Gryphon Investors has signed a definitive agreement to sell its portfolio company CORA Health Holdings Corp to an affiliate of H.I.G. Capital. Gryphon originally invested in the Company in July 2016. Terms of the transaction were not disclosed, according to a media release.

Charlotte, NC-based CORA operates outpatient physical therapy and occupational therapy clinics, with 228 clinics primarily in the Southeastern US. The Company’s 850+ physical therapists, physical therapy assistants and other clinicians offer outpatient physical rehabilitation services for orthopedic problems, work-related injuries, sports injuries and various neuromuscular and neurological conditions.  

“We are extremely pleased with the outcome of this transaction, which is our second successful investment and exit in the physical therapy space. Under CEO Dennis Smith and his team, CORA built upon its reputation for high-quality clinical care and successfully expanded its market leadership in the Southeastern United States. We have no doubt that the company will continue to thrive with its new partners.”

— Luke Schroeder, Partner and Co-Head of Gryphon’s Healthcare Group

“Executing on Gryphon’s investment thesis, our team has had tremendous success, delivering above-industry organic growth, more than doubling CORA’s clinic count through a combination of de novo locations and strategic add-on acquisitions, and expanding into seven new states. This growth wouldn’t have been possible without the support of a sponsor like Gryphon, who brought differentiated experience and expertise in outpatient physical therapy.”

— Dennis Smith, CEO of CORA

[Sources: Gryphon Investors, CORA Physical Therapy]

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