AMN Healthcare Services Inc has agreed to acquire Advanced Medical Personnel Services Inc, a healthcare staffing firm, for $200 million. The deal is expected to close by early June 2019. Advanced is backed by Clearview Capital.
DALLAS and SAN DIEGO, April 30, 2019 /PRNewswire/ — AMN Healthcare Services, Inc. (NYSE: AMN), the nation’s leading innovator in healthcare workforce solutions and staffing services, today announced a definitive agreement to acquire Advanced Medical Personnel Services, Inc (Advanced). The purchase price is $200 million, with up to an additional $20 million to be paid based on Advanced’s 2019 financial performance. The acquisition is structured to allow AMN to realize tax benefits with an estimated net present value of $8 million and is expected to be immediately accretive to AMN’s adjusted earnings per share.
Advanced is an innovative healthcare staffing company that specializes in placing therapists and nurses in contract positions across multiple settings including hospitals, schools, clinics, skilled nursing facilities, and home health. They have built a strong reputation for expertise in placement within critical, high-shortage clinical disciplines. More recently, the entrepreneurial team at Advanced has been successful in launching a platform that serves the needs of children within large school districts through both on-site and telehealth therapists. Advanced has a current annualized run rate of approximately $140 million revenue and adjusted EBITDA of $20 million.
“We are thrilled that the innovative team at Advanced will soon be part of the AMN family. Advanced will provide AMN the opportunity to enhance our offerings in some of the fastest growing and most important care settings. In addition to the attractive nature of their growing footprint in schools, we are excited about the potential of the recently launched telehealth platform for delivery of speech therapy to children across the country,” said Susan Salka, President and Chief Executive Officer of AMN Healthcare. “This acquisition also expands our talent network of healthcare professionals and increases our placement capabilities where we have the most significant imbalances of talent supply and demand.”
Jennifer Fuicelli, CEO of Advanced added, “We are pleased that AMN will further accelerate the unique position Advanced has developed in healthcare staffing, particularly in school services and technology to deliver therapy remotely. Under AMN’s leadership, Advanced will continue to flourish in providing innovative solutions in the constantly evolving healthcare landscape.”
The acquisition, subject to regulatory approvals and customary closing conditions, is expected to close by early June 2019. Additional information regarding this transaction can be found in the Form 8-K filed in conjunction with this press release. The Company will discuss more details of this acquisition during its first quarter 2019 earnings call on May 2, 2019.
About AMN Healthcare
AMN Healthcare is the leader and innovator in healthcare workforce solutions and staffing services to healthcare facilities across the nation. The Company provides unparalleled access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve patient outcomes. AMN delivers managed services programs, healthcare executive search solutions, vendor management systems, recruitment process outsourcing, predictive labor analytics, mid-revenue cycle management, credentialing solutions, and other services. AMN Healthcare is committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment to the inclusion of many different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services industry. For more information about AMN Healthcare, visit www.amnhealthcare.com.
About Advanced Medical
Advanced Medical is a staffing company that specializes in placing outstanding therapists and nurses in contract and permanent positions across the United States. Advanced Medical works with Occupational Therapists, Physical Therapists, Speech Language Pathologists, and Nurses who are passionate about helping members of our communities live happier, healthier, and fuller lives. Advanced Medical connects talent with opportunities in multiple settings and placements; from hospitals, clinics, skilled nursing facilities, home health, and schools. Advanced is majority owned by Clearview Capital, a private investment firm specializing in the acquisition and recapitalization of North American companies with operating profits of $4 – $20 million.