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Gryphon buys CORA

Gryphon Investors has acquired CORA Health Services Inc, an operator of outpatient physical therapy services. No financial terms were disclosed. Cain Brothers served as financial advisor to Gryphon while Raymond James did likewise for CORA.


San Francisco – July 5, 2016 – Gryphon Investors (“Gryphon”), a leading middle-market private equity firm based in San Francisco, CA, announced today that it has acquired CORA Health Services, Inc. (“CORA” or “the company”). CORA’s management team will remain in place and retain a minority stake in the company.

Terms of the deal were not disclosed.

CORA is a top 10 national operator of outpatient physical therapy services, with a strong presence in the Southeast. With more than 100 clinics, the company offers a broad range of treatments, including general rehabilitation, sports and auto injury therapy, and workers’ compensation rehab services.

Nick Orum, Gryphon’s President, said, “Following on our prior successful investment in this growing sector, we are excited to re-enter the category with an investment in CORA. We look forward to partnering with CEO Dennis Smith and his team to further build the company into a premier regional physical therapy network.”

Luke Schroeder, a Principal in Gryphon’s Healthcare Group, added, “Physical therapy is a $33 billion industry that remains highly fragmented and rife with opportunities for the right platform. We believe CORA, with its scalable infrastructure, full service clinics, and highly diversified payor mix, is poised to expand further through both de novo growth and accretive add-on acquisitions.”

Dennis Smith, the Company’s CEO, stated, “Partnering with a well-respected investment firm known for supporting management will give us the resources and capital to rapidly execute on CORA’s growth strategy. Our goal is to continue to deliver high quality care to our patients, provide additional resources for our first class therapist staff, and significantly expand our clinic footprint across the Southeast and beyond.”

Cain Brothers acted as the financial advisor to Gryphon, and Raymond James acted as the financial advisor to CORA. Kirkland & Ellis, LLP acted as the legal advisor to Gryphon, and Shumaker, Loop & Kendrick, LLP was the legal advisor to CORA.

About CORA
CORA Health Services, Inc. is an outpatient rehabilitation company that uses proven clinical practices and cost effective treatment protocols to return patients to their jobs and lifestyles as soon as possible. Their clinics offer a complete range of treatment, including outpatient physical therapy and general rehabilitation, worker’s compensation therapy, sports and auto injury rehabilitation, and rehabilitation for seniors. CORA operates more than 100 clinics in Florida, Michigan, and South Carolina.

About Gryphon Investors
Based in San Francisco, Gryphon Investors ( is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. For four consecutive years, Gryphon has been ranked in Preqin’s prestigious quarterly PE report as one of North America’s top-decile firms based on consistency of strong investment returns. With approximately $2 billion of cumulative equity commitments, the firm has an extensive track record of leading equity investments of $35 million to $150 million per portfolio company with sales ranging from approximately $50 million to $500 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.