H.I.G. Capital Signs Definitive Agreement to Acquire CORA Physical Therapy
NEW YORK – May 25, 2021 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $44 billion of equity capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire CORA Health Holdings Corp. and its subsidiaries, doing business as CORA Physical Therapy (“CORA” or the “Company”), a leading 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 U.S. 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 orthopedic 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,” said 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 H.I.G. and look forward to our future growth opportunities.”
“We are excited to partner with the CORA team,” said Alok Sanghvi, Managing Director at H.I.G. “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 H.I.G.
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. 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. For more information, please visit https://www.coraphysicaltherapy.com/.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $44 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.hig.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.