Gryphon and Portfolio Company News

CORA Health Services Acquires Carolina Physical Therapy Associates

San Francisco, CA -

First Add-On for Physical Therapy Platform

CORA Health Services, Inc. (“CORA”), a top 10 national operator of outpatient physical therapy services, announced today that it has acquired Carolina Physical Therapy Associates, LLC (“Carolina Physical Therapy” or “the Company”). CORA is a portfolio company of Gryphon Investors (“Gryphon”), a leading middle-market private equity firm based in San Francisco, CA. Terms of the deal were not disclosed.

Carolina Physical Therapy Associates is based in Rocky Mount, NC, and serves patients across Eastern North Carolina through seven outpatient locations, several physician-based physical therapy practices, and its home health services. The company specializes in musculoskeletal issues, neurological rehabilitation, post-surgical rehabilitation, rehabilitation of injured workers, functional capacity evaluations, postural and gait assessment, and women’s health issues.

President and Director of Operations Sue Ella Johnson, PT, will become a VP of Operations at CORA. Jerry W. Strickland, MS, PT, Director of Home Health Services, and Jeff Agan, PT, Director of Contract Outpatient Services, will also join CORA in their current capacities.

Dennis Smith, CORA’s CEO, stated, “We are pleased to be able to expand our resources with the addition of Carolina Physical Therapy. The experience and expertise Sue Ella, Jerry, Jeff, and their staff bring will be a true differentiator as we expand the CORA brand into a new state and strengthen our service lines.”

Ms. Johnson said, “We are fortunate to be able to partner with a leading provider that shares the philosophy of personalized service and individualized care on which we have built our business. We look forward to joining the CORA team and are excited about the opportunity to continue to expand and grow in North Carolina.”

About Carolina Physical Therapy

Based in Rocky Mount, Carolina Physical Therapy Associates, LLC ( serves patients across North Carolina, with seven clinics located in Greenville, Washington, Nashville, Dunn, Fuquay-Varina, Chapel Hill, and Louisburg. The Company’s therapists are experts in evaluating and treating movement and function, focusing on both current dysfunctions and preventing injury. They provide evidence-based, hands-on, individualized care and create unique exercise programs designed to restore motion, strength, flexibility, daily activities, work, and play.

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, South Carolina, and Michigan.

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. 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.


Caroline Luz

Lambert & Co.