NEW YORK, December 13, 2021 – MidOcean Partners, a premier middle market private equity firm focused on the business services and consumer sectors, announced today that it has acquired GHR Healthcare (“GHR” or the “Company”) from Platform Partners and other investors. GHR is a leading provider of healthcare staffing services offering travel nursing, local nursing, per diem nursing, allied health, behavioral health, education, information technology, revenue cycle, managed services provider, interim leadership and permanent placement services to healthcare facilities nationwide.
The Company operates three national divisions across a broad geographic footprint of 11 locations built through acquisition and organic expansion. MidOcean Partners plans to continue the Company’s aggressive growth plan through comprehensive organic initiatives and strategic acquisitions. Financial terms of the transaction were not disclosed.
GHR was founded in 1993 and is the parent company to a family of operating brands focused on healthcare, wellness and educational staffing. The Company’s brands include: General Healthcare Resources, GHR Travel Nursing, GHR RevCycle Workforce, GHR Education, GHR Human Services, GHR Technology and GHR Search. Through its family of brands, GHR has helped thousands of healthcare facilities, school districts and community-based organizations meet their staffing needs over the past 28 years.
“We are excited to partner with MidOcean to drive outsized growth for the GHR platform,” said John Quirk, CEO of GHR Healthcare. “MidOcean has an impressive track record in executing transformational growth and brings deep expertise in the healthcare and staffing markets that will enhance our ability to better serve our customers and our employees while supporting our market expansion goals.”
Elias Dokas, Managing Director at MidOcean, commented, “We are very excited to partner with John and the GHR team, who are proven leaders in the healthcare-focused human capital space. We have developed significant expertise in helping middle market human capital businesses scale while driving outstanding returns for our investors, management teams and portfolio company employees. GHR has built an impressive business that has experienced strong growth due to delivering superior service to its customers. We believe there are numerous opportunities through both organic initiatives and accretive strategic acquisitions to continue this growth, including deepening the Company’s relationships with existing clients, expanding its service offering and entering into new markets. We look forward to working closely with GHR’s leadership team to capitalize on these opportunities and to thoughtfully expand the Company.”
Marc Aronstein, Operating Partner at MidOcean, added, “Within our healthcare services initiatives, we identified healthcare staffing as a key thematic area for MidOcean based on the significant enduring labor supply and demand imbalance for healthcare professionals. We believe GHR is optimally positioned to address the need for highly valuable human capital to serve the needs of healthcare providers. We view the human capital market within healthcare as one that benefits from long-term secular tailwinds due to the growth in healthcare expenditures resulting from the aging US population, the industry shortage of healthcare professionals and increasing preferences for flexible work arrangements among employees and healthcare providers. We additionally appreciate the significant diversity of GHR’s service offering.”
MidOcean is a longtime investor in human capital businesses with GHR representing MidOcean’s fourth investment in the space. Prior investments include System One, a leading provider of staffing and outsourced services in the engineering, scientific and technology areas that MidOcean exited in October 2016, Global Knowledge, a world class provider of IT training to corporate clients that MidOcean exited in January 2015, and The Planet Group, one of the world’s leading diversified professional services organizations that MidOcean exited in May 2021. Within the human capital space, MidOcean focuses on end markets with clear secular growth trends such as the pharmaceutical, information technology, engineering and healthcare industries.
Gibson Dunn & Crutcher LLP acted as legal advisor to MidOcean. Houlihan Lokey served as financial advisor, and Willkie Farr & Gallagher LLP acted as legal advisor to GHR Healthcare.
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About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
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