On Assignment Acquires HealthCare Partners

On Assignment, Inc. ASGN announced today that it has acquired HealthCare Partners, Inc. a privately held locum tenens and physician staffing firm headquartered in Atlanta. According to the terms of the agreement, On Assignment will pay $15.0 million at closing with a two-year earn-out opportunity of up to $3.7 million. On Assignment utilized a combination of cash on hand and borrowing under its senior revolving credit facility to fund the acquisition. The company expects to achieve an after-tax savings of approximately $450,000 per year over the next 15 years as a result of the election to classify the HCP acquisition as an asset sale under Section 338 of the IRS tax code.