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Citizens Advises trustaff Management and CardioSolution on Recapitalization

March 19, 2021, 07:00 AM
Filed Under: Industry News

Citizens M&A Advisory served as the exclusive financial advisor to trustaff Management, Inc. and CardioSolution on their recapitalization by Cornell Capital and Trilantic North America, two New York-based private equity firms.

Founded in 2002, trustaff Management is a leading provider of travel nurse and allied healthcare staffing services while CardioSolution delivers a managed services offering providing cardiologists and support personnel to hospitals. Since inception trustaff has demonstrated industry-leading growth on its path to become one of the largest healthcare staffing firms in the country and a Top 5 provider of travel nurses. CardioSolution offers a differentiated service model that includes physicians, support staff, and ancillary needs to operate a 24/7/365 interventional cardiology practice.

Sean Loring, president of trustaff, said: “The Citizens team was exceptional to work with and leveraged deep sector expertise to achieve a tremendous outcome. We value our longstanding relationship with Dave Phillips and the Citizens team; Jason Wallace and Steve Dyott drove an efficient, highly competitive process allowing our team to find the ideal partners to support our future growth initiatives. We could not be happier partnering with Cornell and Trilantic as our company takes the next steps in its journey.  In combination with the recent acquisition by Cornell and Trilantic of, Inc., an AI-driven platform that brings cutting-edge technology expertise to the staffing sector, this partnership and its unique technology-driven approach to the market is particularly attractive to our team.”

Steve Dyott, managing director at Citizens M&A Advisory, said: “The trustaff team has built strong relationships with their clients and nurse travelers, cementing themselves as a leading player in the market. CardioSolution further differentiates their value proposition with a unique, high-growth service offering in the managed cardiology department outsourcing market. The partnership with Cornell and Trilantic and the acquisition of positions trustaff for its next phase of innovation as the company continues to gain market share in the healthcare staffing services market. We are thrilled with the outcome for the trustaff team.”

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