HEALTHCARE STAFFING M&A SURGES AMID SUBSTANTIAL LABOR SHORTAGE - HEALTHCARE STAFFING INDUSTRY UPDATE | NOVEMBER 2021
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HEALTHCARE STAFFING M&A SURGES AMID
SUBSTANTIAL LABOR SHORTAGE
HEALTHCARE STAFFING INDUSTRY UPDATE | NOVEMBER 2021
3
TABLE OF CONTENTS
Key Industry Takeaways 4
Travel Nursing and Allied Health
See Strong Growth 5
M&A Volume Continues at
Rampant Pace 6
Repeat Buyers Fuel M&A,
Sponsors Build Sector Portfolios 7
Historic M&A Trends and Public
Company Valuations 8
Select Transactions 9
Public Company Data 10
Buyer Universe 11
Report Contributors 12
Firm Track Record 13
Endnotes 14
CONTACT OUR HEALTHCARE STAFFING
INDUSTRY EXPERTS
Eric Williams
Managing Director
215-854-4065
ewilliams@capstonepartners.com
Mark Surowiak
Director
215-854-4063
msurowiak@capstonepartners.com
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Healthcare Staffing Industry
M&A Surges Amid Substantial Labor Shortage
KEY INDUSTRY TAKEAWAYS
Capstone Partners’ Healthcare Group is pleased to share its Healthcare Staffing report. The resurgence of
COVD-19 and Delta variant cases have stressed healthcare systems, creating substantial demand for
outsourced staffing providers. Merger and acquisition (M&A) activity has proliferated as strategic players
consolidate to bolster service offerings and private equity continues to build and enhance sector portfolios.
Several key takeaways are outlined below, followed by analysis on industry trends, drivers of M&A activity, and
transaction valuations.
1. The Travel Nursing segment continues to attract heightened demand through year-to-date (YTD) with
industry participants recording significant revenue growth.
2. Top public companies have achieved strong operating performance through Q2, capitalizing on
elevated demand for workforce solutions.
3. M&A volume has increased drastically as potential tax increases and the current favorable transaction
environment has motivated sellers to pursue a liquidity event.
4. Strategic buyers have led M&A activity while private equity (PE) has also continued to demonstrate a
strong appetite for healthcare staffing providers.
Capstone Partners has developed a full suite of corporate finance solutions, including M&A advisory, debt
advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity
firms through each stage of the company’s lifecycle, ranging from growth to an ultimate exit transaction.
To learn more about Capstone’s wide range of advisory services and Healthcare Staffing industry expertise,
please contact Capstone Managing Director Eric Williams.
4
Healthcare Staffing | November 2021
TRAVEL NURSING AND ALLIED HEALTH SEE STRONG GROWTH
Clinician burnout coupled with the resurgence of Aging Population and Workforce Shortages Drive
COVID-19 and Delta variant cases in the summer Growth in Healthcare Staffing Market
stressed the capacity of many healthcare
providers, with those located in high infection
$30
regions experiencing the most significant strain on
operations. Workforce management has proven to $25
U.S. Dollars in Billions
be a key focus for providers to effectively deliver $21.3
$19.9
quality care, with staffing firms playing a critical $20 $18.4
$16.3 $17.1
role in providing labor flexibility. Notably, national $15.2
health system Providence reported a 20% year- $15
over-year (YOY) increase in agency contract labor
costs to address mounting labor shortages, $10
according to its Q2 financial statement.1
$5
While COVID-19 infections represented an acute
challenge for healthcare providers in the first half $0
of 2021, healthcare providers are now managing 2016 2017 2018 2019 2020 2021
clinical staff burnout coupled with an uptick in Source: Cross Country Healthcare
non-COVID-19 patient volumes. Notably, clinician
fatigue, increasing patient visits, and operating Healthcare experienced a 37% YOY increase in
room backlog have contributed to drastic labor travel nurse staffing revenue in Q2. The Allied
supply constraints, noted AMN Healthcare Staffing segment of the industry has also
(NYSE:AMN) in its Q2 earnings call.2 Pandemic demonstrated solid growth through the first half of
disruptions have exacerbated existing labor 2021, supported by the rebound of therapy orders
challenges as the aging U.S. population and which experienced depressed demand for much
clinician workforce have already created a of 2020. Notably, AMN has recorded consistent
significant shortage of healthcare professionals. growth in its Allied division over the last three
This has contributed to forecasts for a $21.3 billion quarters with revenue rising 44% YOY in Q2,
Healthcare Staffing industry by year end, according to its earnings report.6
according to Cross Country Healthcare’s
(Nasdaq:CCRN) investor presentation.3 Clinician retention and recruiting challenges
continue to manifest in greater use of outsourced
The Travel Nursing segment continues to providers. As uncertainty relating to the COVID-19
experience robust demand through the first half of and Delta variant cases persist, hospital systems
2021, with the median revenue growth increasing and healthcare providers are likely to require
95% YOY in June, according to Staffing Industry efficient flexing of workforces to meet demand
Analysts.4 While bill rates have compressed since surges. Staffing providers are expected to place
the peak of the pandemic, high volumes have increased focus on digital tools and recruitment
fueled the segment’s healthy performance amid a and onboarding productivity technology to
persistently tight clinical labor market. Notably, optimize labor management for their clients.
leading healthcare staffing provider Cross Country Consolidation activity is expected to play a key
Healthcare recorded a 50% increase in travel role in the expansion of staffing services as
nurse orders in Q2 from the start of the quarter, industry players seek accretive acquisitions to
according to its earnings call.5 In addition, AMN bolster capacity.
Healthcare
5
Healthcare Staffing | November 2021
M&A VOLUME CONTINUES AT RAMPANT PACE
M&A volume in the Healthcare Staffing industry Healthcare Staffing M&A Transaction Volume
has surged YTD with 30 transactions announced or
completed, already outpacing full year 2020 levels. 60
Target companies in the Nursing & Travel Nursing
Number of Transactions
segment have comprised the largest percentage 50 45
of transactions (37%) as industry participants look
40
to capitalize on the sector’s rapid growth. While 31 30
potential tax increases continue to motivate 30 27
sellers to transact, fervent buyer appetite and 19
robust valuations have also fueled a historic M&A 20 13
market for healthcare staffing providers. Private 10
strategic buyers have dominated M&A activity,
comprising nearly 70% of YTD transactions. 0
2017 2018 2019 2020 YTD YTD
Aya Healthcare has established itself as a leading 2020 2021
consolidator in the sector, continuing to Year-to-date (YTD) ended August 23
aggressively pursue temporary staffing and Source: Capital IQ, FactSet, PitchBook, and Capstone Research
workforce solutions providers, often acquiring
targes through its subsidiary, Qualivis. In addition, dealmakers are fielding elevated inquiries from private
targets
equity firms seeking to establish or enhance sector portfolios. Sponsors have benefited from historically low
interest rates and vast levels of deployable capital creating a favorable backdrop for elevated deal activity. In
addition, with 2020 representing a lost year for many PE firms, pressure has increased on investors and
sponsors to deliver returns under a shorter time frame. Notably, Periscope Equity recently announced its
investment in MAS Medical Staffing, a leading per diem and travel nurse provider (more details on the
following page).
Capstone expects deal activity to continue at a healthy pace through year end and into 2022 as private
equity continues to target the sector and strategics leverage improved balance sheets to reengage in growth
initiatives. Valuations are expected to favor staffing providers with strong margin growth, large scale, and
expansive client relationships.
Healthcare Staffing Valuation Analysis
Valuation Method Average Revenue Multiple Average EBITDA Multiple
Historic M&A Transactions (2016-YTD) 1.2x 9.3x
Public Company Trading Multiples (LTM) 1.4x 13.5x
Source: Capital IQ, FactSet, PitchBook, and Capstone Research
Valuation Insight
M&A transaction EBITDA multiples have averaged 9.3x, with larger companies or companies with a presence
in high growth subsectors often commanding the higher multiple ranges. Notably, the median M&A
transaction enterprise value has amounted to approximately $41 million from 2016 to YTD. Comparatively, the
enterprise value of publicly traded Cross Country Healthcare and AMN Healthcare stands at $880 million and
$5.9 billion, respectively; which currently trade at average of 13.5x EBITDA.
6
Healthcare Staffing | November 2021
REPEAT BUYERS FUEL M&A, SPONSORS BUILD SECTOR PORTFOLIOS
Transaction Overview
Aya Healthcare has announced a definitive agreement to acquire Vizient’s Contract
Labor Management Business for an undisclosed sum (August). Aya plans to integrate
the acquired business into its new subsidiary Vaya Workforce Solutions. "As the
demand for healthcare staffing services evolves, we're thrilled to join forces with Aya
to expand our members' unmatched access to exceptional, cost-effective
temporary staffing services through Vaya Workforce Solutions,” commented Bharat
Contract Labor Sundaram, President and Chief Operating Officer at Vizient, in a press release.7
Management Business of
M&A and Industry Takeaways
The acquisition of Vizient’s Contract Labor Business extends Aya’s active M&A
record over the past 12 months. In May, Aya acquired workforce solutions provider
Dawson Healthcare for an undisclosed sum. In addition, Aya’s subsidiary Qualivis has
completed two acquisitions since the start of the year, purchasing Chesapeake
Registry Program of Maryland Hospital Association (February, undisclosed) and the
temporary staffing division of New Mexico Hospital Association (May, undisclosed).
Transaction Overview
Lower middle market private equity firm Periscope Equity has announced its
addition of MAS Medical Staffing to its portfolio through a recapitalization in
partnership with management (June, undisclosed). MAS Medical Staffing is a leading
tech-enabled staffing provider with a community of over 3,400 per diem and travel
nurses serving long-term care, acute, and home-based care settings. Its proprietary
MAESTRA platform efficiently connects healthcare facilities with per diem nurses
and streamlines credentialing, communication, and payroll.
M&A and Industry Takeaways
The acquisition marks the first platform investment from the Periscope Equity II fund,
with the add-on acquisition criteria for MAS including long-term care medical
staffing agencies with a regional focus. Periscope typically targets companies with
revenue of $10 million to $50 million, and EBITDA ranging between $2 million and $8
million, according to its website.8
Transaction Overview
Cross Country Healthcare has completed the asset acquisition of Workforce
Solutions group for an enterprise value of $45 million (June). Workforce Solutions
provides coordination of in-home care services for local and national healthcare
plans and managed care providers. It also offers home care staffing, recruitment
process outsourcing, contingent workforce evaluation, and talent acquisition.
M&A and Industry Takeaways
The acquisition expands Cross Country’s presence in the Home Care sector and
complements its existing managed service program (MSP) services. In addition, the
enterprise value is inclusive of a $15 million earnout based on Workforce Solution’s
performance from 2021 through 2023. With COVID-19 disruptions and supply chain
uncertainties remaining in the market, dealmakers are seeing more structure
involved in M&A sale processes, often to normalize pandemic-affected earnings.
7
Healthcare Staffing | November 2021
HISTORIC M&A TRENDS AND PUBLIC COMPANY VALUATIONS
Transactions Average Value
M&A Transaction
Volume and Value 60 $400
Recover From 2020
U.S. Dollars in Millions
50 45
The prospect of tax $300
increases, strong Transactions 40
valuations, and healthy 31 30
30 27 $200
buyer appetite has fueled a
historic Healthcare Staffing 19
20
M&A market through the 13
$100
first eight months of 2021. 10
Deal activity is forecasted
to continue at elevated 0 $0
levels through year end. 2017 2018 2019 2020 YTD 2020 YTD 2021
Year-to-date (YTD) ended August 23
Source: Capital IQ, FactSet, PitchBook, and Capstone Research
Private Strategic Buyers Private Public PE Platform PE Add-On
Comprise Majority of
Transaction Activity 100%
10.0%
19.4% 26.7% 26.3% 10.0%
Percent of Transactions
80% 33.3%
Private strategics have 12.9% 4.4% 5.3%
10.0%
remained active acquirers 11.1% 6.5% 6.7% 10.5%
60%
through year-to-date 2021
11.1%
while private equity has 40%
continued to demonstrate 61.3% 62.2%
70.0%
57.9%
strong interest in the 20% 44.4%
sector, although add-on
acquisitions have fallen 0%
compared to historic 2017 2018 2019 2020 YTD 2021
composition levels.
Year-to-date (YTD) ended August 23
Source: Capital IQ, FactSet, PitchBook, and Capstone Research
S&P 500 AMN Healthcare Cross Country Healthcare
Public Healthcare Staffing
Trading Multiples Slightly 25x
Trail S&P 500
20x
AMN Healthcare and Cross
EV/EBITDA
Country Healthcare have 15x
traded at elevated
multiples compared to the 10x
prior year, with an LTM
average of 14.5x and 12.5x, 5x
respectively. However, the
S&P 500 has modestly 0x
outperformed both public Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21
staffing providers.
Source: Capital IQ and Capstone Research
8
Healthcare Staffing | November 2021
SELECT TRANSACTIONS
Date Target Acquirer Target Business Description Buyer Type
Medical Centerbridge Partners, Offers staffing services including travel nurse and travel allied
08/30/21 Platform Investment
Solutions CDPQ health professionals.
The Fortus
08/19/21 Job.com Provides health staffing and recruiting services. Private Strategic
Group
Contract Labor of
08/09/21 Aya Healthcare Comprises the contract labor management business. Private Strategic
Vizient
Vital Medical Dedicated Nursing
06/11/21 Offers per diem nurse staffing. Private Strategic
Staffing Associates
06/08/21 MAS Medical Staffing Periscope Equity Provides per diem and travel nurse staffing. Platform Investment
Assets of Workforce Cross Country Comprises the assets of talent management and consulting
06/08/21 Public Strategic
Solutions (Nasdaq:CCRN) solutions ($45mm enterprise value).
Temp. Staffing of New
05/26/21 Qualivis Provides temporary staffing services. Private Strategic
Mexico Hospital
ProPharma Offers professional staffing to industries including Life
05/21/21 The Planet Group Sciences and Healthcare. PE Add-on
Group
Provides staffing and search services to the Healthcare sector,
05/12/21 Independence Medical ICON Medical Network including anesthesia professionals. Private Strategic
05/11/21 Dawson Healthcare Aya Healthcare Offers healthcare workforce solutions. Private Strategic
Chesapeake Medical
05/07/21 Flexibility Provides healthcare staffing solutions. Private Strategic
Staffing
Develops a patient program management platform for
05/06/21 Synzi AMN (NYSE:AMN) healthcare organizations ($42.5mm enterprise value). Public Strategic
Offers recruitment and placement of professionals in the
04/23/21 Therapia Staffing Gifted Nurses Healthcare industry. Private Strategic
Health
04/19/21 Staff Today Provides clinical and non-clinical supplemental staffing services. Private Strategic
Advocates
Offers staffing and consulting services to industries including
03/19/21 LG Associates Kyyba Private Strategic
Healthcare and Pharmaceutical.
Premier Health of
03/17/21 Solutions Nursing Provides nurse staff placement services. Public Strategic
America (TSXV:PHA)
Offers a platform that connects healthcare providers with
03/03/21 Kamana Triage Staffing traveling nurses. PE Add-on
U.S. Nursing / Trilantic Capital,
02/24/21 Provides staffing solutions including travel nurse staffing. Platform Investment
Fastaff Travel Cornell Capital
02/11/21 Medpath Health Carousel Offers staffing solutions for the Healthcare industry. Private Strategic
Provides locum tenens and permanent search solutions
01/14/21 Vitruvian Medical Health Carousel for anesthesiologists. Private Strategic
Action Healthcare Provides healthcare staffing solutions including nurses and
01/01/21 Actriv Healthcare allied health professionals. Private Strategic
Staffing
12/07/20 TalentMine Orbis Clinical Offers life science staffing services. Private Strategic
Premier Healthcare
11/06/20 Field Health Provides recruitment services to hospitals and agencies. Private Strategic
Professionals
Source: Capital IQ, PitchBook, FactSet, and Capstone Research
9
Healthcare Staffing | November 2021
PUBLIC COMPANY DATA
Price % 52 Wk Market Enterprise LTM EV / LTM
Company 08/26/21 High Cap Value Revenue EBITDA Margin Revenue EBITDA
AMN Healthcare Services, Inc. $108.13 97.4% $5,110.5 $5,899.7 $2,926.3 $407.4 13.9% 2.0x 14.5x
Cross Country Healthcare, Inc. $20.17 93.5% $766.5 $883.4 $1,070.6 $70.8 6.6% 0.8x 12.5x
Mean 10.3% 1.4x 13.5x
EV = enterprise value; LTM = last twelve months Median 10.3% 1.4x 13.5x
$ in millions, except per share data
NM = Not Meaningful Harmonic Mean 9.0% 1.2x 13.4x
LTM EBITDA Multiple Performance LTM Revenue Multiple Performance
LTM 2020 LTM 2021 LTM 2020 LTM 2021
20x 3.0x
2.5x
14.5x
15x 2.0x
12.5x
11.7x 2.0x
EV/Revenue
EV/EBITDA
1.5x
10x 1.5x
7.6x
1.0x 0.8x
5x
0.5x 0.4x
0x 0.0x
AMN Healthcare Cross Country AMN Healthcare Cross Country
Healthcare Healthcare
LTM Margin Performance YTD Share Price Performance
Gross Margin EBITDA Margin AMN Healthcare
Cross Country Healthcare
50% 180%
40%
Percentage Growth
32.9% 130%
Percentage
30%
23.0%
80%
20%
13.9%
10% 6.6% 30%
0%
AMN Healthcare Cross Country -20%
Healthcare Dec-20 Apr-21 Aug-21
Source: Capital IQ as of August 26, 2021
10Healthcare Staffing | November 2021
BUYER UNIVERSE
Capstone has developed intricate knowledge of the strategic and financial buyer universe through ongoing
conversations with industry participants. If you would like to learn more about relevant buyers in your sector,
please reach out to Managing Director Eric Williams.
Leading Strategic Buyers
Leading Financial Buyers
Source: Capstone Research
11Healthcare Staffing | November 2021
HEALTHCARE STAFFING REPORT CONTRIBUTORS
Eric Williams
Managing Director
ewilliams@capstonepartners.com | 215-854-4065
Based out of Philadelphia, Eric serves as a Managing Director at Capstone Partners and
leads the Health and Medical practice. Eric has successfully completed more than 100
transactions in sectors including contract manufacturing, pharmaceutical outsourcing,
medical devices, and life sciences, and health care services. Prior to Capstone, Eric was
responsible for managing the Eastern region for Morgan Stanley Smith Barney’s Capital
Strategies Group and its predecessor, Citi Capital Strategies. Eric has 20 years of
experience managing strategic sale assignments and leveraged recapitalizations for
owners of privately held companies.
He has also executed complex cross-border transactions with foreign buyers based in
London, Germany, Sweden and Switzerland and has structured deals with leading
private equity groups and strategic corporate buyers. Previously, Eric worked as a senior
executive with Newport Securities Corporation. He graduated cum laude from the
University of California and is a Series 7 and 63 Registered Securities Representative as
well as a Series 24 Registered Securities Principal.
Mark Surowiak
Director
msurowiak@capstonepartners.com | 215-854-4063
Mark is a Director in the Philadelphia office with over 15 years of experience in mergers &
acquisitions, private placements and financial advisory services. While Mark's primary
focus includes clients in the health and medical industry, his experience spans a broad
range of industries, including government and defense contracting, manufacturing and
outsourced business services sectors. Prior to investment banking, he enjoyed a career
in the social services field.
Previously, Mark served over 10 years as a senior investment banking professional in
Morgan Stanley Smith Barney’s Capital Strategies Group. Over his career, Mark has
focused on developing deep credentials and expertise in the sale and recapitalization of
privately held businesses.
Connor McLeod
Research Manager
cmcleod@capstonepartners.com | 617-619-3319
Connor currently serves as Research Manager at Capstone Partners. Connor provides
M&A insights, capital markets analysis, and macroeconomic trends for C-suite middle
market executives. He specializes in the coverage of the Healthcare and Consumer &
Retail industries.
Prior to joining the Research Team at Capstone, Connor was a specialist with the
Investor Services team at BlackRock where he was responsible for assessing fund and
account performance, communicating relevant market dynamics, and facilitating trades
for shareholders, financial advisors, and institutional clients.
12Healthcare Staffing | November 2021
FIRM TRACK RECORD
Capstone has successfully advised on a number of transactions related to the sale of healthcare
staffing and talent management firms. Select Capstone Health & Medical transactions are shown below.
The firm’s experience in the sector provides significant insight into the valuable attributes and likely
valuation of target companies, the active buyers, and the nuances of transactions in the space.
and
HAS RECAPITALIZED
HAS BEEN ACQUIRED BY HAS BEEN ACQUIRED BY HAS BEEN ACQUIRED BY
WITH
HAS BEEN ACQUIRED BY HAS BEEN ACQUIRED BY HAS RECAPITALIZED HAS BEEN ACQUIRED BY
WITH
A PRIVATE
INVESTMENT GROUP a portfolio company of
AUDAX GROUP, INC.
LEADING MUTI-CLINIC
PHYSICAL THERAPY
PRACTICE
HAS BEEN ACQUIRED BY HAS BEEN ACQUIRED BY HAS BEEN ACQUIRED BY HAS BEEN ACQUIRED BY
13Healthcare Staffing | November 2021
ENDNOTES
1. Providence St. Joseph Health, “Financial Statements,” https://www.providence.org/about/financial-statements,
accessed August 27, 2021.
2. Seeking Alpha, “AMN Healthcare Services, Inc. (AMN) CEO Susan Salka on Q2 2021 Results - Earnings Call
Transcript,” https://seekingalpha.com/article/4446852-amn-healthcare-services-inc-amn-ceo-susan-salka-on-
q2-2021-results-earnings-call-transcript, accessed August 16, 2021.
3. Cross Country Healthcare, “Investor Relations Q1 2021,” https://ir.crosscountryhealthcare.com/static-
files/26ca67ce-0ec9-4ea5-9dd8-884c9dcd9967, accessed August 21, 2021.
4. Staffing Industry Analysts, “HEALTHCARE PULSE: TRAVEL NURSE STAFFING REVENUE ALMOST DOUBLES, COVID
VACCINATIONS A CONCERN,” https://www2.staffingindustry.com/Editorial/Healthcare-Staffing-Report/Aug.-12-
2021/Healthcare-Pulse-Travel-nurse-staffing-revenue-almost-doubles-Covid-vaccinations-a-concern, accessed
August 26, 2021.
5. Seeking Alpha, “Cross Country Healthcare, Inc. (CCRN) CEO Kevin Clark on Q2 2021 Results - Earnings Call
Transcript,” https://seekingalpha.com/article/4446682-cross-country-healthcare-inc-ccrn-ceo-kevin-clark-on-
q2-2021-results-earnings-call-transcript, accessed August 26, 2021.
6. AMN Healthcare, “AMN Healthcare Announces Second Quarter 2021 Results,” https://ir.amnhealthcare.com/press-
releases/press-releases-details/2021/AMN-Healthcare-Announces-Second-Quarter-2021-Results/, accessed
August 28, 2021.
7. Cision, “Aya Healthcare announces agreement to acquire Vizient Contract Labor Management; launches Vaya
Workforce Solutions,” https://www.prnewswire.com/news-releases/aya-healthcare-announces-agreement-to-
acquire-vizient-contract-labor-management-launches-vaya-workforce-solutions-301351256.html, accessed
August 26, 2021.
8. Periscope Equity, “Firm Factsheet,” http://periscopeequity.com/wp-content/uploads/2021/08/Periscope-Equity-
Profile.pdf, accessed August 26, 2021.
Common Goals. Uncommon Results.
Disclosure
This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and
acquisition activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any
reference to or omission of any reference to any company in this report should not be construed as a recommendation to buy, sell or
take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security
or company based on this report. The report is published solely for the general information of clients and friends of Capstone
Partners. It does not take into account the particular investment objectives, financial situation or needs of individual recipients.
Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for all investors.
This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not
be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may
cause actual results to vary materially. We are under no obligation to update the information contained in this report. Opinions
expressed are our present opinions only and are subject to change without notice. Additional information is available upon request.
The companies mentioned in this report may be clients of Capstone Partners. The decisions to include any company in this report is
unrelated in all respects to any service that Capstone Partners may provide to such company. This report may not be copied or
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not be construed as legal advice.
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platform, we provide clients with broad expertise and access to key market
relationships on a global basis. Our presence is backed by ~200 professionals in the
U.S. with 450+ professionals across 43 countries.
218 $12.5B 30% 6th
M&A transactions aggregate of our deals globally ranked for
completed in 2020 transaction value are cross- deals under $500m
border
$65.1M 51 65%
average deals involving foreign completed with a
transaction private equity firms European partner
value
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