- Workforce management company People Infrastructure (PPE) has agreed to purchase a Melbourne nursing agency, SwingShift Nurses
- The purchase is for $3.1 million and is expected to be completed in the coming weeks
- SwingShift is a leading nursing agency and is the preferred supplier to most public sector hospitals in Victoria
- In 12 months, the business is expected to generate $1 million in earnings before interest, taxes, depreciation, and amortisation (EBITDA), following the purchase
- On market close for the day, PPE is up 3.51 per cent and is trading at $3.54 per share
People Infrastructure (PPE) has entered a binding agreement to purchase Melbourne nursing agency SwingShift Nurses for $3.1 million.
SwingShift was created in 2000 and is a leading nursing agency that is focused on the mental health market. Notably, the business is contracted to be the preferred supplier to most public sector hospitals in Victoria.
PPE is expecting the purchase to be completed in the following weeks.
In 12 months, the business is expected to generate $1 million in earnings before interest, taxes, depreciation, and amortisation (EBITDA), following the purchase.
PPE CEO Declan Sherman said the purchase is “highly complementary” to its existing Victorian nurse staff business.
“The business is well established in the Victorian market and will facilitate further growth into the mental health market,” he said.
“People Infrastructure is especially attracted to the business due to its strong position in the Victorian specialist nursing on-hire contracting market, and its long term relationships with its customers,” he added.
On market close for the day, PPE is up 3.51 per cent and is trading at $3.54 per share.