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According to Cross Country, the transaction is valued at $112.3 million incash, plus additional earn-out payments based on 2008 and 2009 performancecriteria, plus a working capital adjustment.
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Headquartered in Norcross, with regional offices in Dallas and Denver, MDAprovides multi-specialty locum tenens (physician) and allied staffing servicesto the healthcare industry in all 50 states. MDA has approximately 250employees and reported revenues and EBITDA of $158.0 million and $13.3million, respectively, in 2007.
MDA was founded by Ken Shumard in 1987. In 2004 he sold 100 percent of thecompany to current and future MDA employees through a newly-formed EmployeeStock Ownership Plan (ESOP), and continued to serve as the company's boardchairman until it was acquired by Cross Country.
Cross Country is a leading provider of nurse and allied staffing servicesin the U.S., a national provider of multi-specialty locum tenens and alliedstaffing services, a provider of clinical trials services to globalpharmaceutical and biotechnology customers, as well as a provider of otherhuman capital management services focused on healthcare.
"We appreciated Croft & Bender's help as we navigated through thisprocess. Their advice and counsel was invaluable," said Mike Pretiger, MDA'sChief Financial Officer.
"We were thrilled to be a part of this transaction for MDA and itsemployee-owners. This outcome served as a great case study on how ESOPsshould work," commented Steve Tye, Director of Croft & Bender.
MDA was advised from a legal perspective by Denny Summers and Andy Cataldoof McGuireWoods LLP, Atlanta.
About Croft & Bender
Croft & Bender LLC, based in Atlanta, Georgia, is an investment bankingfirm focused on providing M&A, private equity and financial advisory servicesto middle-market and emerging growth companies in the Southeast. The firm alsosponsors the C&B Capital growth equity funds, with $44 million undermanagement. For more information on Croft & Bender, visit www.croft-bender.comor contact the firm at (404) 841-3131.
SOURCE Croft & Bender LLC
