CHG Healthcare, one of the oldest and largest healthcare staffing firms in the United States, announced in late September it has acquired AHR Pharmacy Solutions. Terms of the deal were not disclosed.

Deal Motivations: Defensible Market Niche

Although CHG is already regarded as one of the top healthcare staffing firms in the United States, they are always looking for ways to capture more

Taleo, a leading on demand recruiting company for small to medium sized businesses announced in late September it merged with HRhome, an online resource center for HR professionals. Terms of the deal were not disclosed.

What Were They Thinking?

• Increased service offerings
• Wide customer base

HRhome, a provider of tools and processes to ensure employees are hired and managed

Clear Rock is pleased to announce that we have been retained by a unique janitorial services company serving a unique market niche.  Our client, which performs water damage clean up services, is seeking the sale of all or a majority of their company.  With several million in revenues, the company is a dominant player in its market area.  Strong synergies exist with other janitorial or cleaning

When we originally looked at the AMN - Platinum Select acquisition, we only had revenue numbers for Platinum.  At $52m in revenue and $50m purchase price, the deal priced at nominally 1x revenues. 

Now we see, according the the AMN press release, that Platinum had an EBITDA of $4.0m for the year ended December 31, 2007.  This puts the transaction at 12.5x EBITDA (again, no full balance sheet to

AMN Healthcare services announced friday that is would acquire Platinum Select- a travel nurse related staffing firm.

What it Means

The trend continues.  Platinum deal is in the $50m range- which includes a portion paid as an earnout for future performance.

It could be that this is fast becoming a trend: 2 staffing companies at auction on Chapter 7 / 11 proceedings in less than a month. This time around, we see Axium go under the gavel for $8m to MPS Group, Inc.

Take Aways

An argument could certainly be made that the industry is in for a bit of a dust-up as the economy sags.

Oasis- largely considered the nation's largest PEO, recently completed the acquisitions of Professional Employer Plans, Inc. and Advantage Employer Solutions, Inc. The company made the announcement on January 14.

Fresh on the heels of its Phillips Temps acquisition, Barrett Business Service, Inc (BBSI) has announced the acquisition of First Employment Services in Arizona. BBSI expects the transaction to be accretive to earnings during the fist year.