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 Affiliates Inc. (Reporting by Carl O'Donnell in New York; Editing by Randy Fabi)
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