Knox Lane Takes Cross Country Healthcare Private
Joel Tremblay became chief executive as the workforce-staffing firm closed a take-private deal and sold its locums unit.
Knox Lane, a growth-oriented investment firm, completed its acquisition of Cross Country Healthcare (CCRN), a technology-enabled healthcare workforce solutions company, and took the firm private.
The close on July 21, 2026, ended Cross Country’s public listing and installed Joel Tremblay as chief executive officer. Kevin C. Clark, co-founder, chief executive officer and chairman, retired from his leadership roles and said he would support the company and Tremblay through the transition.
Tremblay, who most recently served as president of Medical Solutions, said he was honored to lead the company as it returned to private ownership and entered a next phase of growth. He said the firm’s brand, market presence and platform position it to help clients navigate workforce challenges, and that, as a private company, it would have an enhanced ability to invest in innovation.
As part of the transaction, Cross Country’s locums division was acquired by All Star Healthcare Solutions, a Knox Lane portfolio company. Knox Lane said the remaining company would operate as a privately held, standalone firm focused on workforce solutions through technology, innovation and operational excellence. John Bailey, managing partner at Knox Lane, and Shamik Patel, partner, said the company occupies a distinctive position at the intersection of healthcare workforce solutions and technology.
Clark said the transaction marked an important next step for the company’s future and that he was confident Knox Lane’s partnership and Tremblay’s leadership would support growth. BofA Securities served as exclusive financial advisor to Cross Country and delivered a fairness opinion to its board. Davis Polk & Wardwell was legal counsel to the company; MTS Health Partners advised Knox Lane, and Kirkland & Ellis was its counsel.
The last reported quarter before the close was the first quarter ended March 31, 2026. Consolidated revenue was $241.1 million, down 18% from a year earlier and up 2% sequentially, after a 5% sequential decline in the fourth quarter of 2025. Gross profit margin was 19.7%. Adjusted EBITDA was $3.9 million, or 1.6% of revenue.
Nurse and Allied Staffing revenue was $201.4 million, down 17% year over year and up 4% sequentially. Contribution income was $12.7 million. Average field contract personnel on a full-time equivalent basis was 6,363. Cross Country Community Care experienced 16% year-over-year revenue growth. The company said revenue exceeded its guidance range, with travel nurse and allied growing 7% sequentially.
In that quarter, the company signed four new MSP/VMS agreements and licensed Intellify, its workforce intelligence platform, to a top-ten healthcare staffing provider. It repurchased more than 650,000 shares, or 2.1% of shares outstanding. Cash and cash equivalents were $105.6 million with no debt. Cash flows provided by operations were $4.8 million.
Clark had said the company would await the closing of the pending Knox Lane transaction in the third quarter and that its focus remained on disciplined execution and technology initiatives. Knox Lane said it would partner with the Cross Country team to accelerate innovation and expand capabilities.
The company described itself as a technology-driven workforce solutions firm that supports health systems across nursing, allied health and nonclinical service lines through staffing, advisory and workforce technology. Through Intellify, it said it helps healthcare leaders gain visibility across workforce spend, supplier performance, labor demand and operational execution. Knox Lane said it provides support across human capital, brand management, AI and digital transformation, sourcing, supply chain and logistics, strategic acquisitions and business development.