January 29, 2020
New York, NY – Kinderhook Industries, LLC (“Kinderhook”) today announced a definitive agreement to sell Stratus Video (“Stratus” or the “Company”) to AMN Healthcare Services, Inc. (NYSE: AMN) for a purchase price of $475 million. The acquisition, subject to regulatory approvals and customary closing conditions, is expected to close by early March 2020.
Stratus, based in Clearwater, Florida, is the leading provider of video remote language interpretation services for the healthcare industry. The Company has grown rapidly since its founding in 2012, surpassing $100 million revenue in 2019. As the leading innovator in healthcare interpretation services, Stratus Video has developed proprietary technologies to seamlessly provide video remote interpretation, over-the-phone interpretation and in-person interpretation. Stratus serves more than 1,600 clients among health systems, acute care hospitals, community health centers, federally qualified health centers, ambulatory surgery centers, and post-acute and home health providers.
AMN Healthcare is the leader and innovator in healthcare workforce solutions and staffing services to healthcare facilities across the nation. The Company provides unparalleled access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities.
“We are very excited to have the talented team at Stratus Video soon join the AMN family and expand our workforce solutions strategy with the addition of the nation’s leading remote video interpreting company in healthcare,” said AMN Healthcare Chief Executive Officer Susan R. Salka. “This acquisition is the result of our continued efforts to positively impact patient care through innovative workforce solutions. We believe Stratus will add great value to the AMN portfolio of services to clients and their patients and will provide further opportunity for us to expand in the virtual workforce and patient care arena.”
Chris Michalik, Managing Director at Kinderhook, stated, “This is a great outcome for Kinderhook, Stratus and its employees. We are very proud of the accomplishments of Stratus’ team, led by David Fetterolf and Maureen Huber, and we expect the Company to continue to flourish as part of AMN Healthcare. Our investment in Stratus highlights the key tenets of Kinderhook’s investment strategy – partnering with world class management teams to aggressively grow businesses in niche markets both organically and through acquisition.”
Evercore acted as exclusive financial advisor to Stratus Video, and Kirkland & Ellis provided legal counsel. J.P. Morgan served as exclusive financial advisor to AMN for this transaction. AMN received legal counsel from Sheppard Mullin.
About AMN Healthcare
AMN Healthcare is the leader and innovator in healthcare workforce solutions and staffing services to healthcare facilities across the nation. AMN provides unparalleled access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve patient outcomes. AMN delivers managed services programs, healthcare executive search solutions, vendor management systems, recruitment process outsourcing, predictive labor analytics, revenue cycle management, credentialing solutions, and other services. AMN Healthcare is committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment to the inclusion of many different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services industry.
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