An affiliate of H.I.G. Capital has signed a definitive agreement to acquire Cora Health Holdings Corp. from Gryphon Investors, a middle-market private equity firm. Charlotte, NC-based Cora is an operator of outpatient physical therapy and occupational therapy clinics.
Luke Schroeder, partner and co-head of Gryphon’s healthcare group, said, “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.”
Dennis Smith, CEO of CORA, said, “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.”
Jefferies and Raymond James acted as lead financial advisor and co-advisor, respectively to Gryphon. Kirkland & Ellis LLP served as Gryphon’s legal counsel.