Contact:Doug Berman, Managing Director
H.I.G. Capital, LLC
H.I.G. Capital, LLC
H.I.G. Capital, a Miami-based private equity firm, announced today that it has acquired J&C Nationwide, Inc. ('JCN') in partnership with the company's management.
Miami, FL - December 2, 2002 - a Miami-based private equity firm, announced today that it has acquired J&C Nationwide, Inc. ("JCN") in partnership with the company's management. JCN is one of the country's leading providers of temporary and permanent physician staffing services to hospitals, clinics, correctional facilities, HMOs, and other healthcare entities. JCN maintains its headquarters in Atlanta, and operates satellite offices in Durham, NC and Salt Lake City. In 2002, the Company is projected to generate revenues of over $50 million.
William Goldstein, President and CEO of J&C Nationwide, commented, "We are extremely excited to be partnering with HIG. Their investment in the Company will allow us to continue our strong organic growth, and to selectively pursue strategic acquisitions. The demand for our services continues to grow, and this investment will enable JCN to take advantage of a number of attractive opportunities in our market."
The Company places physicians in all 50 states across a wide range of medical specialties including anesthesia, emergency medicine, radiology, obstetrics/gynecology, oncology, primary care, psychiatry, and various surgical specialties. JCN has developed a proprietary database of virtually every licensed physician in the United States, as well as thousands of certified registered nurse anesthetists. This database, combined with the advanced technology that the Company has developed internally, allows JCN to access quickly the best candidates for any open placement assignment, and has positioned JCN to solve virtually any staffing requirements that its clients may encounter.
"J&C Nationwide is an excellent platform investment in a very exciting industry," said Doug Berman, Managing Director of H.I.G. Capital. "The Company has an outstanding management team, a highly scalable business model, and strong customer and physician relationships. We look forward to great achievements from Will Goldstein and his management team."
H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1 billion of equity capital under management. Based in Miami, the firm specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of well-established, profitable, and well managed manufacturing or service businesses, and in promising early stage technology companies. Since its founding, H.I.G. Capital has made more than forty highly successful investments, acquiring companies with combined revenues in excess of $4.0 billion.