Fastaff Travel Nursing and US Nursing Corp. are being acquired by Cornell Capital LLC and Trilantic North America. The two private investment firms announced the deal on Feb. 24. The acquisition follows a separate announcement Feb. 9 that Cornell and Trilantic were acquiring healthcare staffing firm Trustaff Management Inc., the 10th-largest US healthcare staffing firm, along with CardioSolution, a provider of cardiologists to hospitals, and Stell.ai, an online marketplace for employers and job seekers.
Fastaff, a travel nurse provider that specializes in rapid response, and US Nursing, which provides nurses in cases of strikes, together rank as the fifth-largest travel nurse staffing provider in the US. They are based in Greenwich Village, Colorado.
Terms of the transaction were not announced. However, Fastaff and US Nursing’s current owner, Thomas H. Lee Partners LP, will remain an investor in the combined company.
“We invested in Fastaff and US Nursing in 2015 with a thesis behind the increasingly mission-critical nature of their urgent and crucial staffing services to their hospital partners,” said Megan Preiner, managing director at Thomas H. Lee Partners. “During the global pandemic, the importance of these services has only been amplified, and these two brands have been able to consistently deliver nurses to their customers during these times of unprecedented demand.”
The deal aims to accelerate growth and allow for greater product and service innovation.
“Combining Fastaff and US Nursing [with] our recent acquisitions of Trustaff and CardioSolution on one platform will increase the scale and diversity of staffing opportunities we can deliver to both clients and healthcare professionals,” said Adam Zoia, who has been named CEO of the combined company.
The deal is expected to close in March and is subject to customary closing conditions.
