1. Business

Kforce sells healthcare staffing unit for $119 million

Published Aug. 4, 2014

Tampa's Kforce Inc., a provider of temporary staffing services, said it will sell its health care staffing unit, Kforce Healthcare Inc., to the Chicago private equity firm Beecken Petty O'Keefe & Co. for $119 million in cash. Kforce Healthcare will be rebranded himagine solutions, inc. The deal is expected to be complete by the close of the day. Kforce CEO David Dunkel said the company wanted to simplify and focus its business on providing professional staffing to the technology, finance and accounting sectors, which contribute nearly 85 percent of company revenues. "We expect the use of proceeds from this transaction to be consistent with our past strategies, including significant share repurchases, pay down of debt and potential acquisitions aligned with our core business lines," Dunkel said in a statement. Beecken Petty focuses exclusively on the health care industry and owns more than a dozen specialized businesses.