Cross Country Healthcare announces Agreement to Sell Its Education Business

Thursday, July 30, 2015

Cross Country Healthcare, Inc. announced it has entered into an agreement to sell its Cross Country Education business to PESI, Inc. for $8 million (subject to a net working capital adjustment), plus potential additional consideration of $500 thousand. Consummation of the transaction is subject to certain closing conditions and is expected to be completed in the third quarter of 2015. The Company intends to use the net proceeds from this transaction to finance further investments for revenue growth including future acquisitions, to implement and finance its strategic objectives, to reduce debt and for general business purposes.

"Selling this business is a logical next step in executing our stated strategy as we concentrate our resources on our core staffing and workforce solutions businesses," said William J. Grubbs, President and Chief Executive Officer of Cross Country Healthcare, Inc. "I want to thank the employees of Cross Country Education for their services, and I am very pleased we could find them an outstanding new home as part of the PESI team," added Mr. Grubbs.