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Medical Staffing Network Stage: LBOs and Special Situations Date of Investment: 2001 Web Site : http://www.msnhealth.com Stock Symbol : NYSE: MRN |
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Medical Staffing Network is a leader in the temporary healthcare
staffing industry. The company recruits nurses and other healthcare
professionals whom it staffs on a daily or longer-term temporary basis
at hospitals and other healthcare facilities. MSN, founded in 1998, is
the largest provider of daily or "per diem" nursing services in the
U.S. The company's extensive client base includes more than 7,000
healthcare facilities, including leading for-profit and not-for-profit
hospitals, leading teaching hospitals and regional healthcare
providers. MSN's database contains profiles of more than 31,000 active
professionals. Industry growth is driven by increasing overall demand
for hospital services due to the aging of the baby boomer population
and by hospitals' desire to better match staffing to fluctuating
patient census. Most importantly, however, the temporary medical
staffing industry helps hospitals address the immediate and growing
shortage of nurses and other healthcare professionals caused by
declining matriculations in nursing schools and the exit of healthcare
workers from care-giving settings in search of less stressful and
demanding environments. MSN is able to recruit healthcare workers who
might otherwise be idle or exit the industry by offering them higher
pay rates and the flexibility to have greater control over their
lifestyles. In 2001, Warburg Pincus invested $120 million to in MSN's
experienced management team and lead the recapitalization of the
company. In 2002, the company completed a successful initial public
offering, selling 7.8 million shares.
