Cornell Capital LLC and Trilantic North America, two private investment firms, have acquired trustaff Management Inc., a provider of travel nurse and allied healthcare staffing services, and CardioSolution, a managed services offering providing cardiologists and support personnel to hospitals. As part of this transaction, Cornell Capital and Trilantic North America have also agreed to acquire Stella.ai Inc. a VC-backed, AI-driven online marketplace for employers and job seekers.
“As demand for healthcare staffing solutions continues to increase, their scalable model, entrepreneurial cultures and strong relationships position the combined company for continued geographic expansion and accelerated growth, both organically and through additional acquisitions.” said Stephen Trevor, partner of Cornell Capital.
In conjunction with the announcement, Adam Zoia, chief executive officer and co-founder of Stella, has been named CEO of the combined company, succeeding Brent Loring, CEO of trustaff, who is retiring. Sean Loring, president of trustaff, has been named chairman and will continue to help lead the business.
Citizens Bank N.A. and UBS Securities LLC are acting as joint lead arrangers for the transactions. Specific financial terms of the transactions were not disclosed. Davis Polk & Wardwell LLP is acting as legal advisor to Cornell Capital. Kirkland & Ellis LLP is acting as legal advisor to Trilantic North America. Citizens M&A Advisory is acting as financial advisor to trustaff and CardioSolution, and Dinsmore & Shohl LLP is acting as legal advisor.