M&A Deal Summary

H.I.G. Private Equity Acquires CORA Physical Therapy

On May 25, 2021, private equity firm H.I.G. Private Equity acquired healthcare services company CORA Physical Therapy from Gryphon Investors

Acquisition Highlights
  • This is H.I.G. Private Equity’s 22nd transaction in the Healthcare Services sector.
  • This is H.I.G. Private Equity’s 191st transaction in the United States.
  • This is H.I.G. Private Equity’s 9th transaction in Ohio.

M&A Deal Summary
Date 2021-05-25
Target CORA Physical Therapy
Sector Healthcare Services
Buyer(s) H.I.G. Private Equity
Sellers(s) Gryphon Investors
Deal Type Secondary Buyout

Target

CORA Physical Therapy

Lima, Ohio, United States
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 Physical Therapy was founded in 1997 and is based in Lima, Ohio.

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Buyer(S) 1

Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 290 of 369
Sector (Healthcare Services) 22 of 27
Type (Secondary Buyout) 40 of 68
State (Ohio) 9 of 9
Country (United States) 191 of 245
Year (2021) 17 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-20 City Plumbing Supplies

Northampton, United Kingdom

City Plumbing Supplies is a specialist distributor of plumbing, heating, and bathroom products. Highbourne operates under its primary trading brands City Plumbing Supplies (CPS) and Plumbing Trade Supplies (PTS), alongside several specialist online outlets with diverse product offerings. City Plumbing Supplies is based in Northampton, United Kingdom.

Buy £325M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-26 Accounting Seed

Columbia, Maryland, United States

Accounting Seed is a rapidly growing cloud-based accounting and financial management software platform. Accounting Seed offers a robust and scalable enterprise-grade technology stack and enables its customers to fully pilot their organizations with one system of record and unified workflow from the sales lead through to the general ledger. Accounting Seed was founded in 2008 and is based in Columbia, Maryland.

Buy -

Seller(S) 1

SELLER

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 8.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $300 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1997 and is based in San Francisco, California.

DEAL STATS #
Overall 28 of 35
Sector (Healthcare Services) 5 of 6
Type (Secondary Buyout) 10 of 14
State (Ohio) 3 of 3
Country (United States) 28 of 35
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-26 Dessert Holdings

St. Paul, Minnesota, United States

Dessert Holdings is a dessert company, recognized for providing its retail and foodservice customers with chef-inspired innovative desserts made with real ingredients, a flexible and low-cost supply chain, and best-in-class service. It is an umbrella organization of three premium dessert companies and brands: The Original Cakerie, Lawler’s Desserts, and Atlanta Cheesecake Company. Together, the companies serve more than 250 customers in the United States, Canada, Mexico, the Caribbean, South America and Asia. Dessert Holdings was founded in 1979 and is based in St. Paul, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-27 Highmetric

New York, New York, United States

Highmetric is an Elite Partner of ServiceNow, the cloud computing platform that helps companies optimize digital workflows, and offers significant capabilities in Customer Service Management, HR & Employee IT Service Management, and IT Operations Management. Highmetric is based in New York City.

Buy -
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