Physiotherapy Associates, an Exton-based chain of more than 650 outpatient rehabilitation, prosthetics and orthotics (artifical limbs and casts) clinics across the U.S., has been sold by its previous owners, Chicago investment firms Water Street Healthcare Partners and Wind Point Partners, to Court Square Capital Partners, a New York investment firm.

Water Street bought the Exton headquarters and a group of practices from Stryker Corp. in 2007, and enlarged the company by merging it with Wind Point's Benchmark Medical, among other firms.

The sellers and buyers won't say what they paid or how much money the Chicago firms took out of the business in the five years they ran it.

A team of lawyers headed by Craig Godshall at the Philadelphia-based Dechert law firm represented buyer Court Square.