Centerbridge Partners and Caisse de dépôt et placement du Québec are buying healthcare staffing services company Medical Solutions from TPG Growth.
Medical Solutions places travel nurses and other healthcare professionals across healthcare facilities. In 2020, the Company deployed clinicians to more than 4,500 healthcare facilities across all states.
Healthcare 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 healthcare workers even before the pandemic, reports Bloomberg News. Demand for Medical Solutions’ services is expected to grow with staffing needs related to the pandemic, as well as an aging population, according to Bloomberg.
“With the support and expertise of Centerbridge and CDPQ, we will be even better positioned to help meet the increased need for skilled healthcare professionals and talent management nationwide,” says Medical Solutions CEO Craig Meier.
“The company’s mission has become even more essential during a global pandemic that is causing higher levels of burnout and lower morale for the country’s clinical workforce,” add Jeremy Gelber, senior managing director and Miriam Tawil, managing director of Centerbridge Partners.
Goldman Sachs, Evercore, UBS Investment Bank and Kirkland & Ellis are advising Medical Solutions. Ropes & Gray LLP is advising Centerbridge and CDPQ.