BOSTON and LOS ANGELES, Oct. 30, 2017 /PRNewswire/ -- GrapeTree Medical Staffing ("GrapeTree"), one of the fastest growing nurse staffing providers, has completed a recapitalization with New MainStream Capital ("NMS"). GrapeTree is a leader in providing qualified and experienced nurses to long-term care facilities and hospitals. GrapeTree utilizes a vendor management platform that significantly improves fill rates by using its large network of affiliate suppliers. In 2017 the company will serve more than 600 facilities, an increase of over 10% from 2016, and the total number of healthcare professionals who worked at least one GrapeTree shift doubled to over 1,600 in the same period. GrapeTree will serve as the platform investment in NMS' effort to build an industry-leading provider of healthcare staffing services.
Provident Healthcare Partners ("Provident") served as exclusive financial advisor to GrapeTree. The terms of the transaction were not disclosed.
Tim Kinnetz, founder of GrapeTree, stated that "The Provident team was an essential partner as GrapeTree pursued strategic options for an outside partnership. The team's diligence, knowledge, and professionalism assured me that Provident was providing the best counsel available. I worked closely with several members of the team and would highly recommend the firm based on our positive experiences."
"GrapeTree has an exemplary staffing model supported by best-in-class technology, providers, and workplace culture. This deal will help GrapeTree achieve its growth objectives and expand its model nationally," noted Steven Aguiar, Managing Director at Provident.
About GrapeTree Medical Staffing
GrapeTree offers a diversified set of nurse staffing solutions to healthcare facilities in the Midwest and across the nation. Inc. magazine ranked GrapeTree #665 on its annual Inc. 5000 list. Staffing Industry Analysts named GrapeTree one of America's fastest growing staffing firms, ranking it #10 for healthcare staffing firms and #12 for all staffing firms. For more information, visit www.grapetree.org.
About New MainStream Capital
NMS is a New York-based private investment firm specializing in strategic equity investments and leveraged buyouts of lower middle market companies in Healthcare Services and Specialized Business Services. For more information, visit www.nms-capital.com.
About Provident Healthcare Partners
Provident is the leading investment banking firm specializing in merger and acquisition advisory, strategic planning, and capital formation for healthcare companies. The firm has a comprehensive knowledge of market sectors and specialties, and unsurpassed experience and insight into the M&A process. For more information, visit www.providenthp.com.
Provident Healthcare Partners
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SOURCE Provident Healthcare Partners