Private equity firm TPG Growth agreed to acquire a majority stake in travel nurse provider Medical Solutions in a deal expected to close in the second quarter.

Beecken Petty O'Keefe & Company, which acquired the company in 2015, will retain an equity stake post-close and TPG expects the current leadership to remain the same throughout and after the transaction. Additional terms of the transaction were not disclosed.

“Medical Solutions sits at the perfect intersection of our healthcare and business services investing strategies,” said Shamik Patel, principal at TPG Growth. “Last year, we partnered with Frank Recruitment Group, a leading IT recruitment company, with the view that high-quality staffing businesses can serve as a catalyst for enabling and accelerating growth within an industry. Medical Solutions builds on this theme by addressing a prominent need in the healthcare system for high-quality travel nurses.”

Medical Solutions provides more than 1,600 hospitals nationwide with travel nurses. The company also operates as a managed service provider. TPG Growth plans to work with Medical Solutions to grow its existing hospital base, expand capabilities into new service lines, and partner with new hospitals through MSP agreements. The company also expects to continue ramping the MSP business under TPG Growth’s ownership. 

“Through our focus on customer experience, we can attract the highest quality nurses and this drives our ability to help hospitals continue to provide great patient care in the midst of a nationwide nursing shortage,” said Medical Solutions CEO Craig Meier. “We are proud of the growth we have achieved with our partners at Beecken Petty thus far. Now, with the support and resources of our new partners at TPG Growth, we’re eager to build on our momentum and serve even more hospitals and nurses.”

Medical Solutions ranks fifth on Staffing Industry Analysts list of largest travel nurse staffing firms in the US and No. 11 on the list of largest healthcare staffing firms in the US. The company is also on the 2017 Best Staffing Firms to Work For list and the list of fastest-growing staffing firms in the US.

TPG Growth is the middle market and growth equity investment platform of global private investment firm TPG. It counts more than $8.3 billion of assets under management, and targets investments in a range of industries and geographies.