TPG Growth, the middle market and growth equity platform of Fort Worth and San Francisco-based private equity firm TPG, announced that it has entered into an agreement to acquire a majority stake in Medical Solutions, a provider of health care staffing solutions for hospitals across the United States. Beecken Petty O’Keefe & Company (BPOC), who acquired the company in 2015, will retain an equity stake post-close.
“Faced with large patient volumes and nursing shortages, more and more hospitals are searching for reliable, qualified nurses,” said Matthew Hobart, Partner at TPG Growth. “As a leading provider of travel nurse staffing services, Medical Solutions is well positioned to help solve this imbalance between supply and demand while offering a superior, tailored solution for hospitals and nurses alike.”
The transaction is subject to standard conditions, including regulatory clearance, and is expected to close in the second quarter. Terms of the transaction were not disclosed.
Medical Solutions is continually one of the fastest growing companies in the travel nursing industry. They provide more than 1,600 hospitals around the country with highly skilled and qualified travel nurses. Recognized by the staffing industry for its superior culture, the company’s attentive and responsive operating teams assist at all stages of the process – from Career Consultants recruiting top talent and providing highly-personalized experiences for nurses to Client Managers constantly assessing hospitals’ needs and placing the most qualified nurses.
“Through our focus on customer experience, we can attract the highest quality nurses and this drives our ability to help hospitals continue to provide great patient care in the midst of a nationwide nursing shortage,” said Craig Meier, CEO of Medical Solutions. “We are proud of the growth we have achieved with our partners at Beecken Petty thus far. Now, with the support and resources of our new partners at TPG Growth, we’re eager to build on our momentum and serve even more hospitals and nurses.”
TPG’s health care franchise is one of the largest in the industry, having invested more than $10 billion of equity capital in the sector. Other investments include Evolent Health, GoHealth Urgent Care, Healthscope, IASIS Healthcare, NorthStar Anesthesia, Oxford Health Plans, Parkway Holdings, Par Pharmaceutical, Precision Medicine Group, and Surgical Care Affiliates.
Kirkland & Ellis and Paul Hastings served as legal advisors to TPG and the sellers, respectively. Jefferies LLC served as lead financial advisor to Medical Solutions and Piper Jaffray acted as co-advisor. Additionally, UBS Investment Bank and Sun Trust Robinson Humphrey, Inc. advised TPG Growth on the transaction and are providing financing.