[January 19, 2015] |
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Envision Healthcare Holdings, Inc. Announces Acquisition of VISTA Staffing Solutions
Envision Healthcare Holdings, Inc. (NYSE: EVHC) (Envision) announced
that it has entered into an agreement to acquire VISTA Staffing
Solutions (VISTA) from On Assignment, Inc. (On Assignment) (NYSE: ASGN).
The deal is expected to add approximately $135 million in annual net
revenues.
VISTA is a leading provider of locum tenens staffing and permanent
placement services for physicians, nurse practitioners and physician
assistants. They offer locum tenens staffing, extended assignments,
international placements and physician search and consulting services to
hospitals, medical practices and government agencies.
"We staff thousands of clinicians each year so joining forces with the
very talented team of one of the largest locum tenens physician staffing
firms in the nation was a logical move," said William A. Sanger,
chairman, president and chief executive officer of Envision. "We are
dedicated to being pioneers in each area of healthcare we operate and
that includes the staffing of our workforce. VISTA's business practices
and systems will be key differentiators for us as we develop a
comprehensive multi-specialty staffing practice for all levels of
clinicians."
"We were approached by Envision, one of the largest and most respected
healthcare companies in the industry, to acquire VISTA Staffing
Solutions and determined that this would greatly benefit both
organizations, our employees and our shareholders," said Peter Dameris,
president and chief executive officer of On Assignment. "This is an
incredible opportunity for VISTA to align with a world class healthcare
organization and for On Assignment to focus more specifically on high
demand IT, math and science skill sets."
The acquisition is expected to close in February pending completion of
certain closing conditions.
About Envision Healthcare Holdings, Inc.
Envision Healthcare Holdings, Inc., and its more than 34,000 employees
and affiliated clinicians, offers an array of healthcare related
services to consumers, hospitals, healthcare systems, health plans and
local, state and national government entities. Through Envision
Healthcare Corporation, the Company operates American Medical Response,
Inc. (AMR), EmCare Holdings, Inc. (EmCare) and Evolution Helth, LLC
(Evolution Health). AMR is a provider and manager of community-based
medical transportation services, including emergency ('911'),
non-emergency, managed transportation, fixed-wing air ambulance and
disaster response. EmCare is a provider of integrated facility-based
physician services, including emergency, anesthesiology,
hospitalist/inpatient care, radiology, tele-radiology and surgery.
Evolution Health provides comprehensive care to patients across various
settings, many of whom suffer from advanced illnesses and chronic
diseases. Envision is headquartered in Greenwood Village, Colorado.
Forward-Looking Statements
Certain statements and information herein may be deemed to be
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Forward-looking statements may
include, but are not limited to, statements relating to our objectives,
plans and strategies, and all statements (other than statements of
historical facts) that address activities, events or developments that
we intend, expect, project, believe or anticipate will or may occur in
the future, including EVHC's ability to successfully complete the
acquisition of VISTA and VISTA's estimated $135 million in annualized
net revenues. Any forward-looking statements or guidance herein are made
as of the date of this press release, and EVHC undertakes no duty to
update or revise any such statements. Forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties. Important factors that could cause actual results,
developments and business decisions to differ materially from
forward-looking statements are described in EVHC's filings with the U.S.
Securities and Exchange Commission from time to time, including in the
section entitled "Risk Factors" in EVHC's Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Among the factors that could cause
future results to differ materially from those provided in this press
release are: decreases in our revenue and profit margin under our
fee-for-service contracts due to changes in volume, payor mix and third
party reimbursement rates, including from political discord in the
federal budgeting process; the loss of existing contracts; failure to
accurately assess costs under new contracts; difficulties in our ability
to recruit and retain qualified physicians and other healthcare
professionals, and enforce our non-compete agreements with our
physicians; failure to implement some or all of our business strategies,
including our efforts to grow our Evolution Health business and
cross-sell our services; lawsuits for which we are not fully reserved;
the adequacy of our insurance coverage and insurance reserves; our
ability to successfully integrate strategic acquisitions; the high level
of competition in the markets we serve; the cost of capital expenditures
to maintain and upgrade our vehicle fleet and medical equipment; the
loss of one or more members of our senior management team; our ability
to maintain or implement complex information systems; disruptions in
disaster recovery systems or management continuity planning; our ability
to adequately protect our intellectual property and other proprietary
rights or to defend against intellectual property infringement claims;
challenges by tax authorities on our treatment of certain physicians as
independent contractors; the impact of labor union representation; the
impact of fluctuations in results due to our national contract with
FEMA; potential penalties or changes to our operations, including our
ability to collect accounts receivable, if we fail to comply with
extensive and complex government regulation of our industry; the impact
of changes in the healthcare industry, including changes due to
healthcare reform; our ability to timely enroll our providers in the
Medicare program; our ability to restructure our operations to comply
with future changes in government regulation; the outcome of government
investigations of certain of our business practices; our ability to
comply with the terms of our settlement agreements with the government;
our ability to generate cash flow to service our substantial debt
obligations; the significant influence of investment funds sponsored by,
or affiliated with, Clayton, Dubilier & Rice, LLC over us; and the other
factors discussed in EVHC's filings with the Securities and Exchange
Commission.
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