SAN DIEGO, Nov. 17, 2015 /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 B.E. Smith, the leading provider of interim
healthcare leadership, executive search and advisory services for
$160 million in cash. Upon closing,
the acquisition is expected to be immediately accretive to AMN's
GAAP and adjusted earnings per share.
Founded in 1978, B.E. Smith is a
premier, full-service healthcare interim leadership placement and
executive search firm. For nearly a decade, the firm has been
recognized each year by Modern Healthcare as one of the "Top
Executive Search Firms". The firm places interim leaders and
executives across all healthcare settings, including acute care
hospitals, academic medical and children's hospitals, physician
practices, and post-acute care providers. The firm is currently
generating annualized revenue of approximately $100 million with an adjusted EBITDA margin of
15%.
"With increased demand and the evolution of new care delivery
models, healthcare clients are faced with the critical challenge of
recruiting the key executives and talent needed to lead the
dramatic transformation their organizations are experiencing. The
added strength of B.E. Smith's
recruitment expertise and nationwide talent pool of healthcare
leaders and executives further increases the strategic value that
AMN Healthcare delivers to clients through our breadth of
innovative workforce solutions," said Susan
Salka, President and Chief Executive Officer of AMN
Healthcare.
Doug Smith, President and CEO of
B.E. Smith, added, "We are pleased
to carry forward the legacy and strength of B.E. Smith as part of AMN Healthcare's
prestigious recruitment and workforce solutions brands. The
combined services of AMN and B.E. Smith provide increased value for
all clients through an expanded network of quality healthcare
leaders and a suite of workforce solutions offerings that are
differentiated in the healthcare industry."
The transaction is structured to allow AMN to realize tax
benefits having an estimated net present value of approximately
$25 million. The purchase price is
expected to be funded through a combination of term loan borrowings
and revolver draws under the Company's credit facility. The
acquisition, subject to regulatory approvals and customary closing
conditions, is expected to close in early January 2016.
About AMN Healthcare
AMN Healthcare is the leader and
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, recruitment process outsourcing and consulting
services - 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, 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 B. E. Smith:
Founded in 1978, B. E. Smith is a full-service healthcare
executive search firm and one of the top-ranked providers of
senior-level leadership services including Interim Leadership,
Executive Search and Advisory Services. Veteran healthcare
recruiters and regional healthcare experts partner with each client
to create customized solutions. B. E.
Smith's proven methodology has resulted in the recent
placement of more than 1,000 leaders into healthcare organizations
worldwide. The firm utilizes a comprehensive sourcing strategy
incorporating the latest marketing techniques, association
partnerships, social networking and one of the largest databases of
skilled senior-level healthcare executives in the industry to
deliver immediate results in today's complex healthcare
environment. For more information, visit www.besmith.com or call
855-296-6318.
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. 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.
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, 2014 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:
Jim Gogek
Media & Corporate Communications
858.350.3209
jim.gogek@amnhealthcare.com
Amy Chang
Vice President of Investor Relations
866.861.3229
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SOURCE AMN Healthcare Services, Inc.