Gryphon’s CORA Physical Therapy acquires three clinics

The physical therapy platform beefs up its presence in the Greater Charlotte metro area and near Ocala, Florida.

CORA Physical Therapy has acquired Volk Physical Therapy & Sports Medicine and Advanced Physical Therapy Center in the greater Charlotte metro area, as well as Hometown Rehab based near Ocala, Florida. CORA is a portfolio company of Gryphon Investors. Financial terms of the transaction were not disclosed.

PRESS RELEASE

Lima, OH – January 5, 2021 – CORA Health Services, Inc., doing business as CORA Physical Therapy (“CORA” or “the Company”), a top-10 national operator of outpatient physical therapy services, announced today that it has broadened its coverage in North Carolina with the acquisition of Volk Physical Therapy & Sports Medicine (“Volk PT”) and Advanced Physical Therapy Center (“Advanced PT”) located in the greater Charlotte metro area. The company also acquired Hometown Rehab, with two clinics near Ocala, FL, bringing the total clinic count to more than 225.

Volk PT was founded in 2006 and operates clinics in Concord and Harrisburg, just northeast of Charlotte. The group offers a wide variety of services, including general physical therapy and specialties in back and neck pain, Parkinson’s treatment, dry needling, proprioceptive neuromuscular facilitation (PNF) and sports injuries.

Advanced Physical Therapy Center, located in Denver, NC, northwest of Charlotte, was founded in 1998 by Paul Anderson, PT, DPT, OCS. The clinic treats general orthopedic conditions, post-surgical care, workers’ compensation injuries, and balance and coordination problems. Anderson will continue with CORA as the Denver clinic manager.

The Hometown Rehab acquisition adds clinics in Hernando and Dunnellon, FL, west of Ocala and The Villages. The two clinics expand CORA’s coverage between Ocala and Tampa. The addition of these locations allows CORA the opportunity to continue its growth into markets the company does not currently serve in Florida.

Dennis Smith, CEO and President of CORA Physical Therapy, said, “We are excited to welcome these five clinics to the CORA fold and expand our presence in the Southeastern United States. Even though 2020 has been a challenging year for everyone, our company continues to grow. These partnerships provide the resources needed for further development as we deliver personalized care with respect and consideration for patients’ needs. We look forward to continuing our expansion into 2021.”

CORA is a portfolio company of Gryphon Investors, a leading middle-market private equity firm based in San Francisco. Terms of these transactions were not disclosed.

About CORA

CORA Health Services, Inc./CORA Physical Therapy (www.coraphysicaltherapy.com) 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 225 clinics in Florida, Georgia, Illinois, Kentucky, Missouri, North Carolina, South Carolina, Tennessee, and Virginia, including specialty clinics under the Body Gears brand.

About Gryphon Investors

Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management teams. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.