Kingsway Financial Services Inc., a Chicago-based holding company owning subsidiaries primarily in the extended warranty, business services, asset management and real estate industries, acquired Secure Nursing Service Inc., a healthcare staffing agency based in Los Angeles.

Subject to customary adjustments at closing, the purchase price of the acquisition was $10.9 million. The deal consisted of the acquisition of Secure Nursing Service’s assets and the assumption of certain liabilities.

Kingsway subsidiaries Pegasus Acquirer Holdings LLC and Pegasus Acquirer LLC borrowed $6.5 million as a term loan and established a $1 million revolver that was undrawn at close for financing the acquisition.

“The acquisition of SNS marks Kingsway’s third business acquisition under the Kingsway Search Xcelerator program,” Kingsway President and CEO J.T. Fitzgerald said.

“For the last 16 years, Secure Nursing Service has answered the growing demand for medical staffing driven by the increasing need for healthcare services combined with a persistent nursing shortage across the country. The business meets our criteria of recurring revenue, strong margins and low capital demands, making it a great fit for our model.”

Founded in 2002, Secure Nursing Service had $19.7 million of unaudited revenue and $2.6 million of unaudited non-GAAP adjusted EBITDA for the year ending June 30, 2022.