Gryphon and Portfolio Company News

CORA Physical Therapy Increases Presence in Illinois with Acquisition of Six Clinics in Rockford

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 expanded its Midwest footprint with the acquisition of Orthopedic and Sports Therapy Institute (“OSTI”).

OSTI was founded in 1999 and operates clinics in Rockford, Belvidere, Marengo, Ogle County, Poplar Grove, and Sauk Valley. The group offers a wide variety of services, including general physical therapy and specialty programs in balance and fall prevention, golf performance, oncology rehabilitation, pain management, pediatric rehabilitation, running performance, spinal manipulation, TMJ dysfunction, vestibular rehabilitation (dizziness), women’s health, and worker’s compensation. Principals Josh Meyers, Donnie Early, and Steve Merema will continue to play an active role in management with CORA.

Dennis Smith, CEO and President of CORA Physical Therapy, said, “We are pleased to welcome the team at OSTI to the CORA fold and excited to broaden our footprint in the Midwest. CORA was founded on the belief that every patient deserves access to high quality physical therapy, and we’re committed to treating everyone right. We look forward to serving the communities in and around Rockford. Our partnership provides the means for further growth as we deliver personalized care with respect and consideration for our 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 200 clinics in Florida, Georgia, Illinois, Kentucky, Missouri, North Carolina, South Carolina, Tennessee, and Virginia.

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 $4.8 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.