People Infrastructure acquires nursing recruitment firms

People Infrastructure acquires nursing recruitment firms

Less than two weeks after its initial announcement, People Infrastructure (ASX: PPE) has completed the $16.8 million buyout of nursing businesses First Choice Care and Carestaff Nursing services.

The acquisitions have bolstered People Infrastructure's growing health and community care business, and the company expects they will bring $3.4 million in earnings over the next 12 months.

The buyout was completed through cash reserves as well as proceeds raised from a $20 million share placement which was announced on 13 June.

Managing director Declan Sherman said the acquisitions represent a "logical extension" of the company's health and community care arm in Queensland.

"People Infrastructure will now be the leading health and community staffing business in Easters Australia through the aggregation of our niche nursing brands First Choice and Carestaff, Network Nursing, Victorian Nurse Specialists and Australia's leading community care managed workforce provider Edmen Community staffing solutions," he said.

"We are very excited with the platform People Infrastructure now has in the health and community care sector and the operating synergies and cross selling opportunities between our brands."

These latest acquisitions add to the string of buyouts which began with Halcyon Knights last month.

People Infrastructure bought the Brisbane-based workforce management tech company for $13.5 million on 3 June.

Halcyon is chaired by the founder of Greencross (ASX: GXL), successful investor and former Shark Tank 'shark' Dr Glen Richards.

First Choice and Carestaff, which have been operating for 14 and 20 years respectively, both have reputations as reliable providers of nursing staff to QLD Health public hospitals, private hospitals and residential care operators across the state.

First Choice operates primarily in the Brisbane and Sunshine Coast while Carestaff is a mainstay on the Gold Coast.

The management teams of both businesses will remain intact and continue to drive business growth.

PPE shares have been on a steady incline since the company listed in 2017. The stock closed at $3.23 yesterday.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...