AMN Healthcare Services (AMN +0.5%) completes the acquisition of Advanced Medical Personnel Services, Inc., for a base purchase price of $200M, with up to an additional $20M to be paid if certain financial results are achieved, as of December 31, 2019.
Advanced Medical is a staffing company that specializes in placing outstanding therapists and nurses in contract and permanent positions across the United States.
The acquisition is expected to add ~$5M of revenue to 2Q19 results for AMN Healthcare.
AMN Healthcare expects Advanced to contribute $70-75M revenue and ~$10M adjusted EBITDA in the second half of 2019, with its Q4 revenue ~15% greater than in Q3 due to the seasonality of Advanced’s school staffing business.
AMN financed the acquisition using $51M in capacity available under its existing secured revolving credit facility, and amended credit facility to obtain a new $150M term loan maturing in June 2024.
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