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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.
“Health information management has been a successful part of our business for some time, and we are proud of all they have accomplished on their way to becoming one of the leaders in the space,” Dunkel says in the statement. “As we assessed our investment strategy to simplify our business model and narrow our focus on our core businesses, we have decided to deepen our focus on our core technology and finance and accounting businesses, both in the commercial space and through Kforce Government Solutions.”
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