SAN DIEGO, Dec. 17, 2014 /PRNewswire/ -- AMN Healthcare
Services, Inc. (NYSE: AHS), the nation's leading innovator in
healthcare workforce solutions and staffing services, today
announced a definitive agreement to acquire Onward Healthcare,
Locum Leaders and Medefis from OGH, LLC for a total purchase price
of $82.5 million. The acquisition is
expected to be accretive to AMN's earnings in 2015, and will be
funded out of cash on hand and borrowings under the Company's
existing revolving credit facility.
OGH, LLC is a healthcare and technology workforce solutions
holding company, and includes Onward Healthcare, a premier national
nurse and allied healthcare staffing firm; Locum Leaders, a
well-respected national locum tenens provider; and Medefis, a
leading provider of a SaaS-based vendor management system for
healthcare facilities. The 2014 projected consolidated revenue for
the three companies is $112 million,
with anticipated EBITDA of approximately $10
million.
"This acquisition will enable us to increase the fill rates of
our clients' critical staffing needs," said Susan Salka, President and Chief Executive
Officer of AMN Healthcare. "As a combined company, we are
immediately growing our talent pool of quality clinicians and
physicians and adding experienced sales and service team
members."
"At the same time, we are further enhancing our workforce
solutions offering with the addition of Medefis, a differentiated
and highly regarded VMS technology that provides healthcare
facilities with another vendor-neutral option to streamline the
management of their contingent labor," she noted.
Kevin Clark, CEO and Founder of
OGH, LLC, added, "We are pleased that AMN will carry on the legacy
of Onward Healthcare, Locum Leaders and Medefis. Under AMN's
leadership, we are confident these brands will continue their
success in the market, which was built around best-in-class
customer service and support."
The acquisition, subject to regulatory approvals and customary
closing conditions, is expected to close by mid-January 2015. OGH, LLC is majority owned by
Welsh, Carson, Anderson & Stowe, a private equity firm. Robert
W. Baird served as the exclusive financial advisor to OGH, LLC on
this transaction.
Conference Call on December 18,
2014
AMN Healthcare will host a live conference call and webcast on
Thursday, December 18, 2014 at
12:00 p.m. Eastern Time to discuss
the acquisition. A live webcast of the call can be accessed through
AMN Healthcare's website
at http://amnhealthcare.investorroom.com/presentations. Please
log in at least 10 minutes prior to the conference call in order to
download the applicable audio software. Interested parties may
participate live via telephone by dialing (800) 398-9379 in the
U.S. or (612) 288-0337 internationally. Following the conclusion of
the call, a replay of the webcast will be available at the
Company's website. Alternatively, a telephonic replay of the call
will be available at 2:00 p.m. Eastern
Time on December 18, 2014, and
can be accessed until 11:59 p.m. Eastern
Time on January 1, 2015 by
calling (800) 475-6701 in the U.S. or (320) 365-3844
internationally, with access code 348884.
About AMN Healthcare
AMN Healthcare is the innovator in healthcare workforce
solutions and staffing services to healthcare facilities across the
nation. AMN Healthcare's workforce solutions -- including managed
services programs, vendor management systems and recruitment
process outsourcing -- enable providers to successfully reduce
complexity, increase efficiency and improve patient outcomes within
the rapidly evolving healthcare environment. The Company provides
unparalleled access to the most comprehensive network of quality
healthcare professionals through its innovative recruitment
strategies and breadth of career opportunities. Clients include
acute-care hospitals, community health centers and clinics,
physician practice groups, retail and urgent care centers, home
health facilities, pharmacies and many other healthcare settings.
AMN Healthcare disseminates news and information about the Company
through its website, which can be found at
www.amnhealthcare.com.
About Onward Healthcare
Onward Healthcare is a leading national provider of temporary
healthcare staffing to hospitals, outpatient clinics, magnet
facilities, long-term care facilities and schools. Onward
Healthcare provides travel and local staffing assignments to
registered nurses and allied health professionals. More information
can be found at www.onwardhealthcare.com.
About Locum Leaders
Locum Leaders is one of the fastest growing locum tenens
recruitment firms and specializes in placing physicians in
temporary assignments across the nation. The company has been named
as one of the Best Places to Work in Atlanta by the Atlanta Business Chronicle and
Modern Healthcare. More information can be found at
www.locumleaders.com.
About Medefis
Medefis is a leading provider of vendor management services
(VMS) technology for hospitals and healthcare organizations across
the country. Medefis provides centralized, end-to-end management of
a healthcare organization's entire supplemental staffing process
and is powered by a proprietary bidding and talent ranking engine
that ensures medical facilities receive the best-qualified clinical
professionals at a true market rate. Medefis has streamlined the
process of supplemental staffing for healthcare providers
nationwide by offering a convenient, centralized web-based VMS
technology and service. More information can be found at
www.medefis.com.
About Welsh, Carson, Anderson & Stowe
Welsh, Carson, Anderson & Stowe focuses its investment
activity in two target industries, information/business services
and healthcare. Since its founding in 1979, the Firm has organized
15 limited partnerships with total capital of $20 billion. The Firm is currently investing an
equity fund, Welsh, Carson, Anderson & Stowe XI, L.P., and has
a current portfolio of approximately 25 companies. WCAS's strategy
is to partner with outstanding management teams and build value for
the Firm's investors through a combination of operational
improvements, internal growth initiatives and strategic
acquisitions. See www.welshcarson.com to learn more.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements include expectations regarding the
acquired companies' 2014 revenue and EBITDA, and accretion to the
Company's earnings in 2015. The Company based these forward-looking
statements on its current expectations, estimates and projections
about future events and the industry in which it operates using
information currently available to it. Actual results could differ
materially from those discussed in, or implied by, these
forward-looking statements. Forward-looking statements are
identified by words such as "believe," "anticipate," "expect,"
"intend," "plan," "will," "may," "estimates," variations of such
words and other similar expressions. In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances are forward-looking statements.
Factors that could cause actual results to differ from those
implied by the forward-looking statements contained in this press
release are set forth in the Company's Annual Report on Form 10-K
for the year ended December 31, 2013
and its other periodic reports as well as the Company's current and
other reports filed from time to time with the Securities and
Exchange Commission. Be advised that developments subsequent to
this press release are likely to cause these statements to become
outdated with the passage of time.
Contact:
Amy Chang
Vice President, Investor Relations
866.861.3229
ir@amnhealthcare.com
Jim Gogek
Corporate Communications
858.350.3209
jim.gogek@amnhealthcare.com
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SOURCE AMN Healthcare Services, Inc.