Clearview Capital Fund III, an affiliate of Clearview Capital, is to sell Advanced Medical Personnel Services (AMPS), a healthcare staffing company, to AMN Healthcare Services, and innovator in healthcare workforce solutions and staffing services.
The sale price is USD200 million, with up to an additional USD20 million to be paid based on AMPS’s 2019 financial performance. The transaction is expected to close in early June and is subject to customary closing conditions.
AMPS is an innovative healthcare staffing company specialising in the placement of therapists and nurses in contract positions across multiple settings including hospitals, schools, clinics, skilled nursing facilities, and home health. The Company recently launched a platform that serves the needs of children within large school districts through both on-site and telehealth therapists. AMPS currently has an annualised run rate of approximately USD140 million in revenue and adjusted EBITDA of USD20 million. The Company is headquartered in Port Orange, Florida.
“With AMPS, we immediately saw an opportunity to partner with a highly-talented management team, led by the Company’s CEO, Jennifer Fuicelli, to quickly build a larger organisation in a highly-fragmented, growing industry,” says Matthew W Blevins, a Partner at Clearview Capital. “In almost exactly four years, we were able to close three complementary add-on acquisitions, while investing in continued organic growth initiatives such as expansion into the attractive school staffing segment, resulting in revenue and EBITDA more than tripling during our investment.”
“Clearview Capital has been instrumental in supporting our management team’s long-term vision for the Company,” says Fuicelli. “In addition to providing the necessary capital to support acquisition growth, Clearview Capital was willing to invest in new service lines and capabilities, including investments in new recruiters, to accelerate growth in the school staffing market, and investments in teletherapy technology to further differentiate AMPS in the marketplace.”
“The sale of AMPS will mark our third successful exit from Fund III,” says Calvin Neider, Managing Partner and co-Founder of Clearview Capital. “We have thoroughly enjoyed our strategic partnership with Jenn and the entire AMPS team, and wish all the best for the Company as it joins forces with one of the largest and most prominent healthcare staffing organisations in the country.”
Fund III, a USD325 million vehicle raised in 2013, invested in AMPS in May 2015.
