One of the largest networks of physical therapy networks is being traded. Gryphon Investors is selling CORA Health Holdings Corp. and its subsidiaries, doing business as CORA Physical Therapy, to H.I.G. Capital for an undisclosed sum. CORA currently operates 228 outpatient physical therapy clinics across nine U.S. states, primarily in the Southeast. The Company’s 850+ physical therapists, physical therapy assistants and other clinicians offer best-in-class outpatient physical rehabilitation services for orthopedic problems, work-related injuries, sports injuries and various neuromuscular and neurological conditions.
Founded in 1993, H.I.G. Capital is a global private equity investment firm with $44 billion of equity capital under management.
CORA’s management team, led by CEO Dennis Smith, will continue to run the Company and remain as shareholders in the business. Jefferies LLC served as financial advisor and Kirkland & Ellis LLP served as legal counsel to CORA. Harris Williams and Houlihan Lokey served as financial advisors and McDermott Will & Emery LLP served as legal counsel to H.I.G.
Gryphon Investors and CORA Physical Therapy have been partners since 2016 when the private equity firm acquired a majority stake in the company. Since then, the companies have announced 19 deals together, expanding CORA Physical Therapy rapidly. The most recent two deals were announced just on January 5 of this year. The company acquired Volk Physical Therapy & Sports Medicine and Advanced Physical Therapy Center in the Charlotte, North Carolina area and Hometown Rehab, which operates two physical therapy clinics in Hernando and Dunnellon, Florida, west of Ocala and The Villages.