PartnerConnections ATI Mergers & Acquisitions Update I fall 2015 table of contents CEO Insights Industry Overview/Top 10 Partner Perspectives HR Highlights p. 2 p. 3 p. 4 p. 5 Mission & Values p. 5 Integration Experts p. 6 Employee & Patient Experiences p. 7 Sponsorship Portfolio ATI: At-a-Glance Community Outreach Recognized for Quality p. 7 p. 8 p. 8 p. 9 1 CEO Insights Welcome to our inaugural M&A newsletter, Partner Connections. Our goal is to inform you, our prospective partners, and the industry as a whole, about ATI and how we are building a special platform in the physical therapy industry. I hope you find the newsletter to be informative and useful; we will distribute it twice per year going forward to keep you up-to-date as we continue on our unprecedented path of growth and success. This newsletter will also provide an industry overview, insight into our integration process, and perspectives from owners and employees with whom we’ve partnered, to give you a first-hand view of what it’s like to work with ATI. Merger and acquisition activity has reached a new high in the physical therapy industry. ATI is thriving in this dynamic environment; we are in the midst of our biggest year ever, completing seven deals to date in 2015. With the best process in the industry and a supportive financial partner, we invite you to consider ATI as you look to exit or transition your business. A few points to think about when evaluating ATI as a potential partner: • With a total of 37 partnerships under our belt, we’re closing more deals than any other company in the industry. • Inbound opportunities continue to surface from industry relationships, M&A firms, brokerage firms, and private practices like yourself. • We are bringing on board excellent practices with great reputations; these businesses complement our strategy and vision, and add significant talent and value to our team. • We continue to learn from each deal and from our new partners, and as a result, refine our process and improve our approach. At ATI, we’re doing more than talking about deals; we’re closing them. This is a result of our outstanding people, process and execution. • We treat your employees and operating model with respect. • We value your expertise, local knowledge and what has made you successful and unique. • We hope to maintain and build upon your strengths and to grow our combined business even further. I’m often asked about how we manage new partnerships. Our approach is rooted in the immense value and respect we have for the private practices in our industry. When merging companies, we do everything possible to maintain what is truly special about your business. We take significant time and effort to get to know what makes you unique in the market, and blend those differentiators with ATI’s infrastructure, consistent operating model and strong brand. Together, these factors create a winning combination. “We respect your history, experience and talents. We will invest in you and the growth of our combined company. We will change lives together.” We believe we are your ideal partner. ATI has a progressive vision and will continue to set the pace in the industry for deal volume, partnering with the right companies at the right time to achieve our collective goals, and bringing on more talent than ever to build THE BEST PLATFORM IN PHYSICAL THERAPY. We know you have a strong emotional investment in your business. We will care for your company like you do, nurture and develop your people, and continue to grow your business – together. We hope you find the enclosed information of value in learning more about us and our process. We look forward to getting to know you better, as well. If this is not the right time to have a conversation, we hope that at some point you will reach out to us as a resource or sounding board. We have vast experience in all sides of the business, and are happy to share knowledge, best practices and ideas, and answer questions, too. Wherever you are on the spectrum of decision-making, please consider ATI as a trusted resource along your journey. Hopefully our paths cross in the near future. All the Best, Dylan Bates Chief Executive Officer Email Dylan.Bates@atipt.com 2 Industry Overview The Top 10 Reasons to Work with ATI Fletcher Boyle I Vice President, Mergers & Acquisitions I Email Fletcher.Boyle@atipt.com Transaction volumes in the physical therapy industry have sustained a rapid pace in 2015, following the trend seen over the last couple of years. Private equity continues to view the therapy industry in a positive light (more than 10 current platforms in the industry) and they should – most investors have done extremely well on their investments in the sector. Over this same time, the two publicly-traded companies in the industry have also seen strong appreciation in their market value. And a new competitor has emerged in the last year on the acquisition front, as well – namely, hospitals and health systems – who seem to finally recognize the value that therapy plays in the evolving, cost/ outcomes-driven healthcare environment. What this means for the ATI Mergers & Acquisitions team is that competition for attractive deals has intensified, to say the very least. Our phones are ringing, but so are everyone else’s. Our answer to the heightened competition is to differentiate ourselves as best we can from other acquirers. Thanks to ATI’s great team of leaders, delivering a unique approach and message is not difficult to do. We know you have many options when it comes to a succession plan for your business. We encourage you to explore all alternatives. And when you do, we are confident that you will see that we are doing things a bit differently here at ATI. In terms of potential acquirers, here are the Top 10 reasons to work with ATI: 1. We are the most active acquirer in the industry – 37 acquisitions and 37 successful integrations since 2006. of the “you-go-high, I-go-low” type of back and forth negotiating. We will try to put our best price forward from the very first offer. 2. With 37 acquisitions, we have learned a lot, even from an occasional early mistake. This means that when someone engages in conversation with ATI, they are working with a group that has navigated these waters on many occasions and can spot potential pitfalls early, thereby saving us all some headaches. 7. Part of offering you a fair value is the work that we do upfront to help you normalize the earnings of your business. We probably shouldn’t do this because it means writing a larger check, but we often work with sellers and their advisors to identify one-time and non-recurring costs that we, as ATI, wouldn’t incur going forward. We strip these costs out of your P&L statements (maybe you just purchased a new EMR program, for example). This work increases your EBITDA (we value all companies as a multiple of EBITDA), and therefore your valuation, as well. 3. We say what we mean and do what we say – once under LOI, we get transactions done and we have never “re-traded” on value. This means that a seller can trust that an offer price from us won’t go from $$$ to something considerably less – just because we say so. 4. We create, unearth, encourage and pursue post-transaction growth opportunities with former sellers. You want to chase hospital joint ventures using ATI resources and support? Great! You want to acquire your largest competitor? Fantastic! You want to build out the best clinician residency program in the country? Let’s do it. That said, if you just want to get back to being a clinician and cut out administrative headaches, that’s fine with us, too. 5. Despite being active on the acquisition front, for us, it’s all about fit. If a seller doesn’t have a “patient first” mantra, they probably aren’t a good fit for ATI. With the exception of a very small group of us “business folks,” ATI is a clinician-run organization and always will be. We like it that way, and want to work with others that value this approach. 6. Back to value, a big reason for completing so many transactions is that we pay fair and industry-leading valuations, and are not big fans 8. We have created significant post-transaction value for former sellers. One of the ways that we have accomplished this is through our “equity rollover” program. This is where you, as a seller, get a chance to acquire shares in ATI during the transaction with some of your sale proceeds. We’ve found that typically, if someone liked being a shareholder in a 10-clinic practice in one state, they will like being a shareholder in a practice with over 450 clinics in 16 states, as well. 9. We take great care of your employees – this job would get awfully hard if we started developing a reputation as a disconnected corporate entity that doesn’t care about our people. We do our best every day to make sure that our team members feel valued, engaged and happy. 10. Lastly, if I still need to convince someone further as to why ATI is different, I simply tell them to call one of the 37+ people that have entrusted their business to us. We will not prompt them or let them know that you are calling, and you will get their unfiltered opinion as to what life is like following a sale to ATI. 3 Partner Perspectives Olympic Physical Therapy, founded 1982 Ken Cole I 9-clinic practice in Puget Sound area, Washington I Email Ken.Cole@atipt.com I am very excited about the future with ATI and the opportunities for our staff from the former Olympic Physical Therapy team. I can't say enough about how impressive the ATI corporate office is, and how welcoming all employees were when the former Olympic Management team visited Chicago. Everyone knew who we were, and the energy was high with smiling faces and engaging conversations. The caring and sharing environment that the transition team has shown energizes us to push to the next level. It is so important to be with a group that can “make you better,” “do the right thing for everyone,” and “create raving fans” along the way. These were Olympic Physical Therapy's Core Values. They are being honored as we move forward in round two! The positive energy started on a rainy evening in Seattle when we first met with the Acquisition Team led by Dylan Bates. It was as exciting then as it is now. ATI's culture is welcoming and flexible, allowing us to keep business as usual. Our staff likes the fact they are listened to, and their needs and suggestions have been honored. I don't know of any large company who could be so accommodating to a group of strongwilled leaders and partners as they have been for the former Olympic Physical Therapy team. I have been in physical therapy since 1996, and can't say I have ever heard a transition story like this one. Our opportunities to expand our business are now multiplied by 472 times. With ATI, we have opportunities to grow best business practices on a large scale and exchange clinical expertise. After only six weeks, we have already started the business development of Residency and Fellowship integration process. We are very excited about what the future holds in Private Practice and being with ATI. Together, we will be life changing! Proaxis Physical Therapy, FOUNDED 1995 Sean McEnroe I 30-clinic practice in Colorado, North Carolina and South Carolina I Email Sean.McEnroe@atipt.com Proaxis Therapy joined ATI in late May 2015. Our team has been encouraged to keep what we needed to be authentic and consistent with what we loved about our last 15 years. At the same time, the ATI team gives us more to work with every day. It is truly the right blend of keeping what works, while making things better. I have a few stories about becoming a part of ATI. One of our “nontechie” clinic directors runs a set of clinics that has doubled in size in the past year. He is frequently pressured to keep up with the growth, and is always looking for ways to help therapists spend more time in front of patients and less time wasting energy elsewhere. He personally learned the new software system in a day. After his first week, he could finish four evals in the time it took him to complete one on the prior system. He is now the loudest advocate for the change to better systems. Huge win! In June, the payroll changed for all of our team. As with any change, there were some administrative frustrations. The ATI team was 100% on it as soon as they learned of the situation. ATI’s HR Department flew to our clinics and immediately held town hall meetings. Checks and other important documents were over-night mailed to people’s homes. This was the real deal – ATI knows how to gain people’s trust and keep the focus on moving forward. In the end, we joined ATI for the future. We now have the infrastructure and support to achieve our goal of being the world’s best PT company. We are in conversations with local acquisitions. We are using the clinical pathways, technology and contracting strength to have more meaningful relationships with payors. The big changes of CMS are no longer threats, but opportunities for our team. Being a part of ATI has opened doors to conversations and projects that we could never have when we were only 30 clinics in three states. With the current speed of change in healthcare, we are excited about being on a team that not only keeps up, but leads the way. 4 Partner Perspectives Matt Smith Physical Therapy, founded 1984 Matt Smith I 12-clinic practice in Las Vegas, Nevada I Email Matt.Smith@atipt.com No question, the due diligence process was very intense, but it’s a testament to the commitment to detail this company has in not only getting acquisitions done today, but also building a strong foundation for the future. I have been through the merger and acquisition process in the past; however, I’ve never experienced such a high level of professionalism, not only from the ATI executive team, but also from their auditing, legal and compliance partners. ATI is very respectful of the regional businesses they acquire in terms of culture assimilation and gradual integration for a singular purpose, team and family. I don’t use the words “team” and “family” lightly, but they have truly earned my respect and commitment. Our Mission As we move into the next evolution of healthcare delivery it’s very comforting to know that we are at the forefront. ATI has the resources, passion, commitment and vision to take us all to that next platitude in our profession. To exceed customer expectations by providing the highest quality of care in a friendly and encouraging environment. HR Highlights Our Values Teamwork Communication Quality of Care Friendly Factor Our Promise to Partners Same people, same team More resources Open, honest approach Excellent communication Our Expectations of Partners Alex Castillo HR highlights I Vice President, Human Resources Email Alex.Castillo@atipt.com How we approach the Human Resources elements of a new partnership with companies like yours is a sensitive one. At the core of our approach is a steadfast belief that through collaboration, we will establish trust which, in turn, affords us the opportunity to best deliver on ATI’s Mission and Core Values. We have a dedicated team of M&A Human Resources Leaders that manage each partnership with extreme sensitivity by first evaluating your firm’s current people – programs, pay, benefits, policies and procedures, etc. At the conclusion of this review, we then configure the programs and plans that provide employees the best value proposition. Our intent is to ensure that employees are less focused on any concerns about pay and benefits, and more focused on continuing to deliver excellent care to their patients. In the past few months alone, we have on boarded nearly 800 employees through new partnerships. Our Human Resources Team views each partnership as an opportunity to strengthen our team and continue our mission of delivering World-Class Patient Care at the Best Physical Therapy Company in the World. Keep an open mind Trust our experience Embrace our culture Seize the opportunities ahead Win with us 5 Integration Experts What to expect when you partner with ATI Brent Mack I Chief Clinical Operating Officer I Email Brent.Mack@atipt.com You’ve made the decision as an owner to partner with ATI, and the day is finally here when it becomes “real” and your practice is now officially part of a new company. When that day happens, our goal is that we are as prepared as possible in every aspect. It all starts in the diligence process and making sure everyone, on both sides, is extremely open about the expectations and timeline for moving forward as one. Although we do have a standard integration plan, we understand that each practice and geography has certain intricacies that make it unique and successful. We do NOT take a “bulldozer approach” and come in thinking we have all the answers. Before coming to an agreement, we want to make sure everyone has a clear idea of respective roles, which is a very collaborative process. In doing so, we ensure that no person is thinking, “I didn’t sign up for this” or “I didn’t know this was coming.” Talking to many practice owners over the years, I think we have put people in roles in which they can be very successful and help ATI grow on a larger scale, all the while maintaining the ties to their local clinics that made them attractive to ATI to begin with. The typical integration process starts prior to close by bringing owners and leaders under the tent that a potential deal is being discussed. We like to have an understanding of how the business runs today, growth opportunities, pain points, and long-term goals of both the practice and the owners. This sets us up to create the right roles for people continuing on with ATI. This process usually lasts for several weeks as we establish the integration plan for your specific practice. We very much understand that physical therapy is a people-run business. Therefore, ensuring that your staff feels positive about a partnership with ATI is very important to us. Messaging from the owners of the practice to the staff is the key point in this process going smoothly from the beginning. We typically see some “wins” on things that are important to staff when coming aboard: benefits, continuing education, growth opportunities, etc. However, the biggest vote of confidence comes from you, whom your staff obviously trusts and respects. We like to have the owners bring the staff together a week or so prior to close and let everyone in on the fact that you have decided to partner with ATI. 6 We will work with you on providing some information about ATI to share with staff for the internal announcement. A few days following the initial announcement, ATI will host a social with all employees to introduce some of the ATI team members that they will be working with in the future. At the social, we have the following goals: • Provide a brief history of ATI. • Ensure that everyone knows they have a role/job, as well as an understanding of their benefits and where to go with questions. • Ask the staff to give ATI a chance and pay some trust forward. • Commit to the team that we will be great communicators – communication is one of our core values. • Offer a timeline of what is to come so they know what to expect. We typically have people from our Operations team, Human Resources, as well as individuals who have come aboard as part of other acquisitions, at this social event. “What will change?” is usually the biggest question we get from staff, and we try to be very upfront and communicative with anything that will change, which generally involve the following: • ATI payroll and benefits • Clinical and billing systems (scheduling / EMR / practice management / billing) • Eventually, a brand transition The timeline of events is unique to every deal, and is a very collaborative process with the owners. We assign an integration lead from ATI to each partner, and the communication between this team leader and owners establishes the right timeline and messaging on the full integration plan. A typical integration team consists of “boots on the ground” from our Operations, Front Office and Human Resources departments. When training is going on in clinics from a systems conversion standpoint, there are ATI staff members on-site for 7-14 days to ensure the process goes smoothly – we take a very high-touch approach. With each integration we learn and get better. We have merged many best practices from companies with whom ATI partners into our process. We understand that your staff did not choose to work for ATI. We are committed to making sure the transition process goes smoothly, and that we deliver on our promises in a high-touch way. Ultimately, our hope is that your employees see and trust that you made the right decision by partnering with ATI, and that it’s a rewarding experience for all. Employee & Patient Experiences ATI’s passion, culture and commitment were evident from commencement. I went from a locally-owned Las Vegas family to being part of ATI’s amazing nationwide family. ATI’s extraordinary executive team has made our acquisition seamless. I’m excited about what we will accomplish together in the future as we continue to grow our remarkable brand. I can say with conviction and sincerity that there is only one company that will take us into the future, and that is ATI. I feel as though anything is possible with ATI. Miriam Michelberger ATI - Nevada There are many questions that go through your mind when you first hear about a change in ownership. ATI put us at ease. More importantly, everything they said they would do, they did. It was a well-orchestrated transition. I look forward to many more years with my ATI family. Jacqueline Schank-Ulch ATI – Michigan Recognized for Outstanding Quality We have been named “Best Physical Therapy Practice in the Nation” by ADVANCE Rehab Magazine, and have been awarded URAC Core Accreditation, a mark of distinction that recognizes ATI’s commitment to quality healthcare. Other awards include: • Chicago’s 101 Best & Brightest Companies • Best Places to Work in Illinois • Milwaukee’s Top Workplaces • Chicago’s Top Workplaces • Best Places to Work in Pennsylvania • Indianapolis’ Top Workplaces • Favorite Physical Therapy Provider Outperforming Our Competition and Leading Consumer Brands Know the Score By asking one simple question — “How likely are you to recommend ATI Physical Therapy to a friend or colleague?” — we track our company’s performance through our patients’ eyes. Using the Net Promoter ScoreSM, our customers respond to this question on a 0-to-10 point rating scale, with 10 being the highest score, and 0 being the lowest score. How do ATI and other brands perform on NPS measurement? According to Bain & Company, the authors of the Net Promoter System, “Companies with the most efficient growth engines operate at NPS efficiency ratings of 50% to 80%. So even they have room for improvement.” 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 57% 62% 75% 70% 73% 66% 69% 81% 89% 40% ATI is pleased to have an 89% NPS rating, a valuable asset and differentiator in our competitive industry. We are committed to maintaining and improving upon this overall score, and will continue to gather feedback from patients to exceed expectations every day. Sponsorship Portfolio In addition to hundreds of minor league, college, high school, middle school and club relationships, ATI is proud to sponsor eight professional teams. 7 ATI: At-a-Glance Growing Stronger Our experience in acquisitions can help guide the sale of your practice – efficiently, professionally and fairly. Our history Resources of a Large Company, with a Small-Practice Feel Founded in 1996 by Greg Steil (now Chairman of the Board), ATI began with one clinic in Willowbrook, Illinois and has grown its progressive, innovative approach to reach hundreds of clinics across the United States. We have sustained a remarkable growth rate, in part, due to multi-clinic acquisitions and new clinic openings. But also due to our expert team, innovative culture, remarkable outcomes, and unique approach to patient care. We are the largest physical therapy company under one brand name in the U.S., but also pride ourselves on our small-practice, family-like atmosphere. When you come in our door, you’ll be greeted by our friendly, motivating team. And we’ll be by patients’ side, supporting them every step of the way to help them reach their goals. 2006: 1 new partner – PRO PT 2007: 5 new partners – Harford County Wellness Center, Wheaton SportsMed, Brown & Associates, Blount, OrthoSport 2011: 3 new partners – Vital Care, APT Plus, Advanced Physical Therapy 2012: 7 new partners – Maximum Fitness, Baltimore Sports Rehabilitation & Physical Therapy, Charter Physical Therapy, Orthopedic Associates of Wisconsin, Motion Hand and Physical Therapy, MX Physical Therapy, Royal Physical Therapy 2013: 3 new partners – MRS/Excel/Quantum Physical Get Social Therapy, North River Physical Therapy, Dwight Orthopedic Rehabilitation Company 2014: 9 new partners – Ocoee Physical Therapy, Functional Assessment Systems, Troy Orthopaedic Associates Physical Therapy, Ryan Center for Hand Therapy, Advanced Orthopaedic Physical Therapy, Monroe Physical Therapy, Spinal and Orthopaedic Rehabilitation, Summit Home Health, Apple Physical Therapy 2015: 7 new partners – Matt Smith Physical Therapy, Read over 300 customer reviews at Facebook.com/ATIPhysicalTherapy Follow ATI on social media: Facebook Twitter YouTube LinkedIn Instagram 8 Flexeon Rehabilitation, Desert Valley Therapy, Body Werks Physical Therapy, Proaxis Physical Therapy, Premier Physical Therapy, Olympic Physical Therapy ATI: At-a-Glance Who is ATI? • • • • • • • • Dedicated to our local communities. Operate hundreds of clinics nationally to meet the needs of over 300,000 patients annually. Headquartered in Bolingbrook, IL, we employ over 4,500 people, including a corporate staff to support the operations of the company. Rehabilitate patients back to work and a lifestyle of independence. Set the industry standard for the injured worker with our F.I.R.S.T.™ program, which has returned 10,000 injured employees back to work. Serve over 200 sports medicine contracts covering pro sports teams, colleges, high schools, middle schools and athletic clubs. Feature on-site employer services to reduce/prevent work-related injuries and promote health and wellness. Introduced Home Health orthopedic services in the Chicagoland area, including skilled nursing care in patients’ homes, then a smooth transition to the outpatient therapy setting. Making a Difference in Our Communities ATI Physical Therapy’s philanthropic efforts extend our commitment to quality care outside our clinic walls by giving back to people in our communities where we live and work, as well as in developing countries. Our goal is to help those in need. In doing this, we share our expertise and resources, and improve the quality of life of others. This is what motivates and drives us every day. Save the Date Cruisin’ for Kids Shorewood, IL August 22 Metal Walk & Fun Run Wilmington, DE September 12 Metal Walk & Fun Run Indianapolis, IN October 3 In the communities we serve, ATI is elevating awareness of health and wellness. We touch the lives of thousands of people each year through two outreach programs: ATI Foundation Night at the Races Chicago, IL November 24 Learn more about ATI Foundation events at ATIpt.com/ATI-Foundation. Since 2003, the ATI Foundation has raised over $2 million to assist children with physical impairments in our communities. Often our beneficiary families have mounting debt, and are overcome by financial and physical obstacles. Through the work of our clinical and corporate team members, we raise funds to purchase medical equipment, pay bills, and even remodel families’ homes to accommodate their child’s special needs. But more importantly, we give families hope by offering a better quality of life for their child. ATI MissionWorks An initiative that leverages ATI clinicians who want to offer their expertise to developing countries, MissionWorks travels around the world to provide treatment to those in need of orthopedic rehabilitation. The physical therapists focus on teaching home exercise programs to patients to help improve their quality of life, as well as share knowledge and best practices with the local medical staff. These trips also serve as a great opportunity for ATI clinicians to learn from their counterparts abroad through the sharing of knowledge, techniques and experiences so that at the end of the trip there is growth for all involved. 9 Notes As an industry leader with a progressive vision, ATI is building a differentiated platform in physical therapy that is focused on our patients. If you’re thinking of exiting your practice, or simply want to reduce administrative headaches, achieve your goals by joining our winning team. Call Fletcher Boyle at 630-296-2222 x7139, or email fletcher.boyle@atipt.com. 10 Thinking of Selling Your Practice? Put Your Company in Good Hands “Selling my business was a difficult decision. During the process, ATI’s outstanding communication strengthened my belief that I made the right decision. The number of resources that ATI dedicated to integrate the staff made it a comfortable and seamless transition each step of the way. A few years after the acquisition, I’m proud to be working together with the best physical therapy team in the world.” Van Huffine ATI - Bolingbrook Want to learn more? Call Fletcher Boyle at 630-296-2222 x7139 or email fletcher.boyle@atipt.com. Corporate Office 790 Remington Blvd | Bolingbrook, IL 60440 630-296-2222 ATIpt.com ATI: Looking for Expansion Opportunities As the industry leader with a progressive vision, ATI is building a differentiated platform in physical therapy that is focused on our patients. If you’re thinking of exiting your practice, or simply want to reduce administrative headaches, achieve your goals by joining our winning team. Why Sell to ATI? When working with ATI, you’ll experience the benefits of a big company along with the personalized, family-like atmosphere of a small practice. We have successfully integrated over 30 companies to our growing team. Our experience in acquisitions can help guide the sale of your practice – efficiently, professionally and fairly. • You’ll have peace of mind knowing that your team is in good hands. We offer employees continued education, training in progressive therapies, and opportunities for advancement. • ATI is a clinician-run business that prides itself on its friendly, innovative culture. • For some sellers, a transaction with ATI could mean an opportunity to invest a portion of the proceeds of your sale in our company. This allows you to align your interests with our growth, and obtain an ownership percentage in the fastest-growing company in the industry. • We invest in state-of-the-art resources and infrastructure (IT support and systems, human resources, facility improvements, etc.), to further improve the business you’ve built and position it for future growth. The ATI Acquisition Process • Fast, efficient and professional: Our typical acquisition process is 45 - 60 days from start to finish. • Confidential: ATI holds confidentiality as sacred; we will sign a confidentiality/ non-disclosure agreement with you. • Excellent communication with sellers: Communication is one of our core values. We keep in constant contact with potential sellers at all stages of the process. • Fair and trustworthy: We offer a fair valuation, and follow through on our promises. 11 Corporate Office 790 Remington Blvd | Bolingbrook, IL 60440 630-296-2222 ATIpt.com © 2015 ATI Holdings LLC, all rights reserved.