Company Now Operates Over 200 Clinics

San Francisco, CA – May 30, 2019 —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 into Missouri with the acquisition of Elite Physical Therapy of St. Louis (“Elite PT” or “Elite”). The Company also announced its recent acquisition of Advanced Physical Therapy (“Advanced PT” or “Advanced”) of Central Florida. With Elite’s five clinics and Advanced’s six clinics, CORA now operates over 200 clinics in nine states.

Elite PT was founded in 2010 by Shane Lawler and Scott Schuessler with locations in Ballwin and Arnold, MO. The company has since added Missouri clinics in South County, Creve Coeur, and O’Fallon. The group offers a wide variety of services, including general physical therapy, spine, sport, vestibular and pre- and post-operative rehab, orthopedics, orthotics, workers’ compensation solutions, women’s health, and golf therapy.

Advanced PT was started in 2011, when founder Lester “Trey” Hammond, PT opened the first Advanced clinic in The Villages, FL, near Ocala. Trey and Cara Hammond, CEO of Advanced PT, have since expanded into West Ocala, Belleview, East Ocala, and additional sections of The Villages. Along with general orthopedic rehabilitation, Advanced has specialized programs for Parkinson’s, fall prevention, osteoporosis, lymphedema, heart health, stroke, and TMJ treatment.

CORA also announced the acquisition of two additional clinics in South Carolina: Coastal Physical Therapy and Coastal Hand Therapy, a single location in Beaufort, and Dynamic Physical Therapy of Florence, a single location in Florence.

Dennis Smith, CEO and President of CORA Physical Therapy, said, “We are excited to expand into the Midwest and pleased to broaden the team in Florida and South Carolina. These clinic groups share CORA’s operating philosophy, and we’re delighted to be a part of the communities they serve. We’ll provide the resources needed for continued 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 (www.coraphysicaltherapy.com) 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, North Carolina, South Carolina, Virginia, Tennessee, Kentucky, Illinois, and Missouri.

About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) 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 $50 million to $200 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.