January 02, 2024
Sterling Test Corp., a New York-based background screening and id verification supplier, acquired Vault Workforce Screening, a background and occupational healthcare options supplier primarily based in Florida.
“The acquisition of Vault extends Sterling’s drug and well being testing capabilities with a broader vary of scientific choices, supply channels and repair fashions,” Josh Peirez, CEO of Sterling, stated in a press assertion. “This acquisition builds scale inside the enticing healthcare and industrial verticals, enabling Sterling to higher meet hiring calls for and drive development, in line with our long-term technique to broaden by means of natural income development and strategic M&A.”
Based in 1988, Vault Workforce Screening offers background screening, drug testing and clinic administration. The acquisition provides a community of 17,000 clinics to Sterling’s current drug and well being companies.
Sterling reported the acquisition will allow it to ship extra screening options for employers in healthcare, transportation and different regulated industries the place staffing challenges are most acute. As well as, the acquisition is anticipated to contribute $40 million to $50 million of annualized income to Sterling in 2024.
The acquisition requires Vault’s administration staff and staff to transition to Sterling.
Phrases of the transaction weren’t introduced.
