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Mar 10, 2010
The Blackstone Group is planning a $100 million initial public offering
$100 Million IPO
NEW YORK. The Blackstone Group is planning a $100 million initial public offering for its Team Health hospital staffing business.
Team Health says it is one of the largest U.S. health care staffing and administrative service companies. Blackstone and related funds own a 92 percent voting interest in the company. Team Health shares will be sold by Blackstone affiliate Ensemble Parent LLC.
The proposed IPO was disclosed in a filing with the Securities and Exchange Commission. Team Health said it plans to start the offering shortly after its registration becomes effective.
The Knoxville, Tenn., company will become Team Health Holdings Inc. after the IPO is completed. It said it does business with about 550 hospital clients and related clinics in 46 states. The bulk of its revenue comes from providing staffing and services for hospital emergency departments, most of which are located in larger hospitals.
In the first six months of this year, Team Health's profit grew 54 percent, to $41.7 million from $27.1 million. Revenue rose 7 percent to $711.7 million from $665.5 million. The company earned $44.7 million on $1.33 billion in revenue in 2008.
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