Cross Country Healthcare, a provider of healthcare staffing and workforce solutions, completed the acquisition of Advantage and its subsidiaries effective July 1, 2017. This acquisition provides Cross Country with another well-respected brand and go-to-market approach, and also increases the supply of healthcare professionals to support Cross Country’s diverse customer base, most notably its many managed service provider programs. Cross Country expects the transaction to result in meaningful earnings accretion in 2017 through increased scale and accelerated growth opportunities.

William J. Grubbs, president and CEO of Cross Country Healthcare, said, “We welcome Advantage RN to the Cross Country family. Our companies are a great match with complementary capabilities to better serve all of our customers. Together, we are better positioned to pursue our collective strategy for market expansion, revenue growth and enhanced shareholder value.”

Cross Country acquired substantially all of the assets of Advantage for a total purchase price of $88 million, which is subject to a final net working capital adjustment. At closing, the company paid $86.8 million, net of cash acquired, using $19.9 million in available cash and $66.9 million in borrowing under its credit facility, including a $40 million incremental term loan agented by SunTrust Bank.