Mastech Holdings Inc. (NYSE MKT: MHH) sold its healthcare staffing businesses to Accountable Healthcare Staffing Inc. The deal takes effect Aug. 11 and marks the seventh acquisition for Boca Raton, Fla.-based Accountable Healthcare since its inception in early 2012.
Mastech will get $1.15 million for its healthcare operations. That includes approximately $1.0 million in cash at closing plus the assumption of certain liabilities. Total assets to be sold exclude cash balances on hand, account receivables and other current assets which totaled approximately $1.5 million as of June 30 net of current liabilities, according to Mastech.
“This divestiture will allow Mastech to focus entirely on its core IT staffing business,” said Mastech CEO D. Kevin Horner. “Given Accountable Healthcare’s highly regarded reputation in and commitment to the healthcare staffing market, we are excited about the opportunities that the transaction presents to our dedicated healthcare professionals.”
The healthcare staffing businesses acquired by Accountable Healthcare in the deal include Mastech Healthcare and Curastat Healthcare Group. Mastech Healthcare specializes in placing operating room nurses, surgical technicians, post anesthesia care unit nurses, sterile process technicians, physical therapists and occupational therapists in the Chicago area. Curastat provides per diem nursing and travel nursing, and is based in Phoenix.
Both Mastech Healthcare and Curastat will be rebranded to Accountable Healthcare. The management teams and staff of each business will join Accountable Healthcare.
“The acquisition of Mastech Holdings’ healthcare units adds a team with deep industry experience to Accountable and will accelerate our growth in both the travel nurse and per diem segments of our business,” said Accountable Healthcare Chairman and CEO Robert Adamson.