Cornell Capital acquires trustaff and CardioSolution in combination with Stella
Davis Polk is advising Cornell Capital LLC in connection with its acquisitions of trustaff Management, Inc. and CardioSolution. As part of this transaction, Cornell Capital has also agreed to acquire Stella.ai, Inc, creating a leading healthcare staffing platform with a unique technology-driven approach. Financial terms of the transaction were not disclosed. The Stella transaction is expected to close in the first quarter of 2021, subject to customary closing conditions.
Cornell Capital is a $4 billion private investment firm founded in 2013 by Henry Cornell, the former Vice Chairman of Goldman Sachs’ Merchant Banking Division. With offices in New York and Hong Kong, Cornell focuses on investments in the consumer, industrial and business services and financial services sectors, often with a cross-border angle.
trustaff is a leading provider of travel nurse, allied healthcare staffing services and managed cardio physician department outsourcing programs. trustaff serves a broad base of healthcare facilities including hospitals and medical centers across the United States. CardioSolution offers a unique turn-key solution, delivering comprehensive cardiovascular service lines to hospitals nationwide. They are a team of more than 100 physicians and clinical support staff serving millions of patients across 23 communities nationwide.
Backed by world-class investors, including Charles River Ventures and The Seek Group, Stella is the first inter-company candidate referral network for large employers. Powered by a common application, ATS integrations and matching algorithms, Stella provides an efficient and seamless experience for both candidates and hiring firms.
The Davis Polk corporate team includes partners William J. Chudd and Darren M. Schweiger and associates W. Soren Kreider IV and Edna Turay. The tax team includes counsel Ethan R. Goldman. The finance team includes partner Sartaj Gill and associate Michael Fan. Partner Veronica M. Wissel and associate Tessa Patti are providing executive compensation advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Howard Shelanski is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.