Gryphon and Portfolio Company News

CORA Physical Therapy Acquires Two More Tennessee Clinics

San Francisco, CA -

CORA Health Services, Inc., doing business as CORA Physical Therapy (“CORA”), a top-10 national operator of outpatient physical therapy services, announced today that it recently acquired two outpatient physical therapy companies in Tennessee: Clinton Physical Therapy Center and Associated Therapeutics Inc.

Clinton Physical Therapy Center (“CPTC”), located In Clinton, TN ( was founded in 1988 by Kelly Lenzand Joyce KIee. In addition to standard physical therapy services, CPTC offers aquatic therapy, pediatric therapy, women’s health, and industrial rehab, including work conditioning and return to work programs.

Associated Therapeutics Inc. (“Associated”), located in Knoxville, TN, was opened in 1985 by Thomas Kelly and Andrew Smith. The facility provides standard physical therapy services as well as a comprehensive workers’ compensation rehab program and a variety of fitness and wellness programs.

CORA first established a presence in Tennessee in March of this year, through its acquisition of Champion Physical Therapy, with locations in Tennessee and southeastern Kentucky. Under the CORA umbrella, these two locations will now be able to offer the complete array of high-quality services CORA is known for and better serve people in their communities. CORA now has 15 clinics in Tennessee and more than 160 locations in seven states.

Dennis Smith, CEO and President of CORA Physical Therapy, said, “We are pleased to welcome these new locations to the CORA organization and expand the reach of our team. Our goal in these acquisitions is to preserve the outstanding reputations of CPTC and Associated and maintain the quality care they have delivered to their patients and communities for several decades while offering the financial and operational resources they need to continue to grow and thrive.”

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 160 clinics in Florida, Georgia, North Carolina, South Carolina, Virginia, Tennessee, and Kentucky.

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. Managing over $4 billion of equity investments and capital since 1997, the firm has an extensive track record of leading equity investments of $50 million to $200 million per portfolio company 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.