May 8 TPG Growth, the growth capital arm of U.S
private equity firm TPG Global, has agreed to acquire Medical
Solutions, a U.S. medical staffing company, for around $500
million, people familiar with the matter said on Monday.
The deal underscores how companies that supply skilled
nurses are becoming increasingly popular with investors, as the
supply of new nurses entering the job market has failed to keep
up pace with the demands of an aging population.
A deal is expected to be announced later on Monday, the
sources said, asking not to be identified ahead of any official
statement. TPG and Medical Solutions declined to comment.
Medical Solutions is a provider of healthcare staffing
solutions for U.S. hospitals, with a focus on so-called "travel
nurses," who work relatively short stints in different
hospitals. It provides nurses to around 1,600 hospitals
throughout the United States.
In addition to its core travel nurse business, Medical
Solutions also works with hospitals to manage their entire
travel nurse staffing process.
Medical Solutions' previous majority-owner, Beecken Petty
O'Keefe & Company, which acquired it in 2015, will maintain an
equity stake in the company, the sources said.
TPG has invested more than $10 billion in the healthcare
sector, some of which have included Evolent Health Inc,
IASIS Healthcare, Par Pharmaceuticals and Surgical Care
(Reporting by Carl O'Donnell in New York; Editing by Randy