Key Takeaways
- • Knox Lane completed its all-cash acquisition of Cross Country Healthcare for $437 million, taking the seventh-largest US healthcare staffing firm private at $13.25 per share.
- • Joel Tremblay, who brings over 20 years of healthcare staffing leadership experience and previously served as president and COO at Medical Solutions, was appointed CEO, replacing cofounder Kevin Clark who is retiring.
- • Cross Country shareholders approved the deal on July 16, 2026, following the company's earlier termination of a competing acquisition by Aya Healthcare (the largest US healthcare staffing provider) announced in May.
- • As part of the transaction, Knox Lane's portfolio company All Star Healthcare Solutions is acquiring Cross Country's locum tenens division; All Star ranks as the 29th-largest US healthcare staffing firm.
- • The private equity structure positions Cross Country to invest in innovation and strengthen capabilities, according to Tremblay's statement in the deal announcement.
Summary
Private equity firm Knox Lane completed its acquisition of Cross Country Healthcare on July 21, 2026, taking the Boca Raton, Florida-based company private in an all-cash transaction valued at $437 million. Cross Country shareholders had approved the deal on July 16. Under the transaction terms, Knox Lane acquired all outstanding shares of Cross Country Healthcare common stock at $13.25 per share.
Cross Country, which ranks as the seventh-largest US staffing firm according to Staffing Industry Analysts' data, will operate under new leadership. Joel Tremblay has been appointed CEO, succeeding cofounder Kevin Clark, who is retiring from his roles as CEO and chairman. Tremblay brings more than 20 years of healthcare staffing leadership experience, including his prior position as president and COO at Medical Solutions. "As a private company, we will have an enhanced ability to invest in innovation, strengthen our capabilities and deliver greater value to clients, healthcare professionals and the communities we serve," Tremblay said in a company press release.
The acquisition concludes a complex process for Cross Country. The company had previously announced a competing acquisition agreement with Aya Healthcare, the largest US healthcare staffing provider, but that deal was terminated before closing. Knox Lane's offer was first announced in May 2026. Kevin Clark, the company cofounder, transitioned to the CEO role in December 2025 following the departure of President and CEO John Martins, who stepped down after the Aya Healthcare merger was canceled.
As part of the Knox Lane transaction structure, the firm's portfolio company All Star Healthcare Solutions is acquiring Cross Country's locum tenens division. All Star, which ranks as the 29th-largest US healthcare staffing firm, will expand its operations through this acquisition. Clark acknowledged the transition in a press release, stating: "This transaction marks an important next step for the company's future, and I am confident Knox Lane's strategic partnership and Joel's proven leadership will support the company's growth and evolution."
Cross Country, which ranks as the seventh-largest US staffing firm according to Staffing Industry Analysts' data, will operate under new leadership. Joel Tremblay has been appointed CEO, succeeding cofounder Kevin Clark, who is retiring from his roles as CEO and chairman. Tremblay brings more than 20 years of healthcare staffing leadership experience, including his prior position as president and COO at Medical Solutions. "As a private company, we will have an enhanced ability to invest in innovation, strengthen our capabilities and deliver greater value to clients, healthcare professionals and the communities we serve," Tremblay said in a company press release.
The acquisition concludes a complex process for Cross Country. The company had previously announced a competing acquisition agreement with Aya Healthcare, the largest US healthcare staffing provider, but that deal was terminated before closing. Knox Lane's offer was first announced in May 2026. Kevin Clark, the company cofounder, transitioned to the CEO role in December 2025 following the departure of President and CEO John Martins, who stepped down after the Aya Healthcare merger was canceled.
As part of the Knox Lane transaction structure, the firm's portfolio company All Star Healthcare Solutions is acquiring Cross Country's locum tenens division. All Star, which ranks as the 29th-largest US healthcare staffing firm, will expand its operations through this acquisition. Clark acknowledged the transition in a press release, stating: "This transaction marks an important next step for the company's future, and I am confident Knox Lane's strategic partnership and Joel's proven leadership will support the company's growth and evolution."
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