New York, NY – In a significant move within the healthcare staffing industry, private investment firms Cornell Capital LLC and Trilantic North America have jointly announced the acquisition of Fastaff Travel Nursing® and U.S. Nursing Corporation®. This strategic acquisition, revealed on February 24, 2021, marks a pivotal step in building a comprehensive, tech-driven platform designed to revolutionize healthcare staffing solutions.
This acquisition is not an isolated event but rather a cornerstone in Cornell Capital and Trilantic North America’s broader vision to establish a market-leading, technology-enabled healthcare staffing platform. This initiative follows three recent strategic acquisitions: trustaff Management, Inc. (trustaff), a prominent provider of traditional travel nurse and allied healthcare staffing services; CardioSolution, a specialized managed services provider delivering cardiologists and support staff to hospitals; and Stella.ai, Inc. (Stella), an innovative AI-powered online marketplace connecting employers and job seekers, bringing cutting-edge technology to the staffing sector. By incorporating Fastaff and U.S. Nursing, the newly formed entity is poised to become an industry pioneer, leveraging the power of data science and automation to address a wide spectrum of client needs. These needs span from traditional nurse staffing to rapid response, strike preparedness, and job action services, setting the stage for accelerated growth and enhanced service delivery.
Fastaff Travel Nursing, established in 1989, has been a critical partner to hospitals for over three decades, providing essential staffing solutions. Fastaff is renowned for pioneering Rapid Response℠ travel nurse staffing, a model that has positioned it as the leading provider of temporary nurses. This specialization enables hospitals to maintain consistent, high-quality patient care, especially during urgent and critical situations that demand immediate and expert nursing support across the nation. Complementing Fastaff’s rapid response capabilities, U.S. Nursing stands as the largest provider of strike preparedness and job action staffing services. This specialization is crucial for hospitals with unionized workforces, ensuring they can maintain operations and patient care continuity during labor disputes. Together, Fastaff and U.S. Nursing collaborate with a diverse portfolio of healthcare facilities, ranging from the nation’s largest and most prestigious institutions to smaller community hospitals. Their operations are underpinned by a scalable, centralized infrastructure and shared technology, ensuring efficiency and reliability.
“We are thrilled to welcome Fastaff and U.S. Nursing into our expanding healthcare staffing platform. Their addition is instrumental in diversifying our service offerings and enhancing our technology-driven approach, which we believe will be a key driver for future growth,” stated Stephen Trevor, Partner at Cornell Capital, and Jeremy Lynch, Partner at Trilantic North America, in a joint statement. “We have been consistently impressed by the performance of both Fastaff and U.S. Nursing, particularly their dedication to supporting health system clients both before and throughout the global pandemic. Their proven track records and strong hospital relationships are invaluable, and we are excited to collaborate with them to build an industry-leading organization. We envision significant growth for this platform, both organically, geographically, and through strategic acquisitions.”
Thomas H. Lee Partners, L.P. (THL), the existing owners of Fastaff and U.S. Nursing, will continue to be stakeholders in the combined company, signaling their confidence in the future direction and potential of the expanded platform.
Megan Preiner, Managing Director at THL, commented, “Our investment in Fastaff and U.S. Nursing in 2015 was based on our conviction in the increasingly vital role of their urgent and crucial staffing services for hospital partners. The global pandemic has only underscored the critical nature of these services, and both Fastaff and U.S. Nursing have demonstrated exceptional resilience and commitment in delivering nurses to their clients amidst unprecedented demand. We are enthusiastic about our continued partnership with the Fastaff and U.S. Nursing teams in this new chapter. The synergy created by this combined entity will undoubtedly foster greater efficiency and innovation in the nurse staffing experience for healthcare facilities.”
Bart Valdez, CEO of Fastaff and U.S. Nursing, remarked, “For over three decades, Fastaff Travel Nursing has been at the forefront of Rapid Response℠ travel nurse staffing, and U.S. Nursing has led the industry in providing comprehensive job action consulting and staffing solutions. We are confident that partnering with Cornell Capital and Trilantic North America will empower us to build upon our unique market position in delivering experienced nurses to meet urgent hospital needs. Integrating the capabilities of our two brands into this larger platform will not only accelerate organic growth but also foster product and service innovation, positioning the combined company to effectively address the escalating healthcare staffing demands across the nation.”
Adam Zoia, appointed CEO of the combined company, added, “Bringing together Fastaff and U.S. Nursing with our recent acquisitions of trustaff and CardioSolution onto a unified platform will significantly expand the scale and diversity of staffing opportunities we can offer to both our clients and healthcare professionals. I am eager to leverage advanced technology to enhance these best-in-class businesses and teams, strengthen their respective brands, and drive accelerated growth at this crucial juncture for the healthcare industry nationwide.”
While the financial details of the transaction remain undisclosed, the acquisition is anticipated to be finalized in March 2021, pending regulatory approvals and standard closing conditions.
Cornell Capital was advised legally by Davis Polk & Wardwell LLP, and Trilantic North America received legal counsel from Kirkland & Ellis LLP. Lincoln International served as the financial advisor to Fastaff and U.S. Nursing, with legal advisory services provided by Ropes & Gray LLP.
About Cornell Capital
Cornell Capital LLC is a prominent U.S.-based private investment firm managing over $4.0 billion in assets under management, with offices in New York and Hong Kong. The firm adopts a value-oriented investment strategy across the consumer, financial, and industrial sectors, partnering with robust, entrepreneurial management teams. Founded in 2013 by Henry Cornell, former Vice Chairman of Goldman Sachs’ Merchant Banking Division, Cornell Capital is led by a highly experienced senior leadership team with extensive investment expertise. For more information, please visit www.cornellcapllc.com.
About Trilantic North America
Trilantic North America is a leading private equity firm focused on control and significant minority investments in North America. The firm’s primary investment sectors include business services, consumer, and energy. Trilantic North America has managed six private equity fund families, accumulating $9.7 billion in aggregate capital commitments. Recognized by Inc. Magazine as a Top 50 Founder-Friendly Private Equity Firm in 2019, Trilantic North America is dedicated to fostering growth and value creation. For more details, visit www.trilanticnorthamerica.com.
About Fastaff Travel Nursing®
Fastaff Travel Nursing® revolutionized the healthcare staffing industry over 30 years ago by pioneering Rapid Response℠ travel nurse staffing. The company has since become the nation’s leading provider of crisis nurses, delivering experienced professionals to hospitals facing urgent and critical staffing shortages. Fastaff guarantees nurse delivery within ten days or less, and often within 24-48 hours, establishing itself as the most reliable partner for ensuring uninterrupted, high-quality patient care during challenging times. Fastaff is committed to offering enriching career opportunities for nurses, providing industry-leading compensation to meet critical staffing needs and uphold exceptional patient care standards. More information is available at www.fastaff.com. Connect with Fastaff on social media platforms including Facebook, Instagram, Twitter, YouTube, and LinkedIn.
About U.S. Nursing
Since 1989, U.S. Nursing has been a vital resource for healthcare facilities and nursing professionals, offering comprehensive staffing solutions during labor disputes. U.S. Nursing is the recognized pioneer and industry leader in strike preparedness and implementation services, having successfully staffed or helped avert numerous major healthcare labor disputes nationwide. U.S. Nursing empowers facilities to negotiate from a position of strength and provides a core group of proven and experienced healthcare professionals ready to ensure continuous, quality patient care during job actions. For further information, please visit www.usnursing.com.
About Thomas H. Lee Partners
Thomas H. Lee Partners, L.P. (“THL”) is a premier private equity firm specializing in investments in middle market growth companies, primarily in North America, across three core sectors: Financial Services, Healthcare, and Technology & Business Solutions. THL combines deep sector expertise with dedicated internal operating resources to transform and build enduring, high-value companies in collaboration with management teams. With a history dating back to 1974, THL has raised over $25 billion of equity capital, invested in more than 150 companies, and completed over 400 add-on acquisitions, representing an aggregate enterprise value at acquisition exceeding $200 billion. For more information on THL, please visit THL.com.
Media Contacts
Cornell Capital
Julie Hamilton / Tim Ragones / Kate Thompson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Trilantic North America
Mariel Seidman-Gati
646-818-9013
[email protected]
Thomas H. Lee Partners
Natalie Short
Edelman
310-425-9917
[email protected]
SOURCE Cornell Capital LLC
