Orion ICG, LLC Announces Acquisition of Therapy Staff, Incorporated
Orion Increases its Allied Health Presence with Its Second
Acquisition of Therapy Staffing Firm
RALEIGH, N.C. (Business Wire EON/PRWEB ) August 12, 2008 --
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.
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.
See the original story at: http://eon.businesswire.com/releases/orion/therapy/prweb1205734.htm
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