Private investment companies Cornell Capital and Trilantic North America have struck a deal to acquire Fastaff Travel Nursing (Fastaff) and U.S. Nursing as part of their efforts to build a leading tech-enabled platform for healthcare staffing.
The latest move follows three other recently announced acquisitions that include trustaff Management, CardioSolution and Stella.ai.
Trustaff is a leading provider of traditional travel nurse and allied healthcare staffing services, CardioSolution provides cardiologists and support personnel to hospitals, while Stella.ai is an AI-driven online marketplace that brings technology expertise to the staffing sector.
Fastaff has developed the Rapid Response travel nurse staffing and provides temporary nurses to help hospitals to provide continuous patient care during urgent and crucial situations across the world.
U.S. Nursing provides strike preparedness and job action staffing services for hospitals with unionised workforces.
Founded in 1989, Fastaff and U.S. Nursing partner with many large healthcare facilities, as well as small community hospitals, using a scalable, centralised infrastructure and shared technology.
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Fastaff and U.S. Nursing CEO Bart Valdez said: “Our team has the utmost confidence that partnering with Cornell Capital and Trilantic North America will help us build on our unique market position delivering experienced nurses for urgent hospital needs.
“Bringing the capabilities of our two brands to this larger platform will accelerate organic growth, allow for greater product and service innovation, and position the combined company to help meet the nation’s expanding healthcare staffing needs.”
Subject to regulatory approvals and other customary closing conditions, the acquisition is expected to be concluded in March.
For the deal, Davis Polk & Wardwell is serving as legal advisor to Cornell Capital and Kirkland & Ellis is acting as legal advisor to Trilantic North America.
Lincoln International is serving as financial advisor, while Ropes & Gray is acting as legal advisor to Fastaff and U.S. Nursing.