Benchmark International has successfully negotiated the sale of Carolina Physical Therapy Associates, Inc. (“CPTA”) to CORA Health Services, Inc. (“CORA”) a portfolio company of Gryphon Investors (“Gryphon”) a leading middle-market private equity firm based in San Francisco, CA.
Carolina Physical Therapy Associates is based in Rocky Mount, NC, and serves patients across Eastern North Carolina through seven outpatient locations, several physician-based physical therapy practices, and its home health services. The company specializes in musculoskeletal issues, neurological rehabilitation, post-surgical rehabilitation, rehabilitation of injured workers, functional capacity evaluations, postural and gait assessment, and women's health issues.
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. 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 100 clinics in Florida, South Carolina, and Michigan.
President and Director of Operations Sue Ella Johnson, PT, will become a VP of Operations at CORA. Jerry W. Strickland, MS, PT, Director of Home Health Services, and Jeff Agan, PT, Director of Contract Outpatient Services, will also join CORA in their current capacities.
Dennis Smith, CORA’s CEO, stated, “We are pleased to be able to expand our resources with the addition of Carolina Physical Therapy. The experience and expertise Sue Ella, Jerry, Jeff, and their staff bring will be a true differentiator as we expand the CORA brand into a new state and strengthen our service lines.”
Ms. Johnson said, “We are fortunate to be able to partner with a leading provider that shares the philosophy of personalized service and individualized care on which we have built our business. We look forward to joining the CORA team and are excited about the opportunity to continue to expand and grow in North Carolina.”
Trevor Talkie, Senior Associate at Benchmark International, added, “Benchmark’s ability to create a competitive bid process was fundamental in giving CPTA the opportunity to choose an acquirer best fit for the company’s needs. At the end of the day, we feel strongly that our client found the perfect fit in CORA and we are thrilled by the successful outcome.” Director, Tyrus O’Neill, added, “It was a pleasure to represent CPTA in this transaction, and on behalf of Benchmark International, we wish both parties the best of luck moving forward.”
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Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximizing solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $5B across 30 industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 13 offices across the world, have assisted hundreds of owners achieve their personal objectives and ensure the continued growth of their businesses.