CORA Health Services, an operator of outpatient physical therapy services, has made several acquisitions, among them, the Tennessee and Kentucky-based Champion Physical Therapy; and Virginia-based Professional Therapies of Roanoke. No financial terms were disclosed. CORA is a portfolio company of Gryphon Investors.
San Francisco – March 7, 2018 – CORA Health Services, Inc. (“CORA”), a top 10 national operator of outpatient physical therapy services, announced today that it has expanded into three new states: Tennessee, Kentucky and Virginia. CORA is a portfolio company of Gryphon Investors (“Gryphon”), a leading middle-market private equity firm based in San Francisco.
CORA entered Tennessee and Kentucky through its acquisition of Champion Physical Therapy from owners John Staley, Robb Seahorn, Tim Butcher & Brett Kolnick. Champion, founded in 2008, has 15 locations, including Knoxville, TN; the TriCities market encompassing Kingsport, Johnson City and Bristol, TN; and several locations in southeastern Kentucky.
CORA will establish a presence in Virginia through its acquisition of Professional Therapies of Roanoke, which has seven locations in the Roanoke market area. The company was founded in 1984 by Jan Jessee, Bill Mercer & Ron Greer. In addition to standard physical therapy services, Professional Therapies offers early intervention (pediatrics) and physical therapy, occupational therapy and speech therapy services to schools.
Dennis Smith, CORA’s CEO, stated, “We are delighted to welcome these new companies, whose top quality clinics and therapists will expand our geographic reach and augment our existing services. CORA will continue to pursue growth while adhering to its goal of delivering personalized care with respect and consideration for our patients’ needs.”
CORA also announced the recent acquisition of multiple facilities in Georgia and North Carolina.
The company enhanced its existing presence in Georgia with the acquisition of West Rehab & Sports Medicine, which runs five clinics in Savannah. Co-owner and licensed therapist Becky West will remain with the company.
In North Carolina, CORA acquired Accent Physical Therapy, a single clinic in Wilmington, which will add to CORA’s existing locations in NC and Myrtle Beach, SC.
Terms of these transactions were not disclosed.
With these acquisitions, CORA now has more than 160 clinic locations in seven states.
CORA Health Services, Inc. (www.corahealth.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 160 clinics in Florida, Georgia, North Carolina, South Carolina, Virginia, Tennessee, and Kentucky.
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. For 20 consecutive quarters, Gryphon has been ranked in Preqin’s prestigious quarterly PE report as one of North America’s top-decile buyout firms based on consistency of strong investment returns. Managing over $2.6 billion of equity investments and capital since 1997, the firm has an extensive track record of leading equity investments of $50 million to $200 million per portfolio company with sales ranging from approximately $100 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. Gryphon closed its fourth private equity buyout fund, Gryphon IV, in November 2016 at $1.1 billion, and raised a $100 million captive mezzanine fund, Gryphon Mezzanine Partners, L.P., in August 2017.