Citizens Advises trustaff Management and CardioSolution on their Recapitalization by Cornell Capital and Trilantic North America

Citizens M&A Advisory announced today that it served as the exclusive financial advisor to trustaff Management, Inc. and CardioSolution on their recapitalization by Cornell Capital and Trilantic North America, two New York-based private equity firms.

Founded in 2002, trustaff Management is a leading provider of travel nurse and allied healthcare staffing services while CardioSolution delivers a managed services offering providing cardiologists and support personnel to hospitals. Since inception trustaff has demonstrated industry-leading growth on its path to become one of the largest healthcare staffing firms in the country and a Top 5 provider of travel nurses. CardioSolution offers a differentiated service model that includes physicians, support staff, and ancillary needs to operate a 24/7/365 interventional cardiology practice.

Sean Loring, president of trustaff, said: “The Citizens team was exceptional to work with and leveraged deep sector expertise to achieve a tremendous outcome. We value our longstanding relationship with Dave Phillips and the Citizens team; Jason Wallace and Steve Dyott drove an efficient, highly competitive process allowing our team to find the ideal partners to support our future growth initiatives. We could not be happier partnering with Cornell and Trilantic as our company takes the next steps in its journey.  In combination with the recent acquisition by Cornell and Trilantic of Stella.ai, Inc., an AI-driven platform that brings cutting-edge technology expertise to the staffing sector, this partnership and its unique technology-driven approach to the market is particularly attractive to our team.”

Steve Dyott, managing director at Citizens M&A Advisory, said: “The trustaff team has built strong relationships with their clients and nurse travelers, cementing themselves as a leading player in the market. CardioSolution further differentiates their value proposition with a unique, high-growth service offering in the managed cardiology department outsourcing market. The partnership with Cornell and Trilantic and the acquisition of Stella.ai positions trustaff for its next phase of innovation as the company continues to gain market share in the healthcare staffing services market. We are thrilled with the outcome for the trustaff team.”

Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has closed more than 150 transactions in the last five years and has more than 60 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $183.3 billion in assets as of December 31, 2020. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.