Knox Lane has completed its acquisition of Cross Country Healthcare, transitioning the healthcare workforce solutions company into private ownership. Financial terms of the completed transaction were not disclosed.
In connection with the closing, Joel Tremblay has been appointed Chief Executive Officer of Cross Country Healthcare. He succeeds co-founder, CEO and board chairman Kevin C. Clark, who is retiring from his leadership positions.
Clark will support Cross Country Healthcare and Tremblay during the transition. The company will continue operating as a privately held, standalone business under Knox Lane’s ownership.
Tremblay brings nearly 20 years of experience in healthcare workforce solutions. He most recently served as President of Medical Solutions, where he helped build and scale one of the country’s largest clinical staffing organizations.
Cross Country Healthcare provides technology-enabled staffing, advisory and workforce management services. The company supports healthcare organizations across nursing, allied health and nonclinical roles.
Its Intellify workforce intelligence platform gives healthcare leaders visibility into labor spending, staffing demand, supplier performance and operational execution. These capabilities are intended to help organizations make faster workforce decisions and manage complex labor requirements.
As a private company, Cross Country Healthcare plans to invest further in technology, innovation and operational improvements. Knox Lane will also support the expansion of its capabilities and services for healthcare organizations and professionals.
Cross Country Healthcare’s locum tenens division was acquired as part of the transaction by All Star Healthcare Solutions, another Knox Lane portfolio company. Locum tenens staffing involves placing physicians and other clinicians in temporary positions to address workforce shortages or coverage needs.
Knox Lane believes Cross Country Healthcare occupies a differentiated position at the intersection of healthcare workforce services and technology. The investment firm plans to work with Tremblay and the company’s management team to accelerate innovation and long-term growth.
BofA Securities served as Cross Country Healthcare’s exclusive financial adviser and provided a fairness opinion to its board. Davis Polk & Wardwell served as the company’s legal counsel.
MTS Health Partners served as Knox Lane’s exclusive financial adviser. Kirkland & Ellis provided legal counsel to the investment firm.
KEY QUOTES:
“I am honored to lead Cross Country Healthcare as it returns to private ownership and enters its next phase of growth. With its trusted brand, leading market presence, and differentiated platform, the Company is uniquely positioned to help clients navigate workforce challenges and ensure access to quality patient care.”
“As a private company, we will have an enhanced ability to invest in innovation, strengthen our capabilities, and deliver greater value to clients, healthcare professionals, and the communities we serve. I look forward to working alongside this talented team to build upon the Company’s strong foundation and drive long-term growth.”
Joel Tremblay, CEO of Cross Country Healthcare
“Cross Country Healthcare occupies a distinctive position at the intersection of healthcare workforce solutions and technology. The Company has established a recognized market position, a trusted brand, and a differentiated platform designed to address critical workforce challenges across the healthcare ecosystem.”
“We’re thrilled to work with Joel again and look forward to partnering with the entire Cross Country Healthcare team to accelerate innovation, expand capabilities, and create long-term value for clients, healthcare professionals, and stakeholders.”
John Bailey, Managing Partner at Knox Lane, and Shamik Patel, Partner at Knox Lane
“I am incredibly proud of the Cross Country Healthcare team and everything that we have accomplished. For more than four decades, Cross Country has been committed to helping healthcare organizations address workforce challenges and ensure access to quality patient care.”
“This transaction marks an important next step for the Company’s future, and I am confident Knox Lane’s strategic partnership and Joel’s proven leadership will support the Company’s growth and evolution. I look forward to seeing the organization build on its legacy of leadership while continuing to serve clients and healthcare professionals with excellence.”
Kevin C. Clark, Co-Founder and Former CEO and Chairman of Cross Country Healthcare
