SAN DIEGO – December 22, 2014 – Catholic Health Initiatives (“CHI”) has completed the sale of Avantas, LLC (“Avantas”) to AMN Healthcare, Inc. (“AMN Healthcare”), a publicly-traded healthcare workforce solutions and staffing services provider. Hammond Hanlon Camp LLC (“H2C”) served as the exclusive financial advisor to CHI.
Avantas is a leading provider of clinical labor management services, including workforce consulting, data analytics, predictive modeling and Software-as-a-Service based scheduling technology. Avantas received the highest rating for a staff scheduling company in its category by KLAS, a leading healthcare industry research firm, which also identified Avantas as “the most promising human capital niche/focused vendor for staff scheduling” based on its Smart Square® technology.
H2C made an immediate impact on the sale. Prior to H2C’s engagement, Avantas was in preliminary discussions with a few parties. H2C structured a broad sell-side process, generating significant competitive tension among the strategic and financial buyers to achieve the seller and management’s objectives: improved valuation for CHI and strategic fit for Avantas. Once AMN Healthcare was selected, H2C assisted CHI and Avantas in negotiating and finalizing the terms of the sale.
“The transaction leveraged the strengths of two best-in-industry companies that will now be able to offer enhanced labor optimization solutions to healthcare provider organizations. H2C was critical to understanding and aligning all stakeholder needs – the sellers, buyer, and management team. In the end, their expertise in driving this process resulted in all parties realizing a desirable outcome,” added Chris Fox, Chief Executive Officer of Avantas.
“AMN Healthcare was pleased to work with CHI and H2C to bring Avantas into AMN’s portfolio of innovative healthcare workforce solutions. With labor representing more than half of operating costs at healthcare facilities, our clients are in great need of labor optimization solutions, workforce planning analytics, and flexible staffing models to support the effective and efficient delivery of care,” stated Brian Scott, Chief Financial Officer of AMN Healthcare.
“We were pleased to assist CHI, one of our longstanding clients, in its sale of Avantas. By finding Avantas a strategically-aligned partner in AMN Healthcare, this transaction represents a win for all parties involved,” stated William B. Hanlon III, Principal, Hammond Hanlon Camp LLC.
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