A pair of private investment firms acquired Trustaff Management Inc., the 10th-largest US healthcare staffing firm and a provider of travel nurse and allied healthcare staffing.
The investment firms, Cornell Capital LLC and Trilantic North America, also agreed to acquire CardioSolution, a cardiovascular services firm that provides cardiologists and support personnel to hospitals. Cornell Capital and Trilantic are also acquiring Stella.ai, an online marketplace for employers and job seekers.
With the acquisitions, the buyers aim to create a healthcare staffing platform with a technology-driven approach.
“Trustaff and CardioSolution are leaders in the healthcare staffing industry, and we are thrilled to partner with both teams as we successfully build this combined company,” said Stephen Trevor, partner at Cornell Capital.
Trustaff was founded in 2002. In addition to ranking as one of the largest healthcare staffing firms, it also ranks as the seventh-largest provider of travel nurses.
Meanwhile, CardioSolution specializes in building, augmenting and operating cardiovascular programs for underserved communities across the US.
Stella is an inter-company candidate referral network for large employers. It’s based in New York and has built networks in hospitality, wireless communications and healthcare.
Leading the combined companies as CEO will be Adam Zoia, who was CEO and co-founder of Stella. Trustaff CEO Brent Loring will be retiring.
Trustaff President Sean Loring has been named chairman of the combined companies and will help lead the business. Both Brent and Sean Loring remain investors in the business.
Terms of the transaction were not announced, and the deal is expected to close in this quarter subject to regulatory approvals and other customary closing conditions.
Trustaff will continue to operate its headquarters in Cincinnati and offices in Boca Raton, Florida; Dallas; Nashville; and Scottsdale, Arizona. In addition, CardioSolution will continue to operate from its headquarters in Cincinnati. The combined company plans to expand its operations in New York.
