NEW YORK, June 4, 2021 – Cornell Capital and Trilantic North America, two leading private investment firms, today announced that Bart Valdez has been appointed Chief Executive Officer of the combined healthcare staffing platform (the “Company”) recently formed by the acquisitions of Fastaff, LLC (“Fastaff”) and U.S. Nursing Corporation (“U.S. Nursing”); trustaff Management, Inc. (“trustaff”) and CardioSolution LLC (“CardioSolution”); and Stella.ai, Inc. (“Stella”).
Mr. Valdez brings more than 20 years of experience in the human capital management sector, having previously held executive leadership roles with Syneos Health, INC Research, Ceridian, and First Advantage. He most recently served as President and CEO of Fastaff and U.S. Nursing from 2019 until his appointment as Chairman in February 2021, having doubled the size of the business during this period. During the COVID-19 pandemic, Mr. Valdez successfully led Fastaff and U.S. Nursing through swift operational initiatives and investments that enabled the companies to quickly and effectively fulfill an unprecedented surge in demand for experienced nurses in more than 400 facilities across 45 states.
“With his significant industry experience and deep understanding of our business, we are confident that Bart is the right leader to accelerate organic growth, drive greater product and service innovation, and position the combined company to help meet the nation’s expanding healthcare staffing needs,” said Stephen Trevor, Partner of Cornell Capital, and Jeremy Lynch, Partner of Trilantic North America. “During his time with Fastaff and U.S. Nursing, Bart has been instrumental in extending the businesses’ capabilities to a broader market of clients and expanding the organization’s strong market position. He has experience leading an organization of this scale, and we and the Board look forward to working closely with Bart and the entire management team to continue delivering for our clients, while effectively positioning the combined company for future success, growth, and value creation.”
“I am honored to take on the role of CEO as we continue to build the combined company into an industry leader in healthcare staffing,” said Mr. Valdez. “I look forward to working with our talented team to deliver exceptional service to our customers, grow and diversify our innovative platform, and unlock significant value for all of our stakeholders.”
Mr. Valdez succeeds Adam Zoia, who is stepping down as Chief Executive Officer to attend to unanticipated family matters. Mr. Zoia will remain actively involved in the business as a member of the Company’s Board of Directors and will work closely with Mr. Valdez to ensure a smooth transition.
“On behalf of the entire Board, we would like to thank Adam for his visionary contributions to the Company during its launch and his successful efforts to build Stella into a leading, AI-driven online marketplace for employers and job seekers with cutting-edge technology expertise,” continued Mr. Trevor and Mr. Lynch. “Under his stewardship, we have begun the integration process to create a leading tech-enabled platform for healthcare staffing. It was Adam’s vision to accelerate delivery within the healthcare staffing market through innovative technology, and over the last two months he has led the efforts to bring these talented companies together and establish a world-class leadership team of industry experts that will make that vision a reality.”
“Given Adam’s unanticipated family matters, we and Adam agree that now is the right time to implement a thoughtful transition as the combined company enters its execution phase. We are grateful for Adam’s leadership and his help in ensuring a smooth transition, and we look forward to benefitting from his expertise as he continues to impart his entrepreneurial ideas and vision as a member of our Board.”
“It has been a privilege to lead the integration process over the last several months and I am proud of what we have accomplished,” said Mr. Zoia. “We offer a truly unmatched value proposition for clients and healthcare professionals, and I am delighted to bring the powerful capabilities of Stella to this one-of-a-kind healthcare staffing platform. That said, my family is my top priority and while I focus on those responsibilities, I cannot remain the CEO of the Company, which should be and is an all-in position. I remain a significant investor in the Company, believe passionately in its future and want to ensure the best possible outcome. I am leaving the team in incredibly capable hands with Bart and look forward to continuing to work with my fellow Board members as we help guide the Company forward in its growth journey.”
About Cornell Capital
Cornell Capital LLC is a U.S.-based private investment firm with $6.0 billion of AUM and offices in New York and Hong Kong. Partnering with strong, entrepreneurial management teams, the firm takes a value-oriented approach to investing across the consumer, financial and industrial sectors. Founder and Senior Partner Henry Cornell, who served as the Vice Chairman of Goldman Sachs' Merchant Banking Division prior to founding Cornell Capital in 2013, leads a highly-seasoned senior leadership team with decades of shared investing experience. For more information, visit www.cornellcapllc.com.
About Trilantic North America
Trilantic Capital Management L.P. ("Trilantic North America") is a private equity firm focused on control and significant minority investments in North America. Trilantic North America's primary investment focus is in the business services, consumer and energy sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion. Trilantic North America has been recognized by Inc. Magazine's 2019 list of Top 50 Founder-Friendly Private Equity Firms. For more information, visit www.trilanticnorthamerica.com.
About Fastaff Travel Nursing®
Over 30 years ago, Fastaff pioneered the practice of Rapid Response℠ travel nurse staffing. Since then, the company has grown to become the leading crisis provider of experienced nurses to hospitals experiencing urgent and crucial situations nationwide. With a guaranteed delivery in ten days or less, and often in 24-48 hours, Fastaff is recognized as the most reliable partner to ensure uninterrupted high-quality patient care in hospitals, healthcare systems and communities facing turbulent times. Fastaff provides enriching employment opportunities to nurses while also providing the highest pay in the industry to meet acute staffing needs and provide unparalleled patient care. Visit www.fastaff.com for more information and connect with Fastaff on Facebook, Instagram, Twitter, YouTube and LinkedIn.
About U.S. Nursing
Since 1989, U.S. Nursing has been working with healthcare facilities and nursing professionals to provide comprehensive staffing solutions during labor disputes. U.S. Nursing has staffed or helped avert many of the largest healthcare labor disputes nationwide, and is the pioneer and industry leader for comprehensive services throughout strike preparation and implementation. When facing an organized labor strike, U.S. Nursing helps facilities negotiate from a position of strength. In the event of a job action, U.S. Nursing will provide a core group of proven and experienced healthcare professionals who can hit the ground running to ensure continuous, quality patient care. Visit www.usnursing.com for more information.
Founded in 2002 and headquartered in Cincinnati, Ohio, trustaff is one of the largest and most well-respected healthcare staffing companies in the industry. trustaff is proud to represent some of the most skilled healthcare professionals in the market and help place them at outstanding facilities across the country. Over the last 18+ years, trustaff has experienced exponential growth and has become one of the nation's most well-respected travel healthcare agencies. For more information, visit www.trustaff.com.
CardioSolution offers a unique turn-key solution, delivering comprehensive cardiovascular service lines to hospitals nationwide. We are a team of more than 100 physicians and clinical support staff serving millions of patients across 23 communities nationwide. For more information, please visit cardiosolution.com.
Co-founded by Adam Zoia and backed by world-class investors, including Charles River Ventures and The Seek Group, Stella is the first inter-company candidate referral network for large employers. Powered by a common application, ATS integrations and matching algorithms, Stella provides an efficient and seamless experience for both candidates and hiring firms. Stella has built networks in hospitality, wireless communications and healthcare, and is headquartered in New York City. For more information, please visit www.stella.jobs.
Tim Ragones / Kate Thompson / Tanner Kaufman
Joele Frank, Wilkinson Brimmer Katcher
Trilantic North America