Australia-based workforce management company People Infrastructure announced that it has entered into an agreement to acquire Network Nursing Agency and Australian Healthcare Academy, which is part of Network Nursing Agency.

Network Nursing Agency is a Sydney-based nursing agency focused in supplying general, critical care, mental health, midwifery, aged care nurses, and facilitation to private and public healthcare clients.

Australian Healthcare Academy, is a provider of healthcare training and education to healthcare professionals in Australia.

People Infrastructure’s Managing Director, Declan Sherman commented, “The acquisition of Network Nursing Agency represents a logical extension of our leading disability and community care workforce management business.”

“Over the last ten years, People Infrastructure has grown to be a leading provider of workforce management to the disability sector in Australia. The acquisition of Network Nursing Agency will provide the ability to grow our offering in the Australian healthcare sector into nursing. There are a number of cross selling benefits in being able to provide nurses to our disability clients as well as leverage the combined workforce in the nursing and disability sectors to service the entire sector,” Sherman said.

“While 90% of Network Nursing Agency’s earnings are provided by the nursing agency, the Australian Healthcare Academy is also an important strategic acquisition providing the ability to upskill nurses to better qualify them for workforce opportunities in the nursing and disability sector,” Sherman added.

According to People Infrastructure, the acquisition will allow the group to expand its disability and community care workforce management business and increase its offerings in healthcare sector into nursing.

The acquisition price for Network Nursing Agency is AUD 8 million (USD 5.7 million) payable in cash on closing. There will also be an opportunity for the vendors to receive further consideration as: If the FY19 EBITDA exceeds AUD 2.65 million (USD 1.9 million) then a further $0.55 million (USD 0.4 million) in cash consideration; or if the FY19 EBITDA exceeds AUD 2.8 million (USD 2.0 million) then a further AUD 1.1 million (USD 0.7 million) in cash consideration. It is expected that the acquisition will be completed in the coming weeks.

The consideration will be funded by a combination of People Infrastructure’s existing cash reserves and new debt facilities.

People Infrastructure is a diversified provider of workforce management to various sectors including disability care, child care, infrastructure, mining, manufacturing, information technology and hospitality amongst others.