Cornell Capital and Trilantic North America to acquire trustaff and CardioSolution in combination with Stella to create tech-enabled platform for healthcare staffing
Cornell Capital LLC (“Cornell Capital”), and Trilantic North America, two leading private equity firms, announced that they have acquired trustaff Management, Inc. (“trustaff”), a leading provider of travel nurse and allied healthcare staffing services, and CardioSolution, an organization offering comprehensive cardiovascular service line solutions for hospitals nationwide. As part of this transaction, Cornell Capital and Trilantic North America have also agreed to acquire Stella.ai, Inc. (“Stella”), a VC-backed, AI-driven online marketplace for employers and job seekers that brings cutting-edge technology expertise to the staffing sector.
Founded in 2002, trustaff is one of the largest travel nurse staffing firms in the United States, having placed healthcare professionals at more than 2,000 healthcare facilities, including hospitals and medical centers across the country. Backed by world-class investors, Stella is the first inter-company candidate referral network for large employers. Stella has built networks in hospitality, wireless communications and healthcare, and is headquartered in New York City.
CardioSolution, founded in 2011 by Perrin Peacock and Dr. Lou Vadlamani, is a physician-led organization that specializes in building, augmenting and operating cardiovascular programs for underserved communities across the country.
Along with the acquisition announcement, Adam Zoia, CEO and Co-Founder of Stella, has been named CEO of the combined company. Mr. Zoia is an industry leader and has been applying technology and data science to recruiting for nearly 25 years.
Perrin Peacock will retain his role as President of CardioSolution and Dr. Lou Vadlamani will stay on as Chief Medical Officer. In addition, CardioSolution will retain its brand and internal employees, and will continue to operate from its headquarters in Cincinnati.
“This is such an incredible day for me, Dr. Vadlamani, and our entire team,” says CardioSolution Co-Founder & President, Perrin Peacock. “What began nearly ten years ago as a small start-up vying for our first service line has grown into an organization providing world-class heart care in 24 communities nationwide. We are looking forward to this new chapter in our story and we can’t wait to continue blazing trails in the healthcare space.”
Dr. Lou Vadlamani, Co-Founder and Interventional Cardiologist with CardioSolution, is looking forward to the new clinical opportunities that this partnership will bring the organization. “Together, we will be able to explore opportunities for diversification that will allow us to provide world-class healthcare in new areas, in addition to expanding upon the cardiology services we already provide.”
“trustaff and CardioSolution are pioneers in the travel nursing and healthcare staffing sectors, and I am delighted to take on this role,” said Mr. Zoia. “I have developed strong relationships with the leadership teams at both organizations, and look forward to leveraging their significant experience to explore new frontiers and build upon our successes.”
For more information, click here to view the complete announcement.