Centerbridge, Quebec's Caisse to Buy TPG's Nurse Staffing Firm Medsol

© Bloomberg Centerbridge Nears $2.3 Billion Deal for TPG’s Medsol

(Bloomberg) — Centerbridge Partners and Caisse de dépôt et placement du Quebec have agreed to buy TPG’s Medical Solutions, a health-care staffing firm.

“With the support and expertise of Centerbridge and CDPQ, we will be even better positioned to help meet the increased need for skilled health-care professionals and talent management nationwide,” Medical Solutions Chief Executive Officer Craig Meier said in a statement Monday, confirming a Bloomberg News report. 

While financial terms weren’t disclosed, people familiar with the matter said the deal values the company at about $2.3 billion, including debt. 

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TPG Growth acquired Medical Solutions in 2017 for about $500 million, according to media reports at the time, and the private equity firm had hired advisers earlier this year to explore a sale of the Omaha, Nebraska-based company.

Medical Solutions last year placed medical staff like travel nurses at more than 4,500 health-care facilities around the U.S., according to the statement. Demand for its services is expected to grow with staffing needs related to the pandemic, as well as an aging population.

Health systems are seeing higher turnover and attrition, and more vacant positions that take longer to fill in some cases due to worker burnout, which was high among health-care workers even before the pandemic. 

Demand is highest for nurses, who make up the largest part of the clinical workforce. Hospitals in rural areas are particularly reliant on travel workers, like the ones staffed by Medsol. So are understaffed hospitals that have relied on traveling health-care workers to fill gaps during the pandemic.

Covid’s Rampage Means No Medical Cavalry Coming to the Rescue

Goldman Sachs Group Inc., Evercore Inc. and UBS Group AG advised Medical Solutions on the deal, which is expected to close by the end of this year, according to the statement. Jefferies Financial Group Inc. advised Centerbridge. 

(Updates final paragraph to include Jefferies as an adviser.)

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