BOCA RATON, Fla.--(BUSINESS WIRE)--
Cross Country Healthcare, Inc. (Nasdaq:CCRN) announced today it has
entered into an agreement to sell its Cross Country Education business
to PESI, Inc. for $8 million (subject to a net working capital
adjustment), plus potential additional consideration of $500 thousand.
Consummation of the transaction is subject to certain closing conditions
and is expected to be completed in the third quarter of 2015. The
Company intends to use the net proceeds from this transaction to finance
further investments for revenue growth including future acquisitions, to
implement and finance its strategic objectives, to reduce debt and for
general business purposes.
"Selling this business is a logical next step in executing our stated
strategy as we concentrate our resources on our core staffing and
workforce solutions businesses," said William J. Grubbs, President and
Chief Executive Officer of Cross Country Healthcare, Inc. "I want to
thank the employees of Cross Country Education for their services, and I
am very pleased we could find them an outstanding new home as part of
the PESI team," added Mr. Grubbs.
About Cross Country Healthcare
Cross Country Healthcare, Inc., headquartered in Boca Raton, Florida, is
a national leader in providing leading-edge healthcare workforce
solutions. Our solutions are geared towards assisting our clients solve
labor cost issues while maintaining high quality outcomes. With more
than 30 years of experience, we are dedicated to placing highly
qualified nurses and physicians as well as allied health, advanced
practice, clinical research, and case management professionals. We
provide both retained and contingent placement services for physicians,
as well as retained search services for healthcare executives. We have
more than 6,000 active contracts with a broad range of clients,
including acute care hospitals, physician practice groups, nursing
facilities, rehabilitation and sports medicine clinics, government
facilities, as well as nonclinical settings such as homecare and
schools. Through our national staffing teams and network of more than 70
branch office locations, we are able to place clinicians for travel and
per diem assignments, local short-term contracts and permanent
positions. We are a market leader in providing flexible workforce
management solutions, which include managed services programs (MSP),
workforce assessments, internal resource pool consulting and
development, electronic medical record (EMR) transition staffing and
recruitment process outsourcing..
Copies of this and other news releases as well as additional information
about Cross Country Healthcare can be obtained online at www.crosscountryhealthcare.com.
Shareholders and prospective investors can also register to
automatically receive the Company's press releases, SEC filings and
other notices by e-mail.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150729006383/en/
Cross Country Healthcare, Inc.
William J. Grubbs, 561-237-6202
and Chief Executive Officer
Source: Cross Country Healthcare, Inc.
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