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HomeStaffingKingsway Monetary Companies acquires Los Angeles-based healthcare staffing agency

Kingsway Monetary Companies acquires Los Angeles-based healthcare staffing agency


November 21, 2022

Kingsway Monetary Companies Inc., a Chicago-based holding firm proudly owning subsidiaries primarily within the prolonged guarantee, enterprise providers, asset administration and actual property industries, acquired Safe Nursing Service Inc., a healthcare staffing company primarily based in Los Angeles.

Topic to customary changes at closing, the acquisition value of the acquisition was $10.9 million. The deal consisted of the acquisition of Safe Nursing Service’s property and the idea of sure liabilities.

Kingsway subsidiaries Pegasus Acquirer Holdings LLC and Pegasus Acquirer LLC borrowed $6.5 million as a time period mortgage and established a $1 million revolver that was undrawn at shut for financing the acquisition.

“The acquisition of SNS marks Kingsway’s third enterprise acquisition below the Kingsway Search Xcelerator program,” Kingsway President and CEO J.T. Fitzgerald stated.

“For the final 16 years, Safe Nursing Service has answered the rising demand for medical staffing pushed by the rising want for healthcare providers mixed with a persistent nursing scarcity throughout the nation. The enterprise meets our standards of recurring income, sturdy margins and low capital calls for, making it an amazing match for our mannequin.”

Based in 2002, Safe Nursing Service had $19.7 million of unaudited income and $2.6 million of unaudited non-GAAP adjusted EBITDA for the yr ending June 30, 2022.

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