CORA Physical Therapy Enters Wisconsin With Acquisition of Sports Physical Therapists
Company Also Expands in Columbia, S.C., with Vital Energy Acquisition
CHARLOTTE, N.C., June 30, 2021 (Newswire.com) - 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 its Midwest footprint into Wisconsin with the acquisition of Sports Physical Therapists ("SPT"), a 10-clinic operation around Kenosha. CORA also recently broadened its coverage in Columbia, South Carolina, through the acquisition of Vital Energy Wellness and Rehab Center ("Vital Energy"), with two clinics in Lexington and Columbia. The two transactions bring CORA's total clinic count to 240.
SPT was founded in 2016 by Carmelo Tenuta, PT, a veteran of the PT industry who will continue with CORA as Vice President of CORA's Wisconsin clinics. Tenuta said, "Partnering with CORA just made sense to us. The company has the resources to achieve the kind of growth we want to see in Wisconsin. I'm excited to help them get there."
SPT operated clinics in Kenosha, Salem, Pleasant Prairie, Burlington, Cudahy, Racine and Muskego, Wisconsin, as well as in Fox Lake, Illinois. The clinics offer a wide variety of general physical and occupational therapy, including pre- and post-operative orthopedic rehabilitation, sports medicine, hand therapy, in-home therapy and treatment for workplace injuries.
Vital Energy was founded in 2007 by Hima Dalal, OTR/L, who will stay on with CORA as clinic manager. Dalal brings a wealth of occupational therapy expertise to the table. "I'm pleased to be able to share the benefit of my 40 years of OT experience with more people in the Columbia area and beyond. The partnership with CORA enables me to do that." In addition to general physical and occupational therapy and wellness services, the two Vital Energy clinics offer aquatic therapy, hand therapy, manual therapy, vestibular rehabilitation, and treatment for concussion and head injuries, migraines, temporomandibular dysfunction (TMD), pelvic floor dysfunction, and sports and workplace injuries, among others.
Dennis Smith, CEO and President of CORA Physical Therapy, said, "We are delighted to now be operating in our 10th state as we enter Wisconsin. I'm very pleased, too, to welcome the Vital Energy clinics to the CORA team, which increases our presence in the Columbia metro area to eight locations. The resources that CORA brings to the table will enable these new clinic groups to grow and help us fulfill our mission to serve everyone, now in some entirely new communities."
CORA is a portfolio company of H.I.G. Capital, a leading global alternative investment firm with over $44 billion of equity capital under management. Terms of these transactions were not disclosed.
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 240 clinics in Florida, Georgia, Illinois, Kentucky, Missouri, North Carolina, South Carolina, Tennessee, Virginia and Wisconsin, including specialty clinics under the Body Gears brand.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $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 visit www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
Laura Tobin, Strategic Marketing Director
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Source: CORA Health Services, Inc.