Cross Country Healthcare Inc. (NASD: CCRN) yesterday agreed to acquire Advantage RN for an aggregate purchase price of $88 million, subject to a post-closing working capital adjustment. The deal includes affiliates Advantage On Call LLC, Advantage Locums LLC and Advantage RN Local Staffing LLC.

Cross Country, based in Boca Raton, Fla., ranks as the third-largest healthcare staffing firm in the US.

Advantage RN, a West Chester, Ohio-based healthcare staffing provider founded in 2003, deploys many of its nurses through managed service providers and vendor management systems and maintains direct relationships with hospitals. It posted annual revenue of approximately $100 million in 2016. The company ranks No. 14 on Staffing Industry Analysts’ list of largest travel nurse staffing firms and No. 24 on the list of largest healthcare staffing firms overall in the US.

“The acquisition of Advantage’s business represents a strategically compelling opportunity for Cross Country Healthcare to increase our supply of healthcare professionals, expand our capture rate at our managed service providers accounts, and expand our workforce solutions business by offering our full suite of services to certain of Advantage’s clients,” said Cross Country Healthcare President and CEO William Grubbs. “From a financial perspective, we expect this transaction to create significant value for our shareholders and meaningful earnings accretion in 2017 through increased scale and accelerated growth opportunities.”

Advantage founder and CEO Matt Price will remain with the business after the transaction closes, which is expected to occur during the third quarter of 2017 and is subject to customary closing conditions.

Cross Country is financing the deal through a combination of cash on hand and borrowings under its senior credit facility. In connection with the transaction, the company also increased the borrowing capacity under its current credit facility by $40 million.

The deal follows Cross Country’s 2015 acquisition of Mediscan, a healthcare staffing provider based in Woodland Hills, Calif., for $33 million.