Nashville, TN–September 23, 2002–HCCA Holdings, Inc., parent of HCCA International, today announced completion of a $10,775,000 round of financing. The financing was led by Massey Burch Capital Corp. of Nashville and Chrysalis Ventures of Louisville. Co-investments were made by Jefferson Capital of Richmond and Clayton Associates of Nashville. Other participants included SunTrust Banks, 2nd Generation Med-Services and certain individuals.
HCCA is an internationally recognized leader in the healthcare staffing business. Since the Company’s inception, HCCA has recruited over 30,000 medical, nursing and professional staff from the United States, Europe, Canada, the Philippines, Australia/New Zealand, the Middle East and India for placement in facilities of its international clients. The proceeds will allow HCCA to staff hospitals in the United States with highly trained registered nurses.
“This financing, by outstanding investors and partners, provides us the opportunity to address a growing need in hospitals by increasing the size of the nurse workforce in the U.S.,” said Ronald C. Marston, President and CEO of HCCA. “This is what we have done for thirty years, around the world, and we are excited that we can now provide these outstanding services to the U.S. market.”
“The American Hospital Association has estimated a current shortfall of 126,000 registered nurses across U.S. hospitals, and industry sources project the shortfall to increase significantly over the next several years. We believe access to the pool of qualified internationally trained healthcare professionals will be an integral part of the solution to address the U.S. nursing shortage,” said Mark Allen, an equity analyst covering the healthcare staffing sector for SunTrust Robinson Humphrey. An affiliate of SunTrust Robinson Humphrey is an investor in this company.
Don McLemore, a partner at Massey Burch Capital Corp. said, “The management team leading the charge for HCCA has positioned itself well in regard to reputation in the overseas staffing markets. Our firm is excited to support a team dedicated to recruiting top-notch professionals for the healthcare industry.”
About HCCA International
HCCA International is a recognized leader in global healthcare recruitment and staffing services. The Company is a HCA, Inc. “legacy” company, tracing its origins to the in-house international management and staffing arm of the hospital industry leader. HCCA operates through offices and staff in the United States, Canada, United Kingdom, India and the Philippines. Senior management includes Ron Marston and Ted Feldman.
About the Investors
Massey Burch Capital Corp. is a venture capital firm based in Nashville, Tennessee. The firm focuses on investing in early stage companies within the industries of information technology, communications systems, health care and other service industries. Massey Burch and its predecessors have a 30-year history of venture investing.
Chrysalis Ventures is Kentucky’s largest venture capital firm and a leading source of equity capital for young growth companies in the Southeast and Midwest. Founded in 1993, the firm has over $200 million under management and has made investments in over 35 companies. Chrysalis Ventures is based in Louisville, Kentucky.
Jefferson Capital Partners, Ltd. is a private equity firm seeking to invest in growth financings, management buyouts, and recapitalizations of well managed, rapidly growing companies, primarily in the consumer, business services, education, health care, and selected information technology industries. The firm is located in Richmond, Virginia.
Clayton Associates was formed in 1996. The firm provides early stage and growth capital to companies in the Southeastern United States. Since its inception, the firm has invested directly, advised on or served as General Partner to over 40 private equity deals. Clayton Associates is based in Nashville, Tennessee.
SunTrust Equity Partners (“STEP”), the merchant banking arm of SunTrust Banks, Inc., invests equity and subordinated debt in growing middle market companies. Since 1995, STEP has invested over $400 million in over 80 companies and limited partnerships involved in a variety of industries.
2nd Generation Capital was formed in 1994 and specializes in principal investments, placements, mergers and acquisitions, advisory services and valuations. The firm has locations in Louisville and Lexington, Kentucky and Nashville, Tennessee.