Company Name: Pacific Nursing Solutions
Sector: Healthcare
Company Website: www.nursingagency.com.au
Date Invested: March 2004
Date Exited: December 2005
Exit Mechanism: Secondary buy out to CHAMP private equity

Pacific Nursing Solutions (PNS) was established in 2004 as a holding company to undertake a roll-up of the nursing agency sector in Australia, a sector which we identified as being highly fragmented and having attractive demand/supply dynamics. PNS was established for the purpose of acquiring Nursing Agency Australia (NAA) as the platform from which to commence its roll-up strategy. PNS acquired NAA in April 2004. During the following 15 months, PNS went on to acquire an additional 10 businesses with three acquired in the same month. Most of these targets were identified during the assessment phase.

PNS was sold to CHAMP in December 2005.