Orion ICG, LLC Announces Acquisition of Therapy Staff, Incorporated

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Tue Aug 12, 2008 3:24pm EDT

Orion Increases its Allied Health Presence with Its Second
                 Acquisition of Therapy Staffing Firm
RALEIGH, N.C.--(Business Wire)--
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.

Orion ICG, LLC
Colleen Whiteside, 919-653-3720, ext. 116
cwhiteside@orioninternational.com

Copyright Business Wire 2008
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