has been acquired by



MDA is a leading provider
of multi-specialty locum
tenens (physician) and
allied staffing services.

The undersigned acted as financial advisor to MDA Holdings in this Transaction

MDA Holdings

Description

MDA is a leading provider of multi-specialty locum tenens (physician) and allied staffing services to the healthcare industry. MDA was a 100%-owned ESOP started in 1987 and sold in a leveraged transaction to the ESOP in 2005.

Situation

MDA Holdings was approached by Cross Country Healthcare who was interested in expanding its medical staffing practice by adding an established locum tenens staffing division. MDA’s Board of Directors hired Croft & Bender to advise on the transaction, which included negotiating the most attractive valuation and terms with Cross Country, structuring the most achievable earn-outs based on projected financial performance, and providing a Fairness Opinion on the terms of the transaction.

Result

Croft & Bender successfully negotiated and restructured the valuation and terms of the initial offer to provide for reduced downside and increased upside for the beneficiaries based on the financial model and Board guidance. Croft & Bender also delivered an opinion to the Board that the transaction was fair from a financial point of view.