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Scoop: Webster makes about 5x its money on Epic

Jun 29, 2022
Illustration of a treasure chest full of coins and a stethoscope.

Illustration: Gabriella Turrisi/Axios

Webster Equity Partners generated a close to 5x return with its sale of Epic Staffing Group, sources familiar with the matter tell Sarah.

Driving the news: The Pritzker Organization, the family merchant bank of the Tom Pritzker family, bought the El Segundo, Calif.-based provider of outsourced employment to the biopharma and health care industries.

Catch up quick: TPO in April announced an all-cash agreement to buy the sale of Epic, concluding a Rothschild-run sale process, sources tell Sarah.

  • Financial terms weren't disclosed, but the deal is said to have been valued at approximately $675 million, with Epic having grown to roughly $50 million of EBITDA.
  • Truist Securities and Wells Fargo Securities provided financing to support the acquisition. Webster had acquired Epic in 2017.

Details: Epic places individuals in roles across life sciences, nursing, allied health, children's physical & behavioral therapy, and interim leadership.

  • Its offerings include full departmental outsourcing, individual outsourcing and permanent placements, helping fill open positions in clinical research facilities, hospitals, schools and government institutions.
  • Epic's Engage app and technology help candidates efficiently search and apply for jobs, engage with opportunities and make referrals.

The bottom line: Capital continues to pour into health care staffing companies like Epic and Nomad Health, even with the COVID pandemic slowing, as they seek to address the industry's supply-demand imbalance.

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