Alliant Physical Therapy Group, the Union Grove-based operator of seven clinics in southeastern Wisconsin, was recently acquired by North Carolina-based outpatient rehabilitation company CORA Health Services Inc. Alliant has 40 employees across its locations in Milwaukee, Shorewood, Hales Corners, Racine, Salem and Kenosha. Its clinics provide physical therapy services including pre- and post-operative orthopedic rehabilitation,
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Chad Novasic[/caption]
Alliant president Chad Novasic, a physical therapist, founded the company as a single Racine clinic location in 1989 and has since expanded it to multiple sites. Novasic said the company has prioritized opening locations in the city to provide physical therapy services to patients across a mix of payer sources.
He said the deal allows Alliant to gain access to the resources of a larger company and paves the way for its growth.
“It’s a mixed emotion,” Novasic said of the acquisition. “I’m at a point where it’s nice to have this option, and it’s actually exciting for me (to be set up) for the next chapter of my life.”
Novasic will remain with CORA as a regional manager focused on its Wisconsin footprint.
With its acquisition of Alliant, CORA now has 17 clinics in Wisconsin. Terms of the deal were not disclosed.
CORA, which is based in Charlotte, North Carolina, is a portfolio company of global alternative investment firm H.I.G. Capital. In addition to the Alliant clinics, CORA announced this week its acquisition of clinics in Georgia and North Carolina. The company operates 258 clinics across 10 states.
"We are delighted to welcome these new companies to the CORA team, whose top-quality clinics and therapists will expand our geographic reach and augment our existing services,” Dennis Smith, chief executive officer and president of CORA, said in a statement. “Our growth through these new partnerships enable us to provide clinically excellent services to even more people within the communities we serve."