Key Takeaways
- • Knox Lane completed its all-cash acquisition of Cross Country Healthcare for $437 million, taking the seventh-largest U.S. healthcare staffing firm private at $13.25 per share following shareholder approval on July 16, 2026.
- • Joel Tremblay, former president and COO of Medical Solutions with over 20 years of healthcare staffing leadership experience, was appointed CEO, replacing co-founder Kevin Clark who is retiring from executive roles.
- • Cross Country's locum tenens division is being divested to All Star Healthcare Solutions, another Knox Lane portfolio company ranked as the 29th-largest U.S. healthcare staffing provider, streamlining the portfolio post-acquisition.
- • The transaction represents Cross Country's second attempt at a strategic exit following the termination of an earlier acquisition agreement with Aya Healthcare (the largest U.S. healthcare staffing provider) in early 2026.
- • As a privately held entity under Knox Lane ownership, Cross Country cited enhanced flexibility to invest in innovation and strengthen operational capabilities as key benefits of the transaction structure.
Summary
Knox Lane, a private equity firm focused on growth-oriented businesses in the services and consumer sectors, completed its acquisition of Cross Country Healthcare on August 11, 2026, in an all-cash transaction valued at $437 million. The deal took Cross Country private at $13.25 per share following shareholder approval on July 16. Cross Country, headquartered in Boca Raton, Florida, ranks as the seventh-largest U.S. healthcare staffing firm according to Staffing Industry Analysts' most recent rankings.
Concurrently with the closing, Knox Lane appointed Joel Tremblay as Chief Executive Officer of Cross Country. Tremblay brings more than 20 years of healthcare staffing leadership experience and previously served as president and chief operating officer at Medical Solutions. He succeeds co-founder Kevin Clark, who is retiring from his roles as CEO and chairman. Clark's tenure at the helm was brief; he assumed the CEO position in December 2025 following the departure of President and CEO John Martins after the collapse of Cross Country's earlier acquisition agreement with Aya Healthcare, the largest U.S. healthcare staffing provider.
As part of the broader transaction, Cross Country's locum tenens division is being acquired by All Star Healthcare Solutions, another Knox Lane portfolio company that ranks as the 29th-largest U.S. healthcare staffing firm. This divestiture reflects Knox Lane's strategy to optimize the combined business structure across its healthcare staffing portfolio.
Knox Lane and Cross Country management emphasized that the private ownership structure will enable accelerated investment in innovation and enhanced operational capabilities. In a prepared statement, Tremblay noted that as a private company, Cross Country 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." Clark echoed this sentiment, characterizing the transaction as "an important next step for the company's future" and expressing confidence in Knox Lane's strategic partnership and Tremblay's leadership to support future growth.
The acquisition was first announced in May 2026, marking the second significant strategic transaction pursued by Cross Country in recent months after the Aya Healthcare deal was terminated earlier in the year.
Concurrently with the closing, Knox Lane appointed Joel Tremblay as Chief Executive Officer of Cross Country. Tremblay brings more than 20 years of healthcare staffing leadership experience and previously served as president and chief operating officer at Medical Solutions. He succeeds co-founder Kevin Clark, who is retiring from his roles as CEO and chairman. Clark's tenure at the helm was brief; he assumed the CEO position in December 2025 following the departure of President and CEO John Martins after the collapse of Cross Country's earlier acquisition agreement with Aya Healthcare, the largest U.S. healthcare staffing provider.
As part of the broader transaction, Cross Country's locum tenens division is being acquired by All Star Healthcare Solutions, another Knox Lane portfolio company that ranks as the 29th-largest U.S. healthcare staffing firm. This divestiture reflects Knox Lane's strategy to optimize the combined business structure across its healthcare staffing portfolio.
Knox Lane and Cross Country management emphasized that the private ownership structure will enable accelerated investment in innovation and enhanced operational capabilities. In a prepared statement, Tremblay noted that as a private company, Cross Country 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." Clark echoed this sentiment, characterizing the transaction as "an important next step for the company's future" and expressing confidence in Knox Lane's strategic partnership and Tremblay's leadership to support future growth.
The acquisition was first announced in May 2026, marking the second significant strategic transaction pursued by Cross Country in recent months after the Aya Healthcare deal was terminated earlier in the year.
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