ARC Physical Therapy+ is entering a new partnership with U.S. Physical Therapy, which operates more than 474 clinics in 43 states.

ARC, which was featured on Thinking Bigger Business‘ cover in November 2006, didn’t release the terms of the deal, but a press release on U.S. Physical Therapy’s website —released the same day as ARC’s announcement—noted that it was paying $36 million for a 90 percent stake in a physical therapy business with 11 locations.

ARC Founder and CEO Matt Condon will remain in that capacity while COO Jeff Weeks and Chief Marketing and Acquisitions Officer Brian Stewart will take on expanded roles. Condon will have more time to work on his new company, Bardavon Health Innovations.

“The infusion of resources, both intellectual and financial, will give our therapists and clinics the tools they need to continue to position ARC Physical Therapy+ as one of the most innovative physical therapy companies in the country,” Condon was quoted in the company’s announcement. “Our company, our clinicians, and our patients all benefit from this partnership.”

Another benefit of the deal is that U.S. Physical Therapy will be able to handle more of ARC’s back-office operations, freeing up resources for working with clients.

“US Physical Therapy has extended its reach by developing partnerships with quality local physical therapy providers like ARC,” said Chris Reading, president and CEO of U.S. Physical Therapy. “Our intent is for ARC to keep its relationships and quality clinical services intact, grow organically from those relationships, and then we provide our infrastructure so they can focus on nurturing relationships and exploring regional and national growth opportunities.”