Gryphon and Portfolio Company News

Gryphon Investors To Sell CORA Physical Therapy

San Francisco, CA -

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, announced today that it has signed a definitive agreement to sell its portfolio company CORA Health Holdings Corp. (“CORA,” “CORA Physical Therapy,” or “the Company”) to an affiliate of H.I.G. Capital. Gryphon originally invested in the Company in July 2016. Terms of the transaction were not disclosed.

Charlotte, NC-based CORA is a leading operator of outpatient physical therapy and occupational therapy clinics, with 228 clinics primarily in the Southeastern U.S. The Company’s 850+ physical therapists, physical therapy assistants and other clinicians offer best-in-class outpatient physical rehabilitation services for orthopedic problems, work-related injuries, sports injuries and various neuromuscular and neurological conditions.  

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.

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. CORA 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 228 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 growing and enhancing mid-market companies in partnership with management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $600 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. For more information, visit


Caroline Luz

Lambert & Co.

Jennifer Hurson

Lambert & Co.