Business Services Industry
Cross country completion - Big deals: following the money - Cross Country Healthcare - Med-Staff Inc - Brief Article
South Florida CEO, July, 2003
* Cross Country Healthcare has acquired Pennsylvania-based Med-Staff, Inc., for $104 million in cash plus an earn-out provision up to a maximum of $37 million, based on this year's financial performance. Med-Staff, one of the largest privately held healthcare staffing companies in the US, had revenues of $162 million in 2002.
Boca Raton-based Cross Country (also a health care staffing firm) has entered into a new $200 million senior secured credit facility in conjunction with the acquisition. It has a client base of more than 3,000 hospitals, health care providers and pharmaceutical companies across the US.
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