HgCapital has sold the healthcare recruitment company Pulse Staffing.
Private equity firm HgCapital has sold the healthcare recruitment company Pulse Staffing to US buy-out group Blackstone.
The deal, which was for an undisclosed sum, gives HgCapital a return of two times its original investment in Pulse. The transaction is HgCapital’s second exit in three months, following the partial sale of the software company Visma in September.
Lindsay Dibden, partner and head of HgCapital’s healthcare team, comments: ‘We first invested in the company in 1999 and have continued to support the company through the significant market changes which have taken place during our period of ownership. Under CEO Richard Macmillan’s direction, the business has been successfully diversified into the broad-based provider of health and social care professionals that it is today.’
Hertfordshire-based Pulse provides outsourced staff management services to NHS trusts and social care organisations. Founded in 1987, the company has 14 offices across the UK, and also works with hospitals in Australia, New Zealand and the Middle East.
HgCapital is based in the UK and Germany and has funds under management of £2.4 billion.