Gryphon and Portfolio Company News

CORA Physical Therapy Expands Virginia Presence with Acquisition of Three Clinics in Blacksburg Area

San Francisco, CA -

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 Virginia with the acquisition of Blacksburg Physical Therapy Associates, Inc. (“Blacksburg PT”).

Blacksburg PT was founded in 1991 and operates clinics in Blacksburg, Christiansburg, and Radford. The group offers a wide variety of services, including general physical therapy and specialties in Parkinson’s treatment, functional movement, women’s health, running analysis, back and neck pain, and sports injuries. Blacksburg PT Principal Cindy Henderson will continue to play an active role in management with CORA.

Dennis Smith, CEO and President of CORA Physical Therapy, said, “We are very happy to welcome the team at Blacksburg PT to CORA and excited to grow to 11 clinics now in Virginia. Our goal is to preserve the outstanding reputation of these facilities as we continue to ‘treat everyone right’ in the communities they’ve served for so long. Our partnership provides the resources needed for continued growth as we deliver personalized care with respect and consideration for patients’ needs.”

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 ( 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 210 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 ( 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 $4.9 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $500 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.


Caroline Luz

Lambert & Co.