Houlihan Lokey Advises H.I.G. Capital (6)

Houlihan Lokey is pleased to announce that an affiliate of H.I.G. Capital has acquired CORA Health Holdings Corp. (dba CORA Physical Therapy), a portfolio company of Gryphon Investors (Gryphon). The transaction closed on June 15, 2021.

Headquartered in Charlotte, North Carolina, 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. The company’s 850+ physical therapists, physical therapy assistants, and other clinicians offer a complete range of best-in-class outpatient physical rehabilitation services for orthopedic problems, work-related injuries, sports injuries, and various neuromuscular and neurological conditions. CORA Physical Therapy operates 228 clinics in Florida, Georgia, Illinois, Kentucky, Missouri, North Carolina, South Carolina, Tennessee, and Virginia.

CORA Physical Therapy is a portfolio company of San Francisco-based Gryphon Investors, a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed more than $5 billion of equity investments and capital since 1997. Gryphon targets equity investments of $50 million to $300 million in portfolio companies with enterprise values 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.

H.I.G. Capital 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, as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, and São Paulo, H.I.G. Capital specializes in providing both debt and equity capital to small and midsized companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, H.I.G. Capital 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.

This transaction further strengthens and highlights Houlihan Lokey’s continued leadership position in multisite healthcare, where the firm has closed 65 transactions since 2016. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the country. In 2020, the group closed 22 transactions and was ranked the No. 1 M&A advisor for U.S. healthcare transactions under $1 billion by Refinitiv. Houlihan Lokey’s Healthcare Group has closed more than 300 M&A healthcare transactions since its inception.

Houlihan Lokey served as the financial advisor to H.I.G. Capital.