Goldman Sachs Urban Investment Group and National Healthcare Staffing Acquire MedStaff Carolinas...

Goldman Sachs Urban Investment Group and National Healthcare Staffing Acquire MedStaff Carolinas and VITA Medical Staffing; Goldman Sachs backs leading Hispanic Healthcare Veterans in second acquisition of Nurse Traveling Company



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New York, NY & Miami, FL & Charlotte, NC–(HISPANIC PR WIRE – BUSINESS WIRE)–December 13, 2005–National Healthcare Staffing, LLC (“NHS”) is pleased to announce the purchase of substantially all assets of MedStaff Carolinas, LLC (“MedStaff”) and VITA Medical Staffing, LLC (“VITA”) based in Charlotte, North Carolina. This acquisition furthers the already increasing presence for NHS in the Eastern region of the U.S. as it continues to consolidate the rapidly growing travel healthcare staffing industry.

Earlier this year, NHS completed the acquisition of TVL Healthcare, another travel healthcare staffing service based in Atlanta, Georgia, which provides a unique focus on Operating Room healthcare professionals. With the current acquisition of VITA, NHS will increase its working healthcare professionals by 50% and hospital clients by 30%. The transaction was completed with equity financing from Goldman Sachs’ Urban Investment Group (UIG).

VITA has been a leader in the industry since 1988, establishing a strong presence throughout the Carolinas and expanding its service areas throughout the country. The acquisition provides NHS with an exciting opportunity to increase its current market share and to capitalize on partnerships with many of the leading hospital associations throughout the country. One of VITA’s founders, Fred Davis will continue to lead the North Carolina division. Fred’s demonstrated leadership and market acumen will be a welcomed addition to NHS’ strong management team.

“This is our second acquisition this year. The acquisition of VITA is consistent with our growth strategy of complimenting our organic growth with targeted acquisitions. We see a great opportunity ahead of us as we continue to leverage our partnerships with leading hospital associations throughout the country much like on the scale of Cross Country Healthcare or AMN Healthcare,” said Peter Kilissanly, Chief Executive Officer of National and former President of Physicians Corporation of America (“PCA”). In addition to Kilissanly, the senior management team and co-founders of NHS include Jose Menendez, Robert Santana, Aldo Rodriguez and Odalys Font. The team has spent over 15 years together building healthcare companies through a combination of focused execution and acquisitions. Kilissanly says, “Our goal is to become one of the leading nationwide providers of travel healthcare services. We are excited about the growth prospects of our industry and project to expand significantly over the next 10 years due to changing demographic dynamics and industry trends.”

This is the third investment UIG has made in NHS this year. The combined companies will serve over 1,500 hospitals across the nation and employ several hundred nurses. NHS is focused on addressing the nation’s acute shortage of healthcare professionals. The healthcare industry faces critical shortages of nurses as the U.S. population ages and fewer nurses enter the workforce. Hospitals increasingly rely on temporary outsourcing solutions to accommodate the increasing costs and staffing shortages in primary nursing care.

“Our initial investment in National was driven by the strong industry fundamentals and outstanding management team assembled to pursue the consolidation of this industry. National has shown its ability to capitalize on the strong organic demand of the industry and adeptly identify, acquire and integrate strategic acquisitions. We will continue to focus on top quality execution and funding additional acquisitions of other companies,” said Martin Chavez of the Goldman Sachs Urban Investment Group, and a Board member of NHS. “One of UIG’s strategies is to focus is on identifying talented minority management teams across several industries like NHS and providing them with financial and strategic backing,” Chavez added.

About National Healthcare Staffing:

National Healthcare Staffing, LLC provides temporary healthcare professionals (primarily nurses) on contract assignments in acute-care hospitals. Through its nationwide hospital contracts, the Company provides assignments to its candidates in all 50 states. National recruits candidates throughout the United States and abroad, offering free furnished housing, travel reimbursement and attractive compensation and benefit packages. http://www.nhsus.com

About The Goldman Sachs Urban Investment Group:

The Goldman Sachs Urban Investment Group is a private equity initiative within The Goldman Sachs Group, Inc. (NYSE:GS), that invests capital in ethnic minority-owned or targeted businesses and urban real estate. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. Goldman Sachs also has offices in Atlanta, Georgia and Miami, Florida. To learn more about the Goldman Sachs Urban Investment Group, please visit http://www.gs.com/uig.

Goldman Sachs Urban Investment Group and National Healthcare Staffing Acquire MedStaff Carolinas and VITA Medical Staffing; Goldman Sachs backs leading Hispanic Healthcare Veterans in second acquisition of Nurse Traveling Company