Riker Danzig’s Corporate Group closed a major transaction for Nurse Staffing LLC d/b/a Nurses 24/7, its owners, and Reach Them Now, LLC in connection with the recapitalization of Nurses 24/7 and its multi-state nurse staffing business by a consortium led by Sier Capital Partners, a private equity firm. Nurses 24/7, a valued client of the Firm, experienced tremendous growth over the course of the COVID-19 pandemic, and Riker Danzig was pleased to advise on such a significant deal and achieve a positive result for its clients.
The transaction, which closed on May 26, 2023, involved a partial contribution of equity interests and assets in exchange for rollover equity in a new parent entity, which will be positioned as a platform company for future growth through roll-up acquisitions. The deal is one of the first in New Jersey to implicate P.L.2022, c.101, frequently referred to as Senate Bill 315, New Jersey’s new law protecting employees of healthcare businesses subject to acquisitions by requiring certain notifications and restricting certain post-closing layoffs.
In addition to advising on the overall tax structure and regulatory issues, and negotiating the main purchase agreement, our Corporate team also advised on the post-closing employment arrangements for the business’s owners and substantial workforce, real estate and intellectual property issues, along with other matters. Corporate and tax partner Jason D. Navarino and counsel Hannah J. Greendyk led the deal team, which included corporate associates Arda Mary Setrakian and Cindy M. Belvisi. The multi-disciplinary team included associates Siqi Steve Xu and Sean Camperson on due diligence; associate Jessica T. Osterlof on healthcare regulatory matters; of counsel Maria A. Dantas on financing matters; partner Adam J. McInerney on employment, employee benefit, and executive compensation issues; partner Wendi Opper Uzar, of counsel Robert J. Schoenberg, and associate Gregory S. Toma on intellectual property issues; and partner Joshua M. Greenfield on real estate matters.
