Knox Lane, a growth-oriented investment firm, has completed its acquisition of Cross Country Healthcare, Inc. for $13.25 per share in cash. The transaction marks the transition of Cross Country Healthcare to a privately held, standalone company focused on advancing workforce solutions through continued investment in technology and operational excellence. In conjunction with the closing, Joel Tremblay has been appointed Chief Executive Officer, while Kevin C. Clark, the former Co-Founder, Chief Executive Officer, and Chairman of the Board, has retired from his leadership roles.

The acquisition follows a previous agreement with Aya Healthcare for $18.61 per share in cash, which was terminated in December 2025 due to regulatory delays. The new offer from Knox Lane, announced on May 6, 2026, was nearly 29% lower than the prior agreement. Analyst ratings preceding the Knox Lane agreement had suggested a potentially higher valuation, with Benchmark and Wedbush analysts setting target prices of $14.00 and $15.00 per share, respectively, in March 2026.

Leadership Transition

Joel Tremblay brings nearly two decades of leadership experience in the healthcare workforce solutions industry. Most recently, he served as President of Medical Solutions, where he helped scale one of the nation's largest clinical staffing organizations. Mr. Clark will support the company and Mr. Tremblay to ensure a seamless transition during this period of change.

Transaction Details

As part of the transaction, Cross Country Healthcare's locums division was acquired by All Star Healthcare Solutions, a portfolio company of Knox Lane. BofA Securities, Inc. served as the exclusive financial advisor to Cross Country Healthcare and delivered a fairness opinion to its Board of Directors. Davis Polk & Wardwell LLP served as legal counsel to Cross Country Healthcare, while MTS Health Partners and Kirkland & Ellis LLP advised Knox Lane.