Recent News and Announcements from Centre Partners
Orion increases its Allied Health presence with its second acquisition of therapy staffing firm
August 12, 2008 (Raleigh, NC): Orion ICG, LLC announced today that it has acquired the assets of Therapy Staff, Incorporated (TSI), a leading provider of physical therapists, occupational therapists and speech language pathologists to hospitals, clinics, skilled nursing facilities and nursing homes. This marks Orion’s second allied healthcare acquisition since becoming a portfolio company of private equity firm Centre Partners in June 2007. TSI will complement Orion’s first acquisition in the allied healthcare space, Cumberland Therapy, which was acquired in October of last year.
Founded in 2000 by licensed occupational therapist Dan Diamond, TSI specializes in the contract placement of physical therapists, occupational therapists and speech language pathologists primarily in Michigan and Illinois. The Company, which has built an excellent reputation over its history, has experienced significant revenue growth since its inception. This growth is driven in part by the increase in Americans who are prone to medical conditions that result in the need for physical and speech therapy.
Orion is pleased to announce that Dan Diamond will continue on with the company and that Paul Glomski will continue in his role as President of TSI. Paul will also become a member of Orion’s executive management team.
Orion Executive Chairman Jeffrey Evans said, “The addition of Therapy Staff is an important step in the realization of our strategic growth plan and we are extremely pleased to have made our second acquisition in the allied health sector. Working together with Mr. Diamond and Mr. Glomski, we believe that Orion’s solid infrastructure will help power TSI’s growth. Our team is thrilled to welcome them into the Orion family.”
TSI founder Dan Diamond said, “We are excited about our partnership with Orion because of their culture of commitment to their employees. Therapy Staff believes that the catalyst of our success is the exceptional group of employees who work with us, particularly the therapists who provide excellent service to a large and diversified group of patients. Orion shares that commitment and it was a pleasure working with both Orion and Centre Partners throughout this process.”
Mr. Evans concluded, “This acquisition is a meaningful step forward in executing our strategy of building a leading national player in the value-added healthcare staffing space. The combination of the Therapy Staff business model, the talent of their existing management team and Orion’s support infrastructure, is a powerful one. Also, the addition of Therapy Staff’s service offering expands on the platform of Cumberland, allowing us to provide full-service therapy staffing to healthcare institutions and school systems throughout the nation.”
About Orion ICG, LLC:
Orion is a national firm offering allied health staffing solutions to healthcare and educational facilities across the county, and is the nation’s largest military recruiting and consulting firm, specializing in transitioning exiting veterans into permanent careers. In addition to the company’s military direct placement business, it also offers complementary services through its subsidiaries, including MilitaryStars, the nation’s largest military career expo provider and Orion Health Professionals, which connects transitioning military health professionals with premier health systems throughout the nation. Additional information about Orion International is available at www.orioninternational.com.
Media contact: Colleen Whiteside, 919-653-3720 x 116, firstname.lastname@example.org.
About Centre Partners:
Centre Partners, founded in 1986, is a leading private equity firm with a middle market focus that seeks to make acquisitions and equity investments alongside management teams who have or desire a meaningful economic stake in the future success of their businesses. Centre Partners’ Managing Directors have invested over $3 billion in more than 90 companies, partnering with management teams across a broad spectrum of industries. Centre Partners provides those teams with access to its unique resources, which include an extended network of experienced and proven operating executives. Centre Partners has offices in New York City and Los Angeles. The firm is currently investing through its fifth fund, which has approximately $880 million of committed capital. Centre has deep investment expertise covering consumer, healthcare, industrial products and services, financial services, energy, media, restaurants, retail, and aviation services. Additional information is available at www.centrepartners.com.