HIG Capital to acquire CORA Physical Therapy
An affiliate of global alternative investment firm HIG Capital (HIG) is to acquire CORA Health Holdings Corp and its subsidiaries, doing business as CORA Physical Therapy (CORA), an operator of outpatient physical and occupational therapy clinics.
CORA’s management team, led by CEO Dennis Smith, will continue to run the Company and remain as shareholders in the business.
Headquartered in Charlotte, North Carolina, CORA currently operates 228 outpatient physical therapy clinics across nine US states, primarily in the Southeast. The Company’s 850+ physical therapists, physical therapy assistants and other clinicians offer best-in-class outpatient physical rehabilitation services for orthopaedic problems, work-related injuries, sports injuries and various neuromuscular and neurological conditions.
“I am proud of CORA’s success to date. Our accomplishments are primarily the result of the tireless efforts of our dedicated team members,” says Dennis Smith. “This transaction is a validation of our business model, which is based on serving every member of our communities and providing exceptional clinical outcomes. We appreciate the vote of confidence from HIG and look forward to our future growth opportunities.”
“We are excited to partner with the CORA team,” says Alok Sanghvi, Managing Director at HIG “In addition to operating in an industry that delivers cost-effective care that can help patients avoid expensive and invasive procedures, CORA’s mission of offering excellent clinical care to all patients was a key consideration for our investment. We have been very impressed by CORA’s track record of growth and reputation for quality, and we believe there is significant opportunity ahead to continue the Company’s mission. We look forward to supporting CORA in both organic and acquisition-driven growth in its next stage of evolution.”
The transaction is expected to close in June, subject to customary closing conditions and completion of review under antitrust laws. Jefferies LLC served as financial advisor and Kirkland & Ellis LLP served as legal counsel to CORA. Harris Williams and Houlihan Lokey served as financial advisors and McDermott Will & Emery LLP served as legal counsel to HIG Capital.