Kforce sells subsidiary in $119M deal

TAMPA — Professional staffing services firm Kforce sold its health information management subsidiary, Kforce Healthcare Inc., for $119 million in cash to an affiliate of a Chicago-based private equity firm.

The stock purchase agreement was announced in a statement before the markets opened today. RCM Acquisition, an affiliate of Chicago-based Beecken Petty O'Keefe & Co., is the entity that bought the subsidiary, a release states.

The sale, says Kforce Chairman and CEO David Dunkel, is part of an ongoing plan to simplify the business model at the publicly traded firm, which had $1.15 billion in sales in 2013. The firm is traded on the Nasdaq under the symbol KFRC (recent price: $19.55) Robert W. Baird and Co. advised Kforce on the transaction.