Canada-based investment firm Onex Corporation and its affiliated funds announced that it has agreed to acquire UK-based healthcare staffing provider Independent Clinical Services Group Ltd (‘ICS’).

The transaction is expected to close later this year, subject to customary conditions and regulatory approvals. The terms of the transaction are not being disclosed.

Onex will make the acquisition in partnership with the existing management team and with a reinvestment in the equity by the former majority shareholder, TowerBrook Capital Partners LP.

According to SIA research, ICS is the largest healthcare staffing provider in Europe with a market share of almost 10%. The company provides specialised staffing, workforce management solutions, and health and social services business operating primarily in Europe and present across four continents globally. ICS’s 1,850 employees serve over 2,000 clients from offices in ten countries.

“ICS is committed to being a true partner to its clients in delivering both capacity and care at the highest standard, and that is a commitment we want to continue and build on,” Nigel Wright, a Managing Director with Onex, said. “We are pleased to be partnering with the ICS management team and look forward to supporting their growth for years to come.”

“Onex’ strong investment track record and history of supporting the teams it invests alongside makes it an ideal partner for us,” Mike Barnard, Chief Executive Officer of ICS, said. “Our first priority is to provide high-quality healthcare staffing and services to our clients and partners around the world. Onex is aligned with the strategic direction of our firm and we are excited to work together in our next phase of growth.”

The investment will be made by Onex Partners V, Onex’ USD 7.2 billion fund.