Assent Consulting acquired by Cross Country Healthcare, Inc.
- Fairmount Partners
- Jul 18, 2008
- 1 min read
W. CONSHOHOCKEN, PA – July 18, 2007 – Cross Country Healthcare, Inc. (Nasdaq:CCRN) announced today that its ClinForce subsidiary has completed the previously disclosed acquisition of the shares of privately-held Assent Consulting for $19.6 million in cash. This transaction also includes an earn-out provision up to a maximum of $4.9 million based on 2007 and 2008 performance criteria. Cross Country Healthcare financed this acquisition using its revolving credit facility. The Company expects this acquisition to be modestly accretive to its 2007 earnings.
Headquartered in Cupertino, California, Assent Consulting primarily provides highly qualified clinical research, biostatistics and drug safety professionals nationwide to companies in the pharmaceutical and biotechnology industries. In 2006, Assent Consulting had revenue of $13.2 million and adjusted EBITDA of $2.6 million. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, income taxes, depreciation and amortization as adjusted for certain non-recurring expense items.
About Cross Country Healthcare, Inc.
Cross Country Healthcare, Inc. is a leading provider of healthcare staffing services in the United States. The Company has a national client base of over 4,000 hospitals, pharmaceutical companies and other healthcare providers.
Principals of Fairmount Partners acted as advisors to Assent Consulting in this transaction.
Contact
Neal McCarthy
Managing Director, Fairmount Partners