The Zurich, Switzerland, has reported today that the Adecco Group has completed sales of their US healthcare provider, Soliant Health, for $612 million in cash.
“Soliant is an excellent company, but has a little potential to grow outside the US market with its unique dynamics on the healthcare market,” said CEO Alain Dehaze. That was the reason they decided to sell it to some other party which happened to be Olympus.
In November 2017, Olympus acquired a new workplace company called Vaco. Olympus has also been an investor in AMN Healthcare Inc., which became the largest public healthcare provider in the United States in 2001, before this investment.
“We are pleased that we have concluded an agreement that will create value for both the Group and Soliant,” said David Alexander, Head of Soliant Health. “Soliant’s strong business has thriven within the Adecco Group.”
Private equity firm Olympus Partners is the buyer of Soliant. In November, the agreement was first announced. On the transaction, J.P. Morgan Securities acted as the Adecco Group’s sole financial adviser.
Adecco said that selling is part of its strategy for focused brands and digital solutions on a global scale. The transaction will result in a profit to be acknowledged in the results of Adecco for the fourth quarter. Soliant produced revenue of USD 344 million (EUR 302 million) and EBITDA by about USD 54 million (EUR 47 million) in the 12 months ended 30 June 2019. The divestment is expected to produce a return for the Adecco Group on sale after closure and will be completed by Q1 2020.
The purchase of Soliant by a private equity group has been part of a recent trend in the M&A market for being very lively and dynamic in the industry.