TPG Growth to Acquire Medical Solutions
TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, today announced that it has entered into an agreement to acquire a majority stake in Medical Solutions, a leading provider of healthcare 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. The transaction is subject to standard conditions, including regulatory clearance, and is expected to close in the second quarter. Additional terms of the transaction were not disclosed.
“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.”
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.”
In addition to its core offering, which provides hospitals with travel nurses on 13-week assignments, Medical Solutions offers a range of dynamic staffing solutions aimed to address hospitals’ specific and ever-changing needs. Most significantly, the company operates as a Managed Service Provider (MSP), helping to streamline and simplify workforce operations by exclusively managing a hospital’s entire travel nurse staffing process.
“Medical Solutions sits at the perfect intersection of our healthcare and business services investing strategies,” said Shamik Patel, Principal at TPG Growth. “Last year, we partnered with Frank Recruitment Group, a leading IT recruitment company, with the view that high-quality staffing businesses can serve as a catalyst for enabling and accelerating growth within an industry. Medical Solutions builds on this theme by addressing a prominent need in the healthcare system for high-quality, travel nurses.”
“It’s been a privilege to be part of the growth story at Medical Solutions,” said Peter Magas, Managing Director at BPOC. “Their entire team is committed to quality and a strong culture, which together drive their leading position in the sector. BPOC is proud to have helped them grow their presence in the healthcare industry and we wish Craig and the entire team continued success with their new partners at TPG Growth.”
TPG’s healthcare franchise is one of the largest in the industry, having invested more than $10 billion of equity capital in the sector. Select 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.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With over $8.3 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has approximately $72 billion of assets under management. For more information, visit www.tpggrowth.com.
About Medical Solutions
Medical Solutions L.L.C. is a healthcare staffing firm that specializes in placing registered nurses in temporary travel assignments throughout the nation. The company is one of the largest Travel Nurse staffing agencies in the United States, with locations in Omaha, San Diego, Cincinnati, Denver, and Tupelo, MS. Medical Solutions was one of the first Travel Nursing and Allied Healthcare staffing companies to be certified by the Joint Commission and has been continuously certified since January 2005. Medical Solutions was named one of the top three staffing firms to work for in Staffing Industry Analysts “Best Staffing Firms to Work For,” and has been named nine times to the Inc. 5000 list of fastest-growing private companies. For more information, visit www.medicalsolutions.com.
About Beecken Petty O'Keefe & Company
Beecken Petty O'Keefe & Company is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms in the healthcare industry. BPOC evaluates, structures, and manages investments on behalf of institutional and individual investors. Since inception, BPOC has raised in the aggregate over $1 billion to invest in private transactions from its four committed private equity funds and third party co-investors. The firm is headquartered in Chicago, IL. For more information on BPOC, visit www.bpoc.com.
Medical Solutions Launches New Hospital Client Website
Medical Solutions, one of the nation’s top travel nurse staffing companies, is excited to announce the launch of its new hospital Client website at staffyourhospital.com. Among other features, the site offers hospital leaders and healthcare professionals a comprehensive guide to Medical Solutions’ services, including traditional travel staffing, a managed service provider program called Medical Solutions Plus, strike solutions for hospitals, and a rapid response program for hospitals with urgent, flexible staffing needs.
The new Client website also provides access to several resources covering a range of current healthcare industry topics, such as nurse burnout prevention, top nurse recruitment strategies for hospitals, and current trends reshaping the healthcare field.
Medical Solutions Director of Marketing & Customer Experience, Jeff Long, says the website will benefit both potential and current Medical Solutions’ Clients.
“We constantly strive to provide superior service for the varied needs of our hospital Clients,” says Long. “Staffyourhospital.com speaks to those needs.”
In addition, the site highlights testimonials from current clients and showcases Medical Solutions’ Client Management team bios.
Pat Barry, Vice President of Sales at Medical Solutions, believes the new site reflects the company’s commitment to customer service.
“This new website will improve the customer experience for both our potential and current Clients,” says Barry. “Now they have the opportunity to gain more insight into our company’s services and our experienced team members.”
To learn more about Medical Solutions’ healthcare staffing services, visit www.staffyourhospital.com.
Medical Solutions Named One of the “Best Places to Work in Omaha” for Seventh Time
Medical Solutions, one of the nation’s top healthcare staffing companies, has been named for the seventh time among the “Best Places to Work in Omaha” by the Greater Omaha Chamber and Baird Holm LLP.
“Engaged employees tend to stay with their employers longer, serve customers more effectively, and otherwise make great companies,” said David G. Brown, President and CEO of the Greater Omaha Chamber. “The ‘Best Places to Work in Omaha’ initiative celebrates those organizations that have mastered the art of employee engagement, demonstrating what it takes to build and nurture successful teams.”
In 2017, Medical Solutions placed third in the large company category, for organizations with more than 200 employees, and will be recognized at a luncheon in Omaha on May 25, 2017.
The company was previously named among “Best Places to Work in Omaha” in 2008, 2009, 2011, 2012, 2013, and 2014. Medical Solutions was also recently named among 2017’s “Best Staffing Firm to Work For” in the nation by Staffing Industry Analysts.
“We are committed to offering our team excellent benefits that support the whole person, exciting careers, and a fun, comfortable work environment,” said Christy Johnston, Chief People Officer at Medical Solutions. “Our award-winning culture helps us recruit and retain some of the very best talent in the region.”
Medical Solutions offers internal employees health, dental, vision, and 401(k) benefits, plus paid life and short-term disability insurance. An ultra-casual dress code encourages flip-flops and t-shirts, and the friendly, collaborative atmosphere creates an environment where life-long friendships are forged. The company also provides an in-office Concierge, onsite massage and car detailing, free food and beverages, opportunities throughout the year to volunteer during work hours and otherwise give back to the community, and many other perks. Medical Solutions regularly holds company events and outings, but also prides itself on surprising employees with treats, gifts, special in-office occasions, and more.
“In addition to traditional and cutting-edge benefits, our employees develop meaningful relationships with their peers and managers, and consistently have opportunities to make a difference in the community and have a voice in the direction of the company,” said Johnston.
Click here to learn more about corporate careers at Medical Solutions.
Medical Solutions Named Among Staffing Industry Analyst’s 2017 Best Staffing Firms to Work For
Medical Solutions, one of the nation’s largest travel nurse staffing companies, has been named among Staffing Industry Analysts’ 2017 “Best Staffing Firms to Work For.”
The pet-friendly healthcare staffing agency was named a winner in the category for staffing firms with 201-500 employees, meaning that Medical Solutions scored in the top quartile in this category.
“Our team is thrilled to once again be recognized as one of the top staffing firms to work for by Staffing Industry Analysts,” says Christy Johnston, Chief People Officer at Medical Solutions. “Medical Solutions is dedicated to providing a positive culture that offers employees ample opportunity for professional development, work/life balance, and fun — so it’s really great to see our efforts and what we’ve all created together be recognized.”
Medical Solutions was previously named among Staffing Industry Analysts’ “Best Staffing Firms to Work For” in 2012, 2013, and 2016.
“This year’s winners lead the industry forward each day, in their empowerment of people and through their commitment to the organizational values and vision that drive employee engagement and business success,” said Barry Asin, President of Staffing Industry Analysts. “We congratulate each of these firms on their top performance and strong workplace culture.”
Click here to learn more about Medical Solutions’ awards and recognition throughout the years.