MedPro is a provider of medical staffing, including registered nurses, allied health professionals, physical therapists, and medical technologists, to healthcare providers throughout the US. MedPro’s customers includes acute care hospitals, skilled nursing facilities, home health companies, outpatient centers, dialysis centers, and lab facilities. The company’s base of clinical professionals are recruited from various countries around the world and provide both temporary travel staffing services as well as temporary-to-permanent staffing services. The company is led by CEO Liz Tonkin and is based west of Ft. Lauderdale in Sunrise, FL (www.medprostaffing.com).
“As we look forward to driving continued growth and expansion, the partnership with Harren will be extremely valuable in terms of facilitating access to financial as well as strategic resources. Given Harren’s experience working with similar businesses, we felt like they were the right partner to help us execute on our long-term goals,” said Ms. Tonkin.
The buy of MedPro is the fourth platform investment made by Harren out of its third fund, Harren Investors III, which closed in July 2013 with $275 million of capital. The investment continues Harren’s track record of backing management teams at leading businesses with high growth potential within the healthcare industry.
In recent years, Harren has increased its focus on investing in healthcare services with the addition of a dedicated healthcare partner, C. Taylor Cole, Jr., in April 2014. Prior to joining Harren, Mr. Cole was a member of Charterhouse Group, a middle market private equity firm based in New York, where he was responsible for the firm’s healthcare investment activities. “MedPro’s leadership team consists of highly regarded industry thought leaders who have pioneered a unique and differentiated growth strategy in a rapidly expanding market that we at Harren know well,” said Mr. Cole. “MedPro was seeking a partner who understands its business strategy and operating model as well as the nuances and dynamics surrounding the market in which it competes. Harren is delighted to have been chosen as the right partner moving forward.”
Harren invests in companies with revenues of $20 million to $200 million and EBITDAs of at least $5 million. Sectors of interest include aerospace and defense; building products; business services; consumer products, energy services; general industrial; healthcare services; restaurants; and specialty distribution. The firm, based in Charlottesville, VA, has more than $250 million of capital under management and was founded by Managing Partner Thomas Carver in 2000 (www.harrenequity.com).
Harren’s current healthcare portfolio companies include Persante Healthcare, a provider of sleep disorder diagnostic and therapeutic services, and Med-Legal, a provider of technology-enabled record retrieval and review services in the workers’ compensation and personal injury markets.
© 2016 Private Equity Professional | December 21, 2016