Business
Cross Country Healthcare Completes Asset Acquisition of Workforce Solutions Group, Inc. and Secures New $100 Million Financing
BOCA RATON, Fla.--(BUSINESS WIRE)-- Cross Country Healthcare, Inc., (NASDAQ: CCRN), a leading provider of advisory and workforce solutions, including
About this update from Cross Country Healthcare, Inc.
[{"type":"text","content":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nCross Country Healthcare, Inc., (NASDAQ: CCRN), a leading provider of advisory and workforce solutions, including contingent staffing, permanent placement, and other consultative services for healthcare clients, today announced the asset acquisition of Workforce Solutions Group, Inc. (WSG), effective June 8, 2021. Based in California, WSG primarily works with local and national healthcare plans and managed care providers to coordinate in-home care services for participants. WSG also provides a range of consulting and talent management solutions to its healthcare clients, including home care staffing, recruitment process outsourcing, contingent workforce evaluation, and talent acquisition.\n\n“I am very pleased to announce our acquisition of Workforce Solutions Group, a strong entrepreneurial woman-led business and our first acquisition since my return to the company. This acquisition allows us to expand our footprint into the home care business and participate in healthcare in a different way by serving in a critical role in caring for our aging population and others. In particular, I am excited about the managed service offerings provided by WSG that help healthcare facilities manage the complexities of sourcing, recruiting, and employing healthcare professionals to meet the needs of patients requiring care in the home or in the community versus going to a nursing home. These offerings are akin to Cross Country’s managed service program (MSP) services but in an adjacent space that we believe will continue to grow and enable seniors to remain independent in their own homes for as long as possible,” said Kevin C. Clark, Co-Founder and Chief Executive Officer of Cross Country Healthcare.\n\n“I am excited that Workforce Solutions Group is joining the Cross Country family. This partnership provides additional resources and support that will allow us to expand our industry leading services to more customers and accelerate our growth,” said Pamela Jung, Founder and Chief Executive Officer of Workforce Solutions Group, Inc. “Further, I look forward to the enhanced career opportunities this partnership can provide for our incredible team members,” said Jung.\n\nThe purchase price included $25.0 million in cash and $5.0 million in shares of the Company’s Common Stock, subject to a net working capital...