Cross Country Healthcare To Acquire Assets of Advantage RN BOCA RATON, Fla. — (BUSINESS WIRE)&#x2014

Cross Country Healthcare To Acquire Assets of Advantage

RATON, Fla. (BUSINESS WIRE) June 13, 2017 -- Cross

Country Healthcare, Inc. (NASDAQ:CCRN), a leading provider of

healthcare staffing and workforce solutions, announced today that

it has signed a definitive agreement to acquire substantially all

of the assets and business of Advantage RN and its affiliates

(collectively, Advantage ) for an aggregate purchase

price of $88 million, subject to a post-closing working capital

in 2003 and headquartered in West Chester, Ohio, Advantage is one

of the largest independent travel nurse staffing companies in the

United States. Advantage deploys many of its nurses through Managed

Service Providers and Vendor Management Systems and maintains

strong direct relationships with many hospitals. The founder and

CEO of Advantage, Matt Price, will remain with the business after

the transaction closes. For the year ended December 31, 2016

Advantage had revenue of approximately $100 million and a

normalized EBITDA (refer to Non-GAAP financial measures below for

definition) of approximately $10.0 million.

Country Healthcare President and CEO William J. Grubbs said,

The acquisition of Advantage's business represents a

strategically compelling opportunity for Cross Country Healthcare

to increase our supply of healthcare professionals, expand our

capture rate at our Managed Service Providers accounts, and expand

our Workforce Solutions business by offering our full suite of

services to certain of Advantage's clients. From a financial

perspective, we expect this transaction to create significant value

for our shareholders and meaningful earnings accretion in 2017

through increased scale and accelerated growth

Company is financing the acquisition through a combination of

cash-on-hand and borrowings under its senior credit facility. In

connection with this transaction, the Company has also entered into

a commitment to increase the borrowing capacity under its current

credit facility by $40 million.

anticipated that the closing will occur during the third quarter of

2017, the consummation of which is subject to customary closing

foregoing description does not purport to be complete and is

qualified in its entirety by reference to the full text of the

Purchase Agreement that will be filed as Exhibit 1.01 to our Form

ABOUT CROSS COUNTRY HEALTHCARE

Country Healthcare is a national leader in providing innovative

healthcare workforce solutions and staffing services. Our solutions

leverage our nearly 40 years of expertise and insight to assist

clients in solving complex labor-related challenges while

maintaining high quality outcomes. We are dedicated to recruiting

and placing highly qualified healthcare professionals in virtually

every specialty and area of expertise. With more than 9,500 active

contracts, our diverse client base includes both clinical and

nonclinical settings, servicing acute care hospitals, physician

practice groups, outpatient and ambulatory-care centers, nursing

facilities, both public schools and charter schools, rehabilitation

and sports medicine clinics, government facilities, and homecare.

Through our national staffing teams and network of 74 office

locations, we are able to place clinicians on travel and per diem

assignments, local short-term contracts and permanent positions. We

are a market leader in providing flexible workforce management

solutions, which include managed services programs (MSP), internal

resource pool consulting and development, electronic medical record

(EMR) transition staffing, recruitment process outsourcing,

predictive modeling and other outsourcing and consultative

services. In addition, we provide both retained and contingent

placement services for healthcare executives, physicians, and other

healthcare professionals.

of this and other news releases as well as additional information

about Cross Country Healthcare can be obtained online at

www.crosscountryhealthcare.com.

Shareholders and prospective investors can also register to

automatically receive the Company's press releases, SEC filings and

other notices by e-mail.

NON-GAAP FINANCIAL MEASURES

press release references normalized EBITDA, a non-GAAP financial

measure. Such non-GAAP financial measure is provided as additional

information and should not be considered a substitute for, or

superior to, financial measures calculated in accordance with U.S.

GAAP. The Company defines normalized EBITDA as earnings before

interest, income taxes, depreciation and amortization of the

acquired company adjusted for items that have been identified in

its due diligence process as items that are not expected to reoccur

post acquisition. Management believes this non-GAAP measure is

useful to investors as it is consistent with the measure it uses to

evaluate its transactions. This non-GAAP financial measure may

differ materially from the same non-GAAP financial measure used by

other companies. The table that follows provides a reconciliation

to the most directly comparable U.S. GAAP financial measure and

includes a more detailed discussion of the financial

to a specific liability the Company is not assuming in accordance

with the terms of the asset purchase agreement.

costs are fees incurred by the Seller pertaining to the sale of

adjustments are costs that are not anticipated to continue post

acquisition such stock purchase distributions, board expenses, and

certain other non-operating or immaterial prior period

FORWARD LOOKING STATEMENT

In addition to historical information, this press release contains

statements relating to our future results (including certain

projections and business trends) that are "forward-looking

statements" within the meaning of Section 27A of the

Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended (the "Exchange Act"),

and are subject to the

"safe harbor" created by those sections. Forward-looking statements