Trivest-backed healthcare-staffing firm PPR runs sales process

  • Trivest invested in PPR through Fund V
  • Piper Jaffray runs process for nurse-staffing firm
  • PPR peer Medical Solutions scored ~$500 mln valuation in 2017 secondary buyout

Trivest Partners is looking to exit its investment in travel-nursing agency PPR Talent Management, three sources said.

A sales process for the Jacksonville Beach, Florida, company kicked off a while back, two of the sources said. One suggested a launch date around October, while the other estimated it started earlier.

Piper Jaffray is offering sell-side advice on the process, sources said.

The PPR process follows Beecken Petty O’Keefe & Co’s May 2017 sale of a larger travel-nurse staffing agency, Medical Solutions, to TPG Growth. Jefferies and Piper Jaffray advised on the sponsor-driven sales process, which ultimately produced a deal valued around $500 million, Buyouts reported.

PPR is also likely to find a buyer in private equity, one source said. The company is being marketed off an Ebitda figure around $20 million, added another source.

Trivest’s initial investment date in PPR is unclear, but the Coral Gables, Florida, PE shop backed the staffing provider through its fifth fund.

Trivest, which invests in family- or founder-owned businesses, wrapped up Fund V in September 2012 at a hard cap of $415 million.

Its sixth fund closed in September 2017 at $580.2 million.

PPR was founded in 1996 out of the home of its founder and former CEO, Dwight Cooper.

The firm recruits and places registered nurse practitioners and interim leaders in hospitals and other post-acute settings on a temporary basis. PPR also places healthcare professionals in school systems as well as manages the vendors supplying direct hire and contingent staff.

Paul Helm was named CEO in November 2016 after departing from 360 Healthcare Staffing, a Tampa-based staffing provider that PPR acquired in February 2017.

PPR’s network encompasses north of 1,000 healthcare professionals, Trivest states on its website.

Trivest also owns PeopleShare, the Philadelphia provider of temporary staffing and outsourced HR services for light industrial and office and clerical positions. The investment was made in September 2015 through Fund V.

Representatives of Trivest, Piper Jaffray and PPR didn’t respond to requests for comment.

Action Item: Contact Trivest at +1 305-858-2200

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