Connecticut-based private equity firm Olympus Partners has sold Soliant Health, an education and healthcare staffing company, to private investment firm The Vistria Group for approximately $2.5bn, less than five years after acquiring the business for $612m, according to a report by CT Insider.
Olympus originally purchased Atlanta-based Soliant Health from Swiss HR services firm Adecco in early 2020. Since then, the value of the company has surged, driven by increased demand for its staffing services, particularly during the Covid-19 pandemic.
During its ownership, Olympus helped Soliant expand its digital offerings, a move that proved essential when the pandemic hit.
Soliant’s workforce has expanded dramatically, growing from around 3,500 outsourced service providers at the time of Olympus’ acquisition to about 14,000 today. This group includes a range of professionals such as speech pathologists, school psychologists, nurses, and occupational therapists. To manage this growth, Soliant also scaled its internal operations, increasing its sales team from 375 to approximately 1,200 people.
Soliant now serves over 3,000 school districts and more than 700 hospitals across the United States, with its adjusted earnings increasing more than fivefold during Olympus’ tenure.
In addition to the $2.5bn sale, Olympus earned approximately $300m in dividends from Soliant’s profits, which were distributed to the firm’s investors.
Currently, Olympus manages a portfolio of 13 companies and oversees funds totaling more than $10bn, primarily on behalf of corporate pension funds, endowment funds, and state-sponsored retirement programs. The firm’s headquarters are located in Stamford’s Metro Center complex.
Representatives from The Vistria Group and Soliant Health did not comment on the deal.
