Travel nurse deal ups Boca firm’s profile

Cross Country spends $88M

Boca Raton-based medical staffing businessCross Country Healthcare announced plans Wednesday to acquire one of the largest independent travel nurse businesses in theU.S.

Cross Country has agreed to acquire RN Advantage, based in West Chester, Ohio, for $88 million.

CEO William J. Grubbs said the acquisition is a “strategically compelling opportunity for Cross Country Healthcare to increase our supply of health care professionals.”

Founded in 2003, RN Advantage had 2016 revenue of $100 million, according to Cross Country.

Cross Country said Matt Price, Advantage’s founder and CEO, will remain with the business after the transaction closes, which is expected to quarter.

The company said it will finance the acquisition through cash and borrowings. It entered into a commitment to increase its borrowing capacity under its current credit agreement by $40 million.

Cross Country has more than 9,500 contracts for staffing with hospitals, physician practices, outpatient and ambulatory care centers, public and charter schools and government offices.

The company placesmedical clinicians in travel and temporary assignments, short-term contractsandpermanent positions.

The travel nurse acquisition is one of four that Cross Country has made since 2013, when Grubbs joined the company. Further acquisitions would likely be again in travel nursing, where the company is seeing increased demand, and in school nurses and therapists.

Cross Country employs 1,700 people; about 600 are at occur in the third