows up as one documented case study rather than a standing sector practice.
Why do physical therapy owners respond differently than other healthcare sectors?
Physical therapy owners said yes to a conversation at 2.0 per 1,000 emails in our research, well above diagnostic imaging's 0.5 and medical practices' 0.2, likely because PT clinics have not been worked by roll-up buyers as hard as either category. Owner response rates by sector has the full twelve-sector table.
How long does a physical therapy add-on search take?
Months rather than weeks. On a fixed geography, the win comes from being the buyer a clinic owner remembers when personal circumstances change, so the follow-up has to be resourced for that rather than a single quarter, as the WestStar search found in practice.
How many emails does a physical therapy buyer need for ten clinic owner conversations?
At 2.0 open owners per 1,000 emails, roughly 5,000 emails produces ten open conversations, before list quality or deliverability is accounted for. Our owner outreach calculator runs the exact math for a specific target count, and outsourced deal origination vs in-house covers when that volume justifies a hire instead of a vendor.
What does DealSource Systems charge for a physical therapy origination programme?
$4,000 a month for a single defined thesis, with a 90-day minimum and no success fee, published in full here.