On April 21, CORA Health Services, a portfolio company of H.I.G. Capital, announced the acquisition of Greenfield PT and Lava PT, adding four physical therapy clinic locations to its network.
CORA Health Services, dba CORA Physical Therapy, is an outpatient rehabilitation company delivering a broad range of services. It has operations in Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia. This is CORA’s first acquisition since being sold by Gryphon Partners in the spring of 2021.
Founded in 2014 and with locations in Spooner and Hayward, Wisconsin, Greenfield PT offers a wide variety of services, including general physical therapy and specialties in back and neck pain, workplace injuries, headaches, concussion and TMJ/facial pain. Lava PT, located at two office locations in Hilton Head, South Carolina, was founded in 2005. Lava PT treats general orthopedic conditions, post-surgical care and sports and workers’ compensation injuries.
With the additions of both Lava PT and Greenfield PT, CORA now operates 27 locations in South Carolina and 19 in Wisconsin. Overall, CORA has more than 240 locations. The financial terms of the transactions were not disclosed.
This is the 34th Rehabilitation acquisition of 2022; 23 of those deals involve private equity firms, or their portfolio companies, as the acquirer. A portion of the transactions, almost 20, have been in states with a larger aging population like Florida, Georgia, Tennessee and Texas, as investors and buyers are capitalizing on the increasing number of adults seeking physical therapy and rehabilitation services. The largest rehab deal of the year is General Atlantic’s, a New York-based PE firm, acquisition of PT Solutions for $1.2 billion. Additionally, the most active buyer is Confluent Health, who has made six acquisitions so far this year. The practices it acquired are; Orthosport Physical Therapy, Physical Therapy Specialists of Beverly Hills, IncreMedical Therapy Solutions, Peak Physical Therapy, All Star Physical Therapy and Foothills Therapy Partners. More information on Rehabilitation deals, and all other sectors, can be found on LevinPro HC.
