Nation's Largest Military Recruiting and Consulting Firm Acquires
Healthcare Staffing Firm
RALEIGH, N.C., Oct. 2 /PRNewswire/ -- Orion ICG, LLC announced today that it has acquired the assets of Cumberland Therapy Services, Inc., a leading national provider of healthcare therapists and other professionals to state and local government facilities. This marks Orion's first acquisition since becoming a portfolio company of private equity firm Centre Partners in June 2007.
Founded in 1989 by licensed physical therapist A. Majeed Qasim, Cumberland specializes in the contract placement of physical therapists, occupational therapists, speech therapists and special education staff in more than 20 states across the country. The company has built an excellent reputation over its history. It has experienced significant growth, in part driven by the increase in Americans who are prone to medical conditions that result in the need for physical and speech therapy, as well as greater emphasis on early identification of speech problems in young children.
Orion Executive Chairman Jeffrey Evans said, "The addition of Cumberland is an important step in the realization of our strategic growth plan and we are extremely pleased to have made our first acquisition so quickly after forming our partnership with Centre Partners. Working together with Mr. Qasim, we believe that Orion's solid infrastructure and seasoned recruiters will help 'super-charge' Cumberland's growth and service offering. Our team is thrilled to welcome them into the Orion family."
With the acquisition of Cumberland, Orion has added Fred Davis to an executive management team with deep experience. Davis was recently the CEO of a $25 million travel nurse staffing firm and he will lead the expansion efforts at Cumberland.
Orion Chief Executive Officer Bill Laughlin said, "The combination of Cumberland's business model and Fred Davis' experience along with the support of the Orion infrastructure is a powerful one. The addition of Cumberland's service offering will provide greater opportunities for our military veterans, who have served their country honorably, as they enter the civilian workforce."
About Orion ICG, LLC:
Orion is the nation's largest military recruiting and consulting firm, specializing in transitioning exiting veterans into permanent careers. In addition to the Company's direct placement business it also offers complementary services through its subsidiaries, including MilitaryStars, the nation's largest military career expo provider and Orion Health Professionals, which connects transitioning military health professionals with premier health systems throughout the nation. Additional information about Orion International is available at http://www.orioninternational.com.
About Centre Partners:
Centre Partners, founded in 1986, is a leading private equity firm with a middle market focus that seeks to make acquisitions and equity investments alongside management teams who have or desire a meaningful economic stake in the future success of their businesses. Centre Partners' Principals have invested over $3 billion in more than 80 companies, partnering with management teams across a broad spectrum of industries. Centre Partners provides those teams with access to its unique resources, which include an extended network of experienced and proven operating executives. Centre Partners has offices in New York City, Los Angeles and Dallas, through its strategic relationship with Centre Southwest. The firm is currently investing through its fourth fund, which has approximately $780 million of committed capital. Centre has deep investment expertise covering the industrial products and services, consumer, healthcare, energy, media, restaurants, retail and aviation services sectors. Additional information about Centre Partners is available at http://www.centrepartners.com.
|SOURCE Centre Partners|
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