Crescent invested in Lifehealthcare during McKennay's tenure and made a lot of money for investors. HCA is owned by global alternative asset manager Ares Management and London-based private equity firm Toscafund Asset Management. which have held the investment for six years. It provides nursing, allied health, aged care and disability staff and medical specialised placements in every state and territory, and uses an Uber-style app to manage its distributed workforce and clients. The business, which has had 333 in the market testing buyer appetite since late last year, made $22.2 million of earnings before interest, tax, depreciation and amortisation and $295 million in revenue last year. It's forecasting $357 million revenue and $27 million in EBITDA for the 2018 financial year. Crescent has form in Australian health sector-exposed assets. It also owns dental roll-up National Dental Care and pathology provider Australian Clinical Labs.
Crescent Capital Partners is understood to be in late stage discussions to buy Australia’s biggest recruiter of doctors and nurses. The private equity firm, which is still negotiating debt terms with its lenders, had been competing with peer Adamantem Capital to acquire the company, but reports suggest the talks are now exclusive.