An investment group including Goldman Sachs Urban Investment Group, Pharos Capital Group, LLC and Haas Wheat & Partners today announced that they have acquired Nursefinders, Inc., one of the largest healthcare staffing companies in the U.S. The transaction expands the healthcare staffing holdings of Goldman Sachs by joining Nursefinders with travel nurse staffing leader, National Healthcare Staffing (NHS), an existing Goldman Sachs portfolio company.
The combined organization has approximately $350 million in revenues, 110 offices across the U.S. and a leading or significant market position in each of the four healthcare staffing sub-sectors: per diem nursing, travel nursing, allied health staffing and physician staffing. In addition, the combined company continues to be the largest Vendor Management Services (VMS) provider in the industry. Terms of the transaction were not disclosed.
Nursefinders, founded in 1974, is a diversified provider of nurse, allied health and physician staffing to healthcare facilities and homecare clients throughout the U.S. Its subsidiaries will continue to operate under three separate brands:
“We could not be more excited about the opportunity to partner with NHS and Goldman Sachs as we continue to build Nursefinders into the premier provider of healthcare staffing services,” said Bob Livonius, CEO of Nursefinders and responsible for the combined companies. “NHS’ larger travel nurse staffing business complements Nursefinders' existing travel nurse staffing offering, while the capital and healthcare expertise of Goldman Sachs, Pharos and Haas Wheat & Partners will allow Nursefinders to accelerate its growth through acquisitions and on an organic basis.”
“We welcome the opportunity to join the Nursefinders team and bring our travel nurse staffing expertise to the Nursefinders family of companies,” said Peter Kilissanly, former CEO of NHS, now serving as chairman of the combined entity.
“The acquisition of Nursefinders significantly increases our efforts to build a leading provider in the healthcare staffing industry,” said Martin Chavez, Managing Director of Goldman Sachs Urban Investment Group. “We believe Bob Livonius and his executive team are one of the best in this business, and joining with NHS allows us to offer our customers a more attractive integrated healthcare service.”
"The opportunity to partner with a strong management team, Goldman Sachs and Haas Wheat in addressing the national shortage of nurses and other health professionals was very appealing to Pharos," said Pharos Managing Partner Bob Crants.
“We are thrilled to be part of this enterprise with Goldman Sachs, Pharos and senior management,” commented Robert Haas, Chairman of Haas Wheat & Partners. “Based on our experience as a strategic investor in this dynamic industry since 1999, we believe that the Company’s strategy of offering a wide breadth of services to its clients, often coupled with a direct presence in the hospital itself, is a winning formula for success.”
Gryphon Investors, a San Francisco-based private equity firm, acquired Nursefinders in August 2004 in partnership with Kaiser Permanente and former Spherion CEO Ray Marcy. Under Gryphon’s ownership, Nursefinders expanded into the physician staffing sector with the acquisition of Linde Healthcare/Kendall & Davis in July 2005 and into the allied health staffing sector with the acquisition of Club Staffing in June 2006.
Nursefinders, Inc., based in Arlington, TX, provides nursing, allied healthcare and physician placement services through its Nursefinders, Club Staffing and Linde Healthcare/Kendall & Davis brands. Through a network of over 100 offices, it serves hospitals, outpatient centers, assisted living and other health care facilities nationwide. It also provides home health services through 25 of its offices. The company places more than 14,000 health care professionals in long and short-term health care assignments each year. To learn more about Nursefinders, please visit www.nursefinders.com.
National Healthcare Staffing (NHS) provides temporary healthcare professionals (primarily nurses) on contract assignments in acute-care hospitals. Through its nationwide hospital contracts, the company provides assignments to candidates throughout the country. NHS recruits candidates throughout the United States and abroad, offering free furnished housing, travel reimbursement and attractive compensation and benefit packages. To learn more about National Healthcare Staffing, please visit www.nhsus.com.
The Goldman Sachs Urban Investment Group is a private equity initiative within The Goldman Sachs Group, Inc. (NYSE:GS), that invests capital in ethnic minority-owned or targeted businesses and urban real estate. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. Goldman Sachs also has offices in Miami, Florida and Dallas, Texas. To learn more about The Goldman Sachs Urban Investment Group, please visit www.gs.com/uig.
Based in Dallas and Nashville, Pharos Capital Group currently has $500 million in capital under management through three private equity funds. Pharos primarily invests in companies seeking later stage equity funding for internal growth, acquisitions, management buyouts or recapitalizations across industry sectors, with particular focus on health care, business services, and applied technology. To learn more about Pharos Capital Group, LLC, please visit www.pharosfunds.com.
Haas Wheat & Partners is a Dallas-based private investment firm specializing in strategic equity investments and leveraged buyouts of middle market companies. Since 1984, Haas Wheat has invested across a broad spectrum of industries, with a particular concentration on healthcare and consumer products. To learn more about Haas Wheat, please visit www.haaswheat.com.
Owen Blicksilver Public Relations
Nursefinders, Inc., headquartered in Arlington, Texas, was founded in 1974 and provides medical staffing services to more than 4,200 hospitals, nursing homes and clinics across the country. Nursefinders has a system-wide network of approximately 120 offices in the United States providing RNs, LPN/LVNs, and other health care and medical clerical professionals for staffing needs. We're proud to say that through innovative systems, and with the dedicated work of our professionals, we've become one of the most respected medical staffing companies and the largest provider of Vendor Managed Services (VMS) and Managed Staffing Programs (MSP) in the United States. Additionally, Nursefinders' Patient Care Division provides home health services for all age groups from newborn care to senior living services from 25 locations nationwide. Nursefinders prides itself on hiring only the most highly qualified professionals. For more information on the company, visit www.nursefinders.com
Senior Director of Corporate Communications, AMN Healthcare
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