Select Medical's first take-private (2005–2009)
Welsh Carson led a buyout worth roughly $2.3 billion that took Select Medical private in 2005. The Ortenzio family stayed in charge. Four years later, the owners brought the company back to the public markets in a new stock offering.
The company left the stock exchange and operated under private ownership for several years.
The 2009 re-listing let Welsh Carson and the founders realize value, then keep running the business.
The 2026 deal reunites the same founders and the same private-equity firm. The last round trip ended with a return to public markets, which shapes what investors expect this time.
