Key Highlights
- Acquisition of Vault Workforce Screening enhances Sterling’s drug and health services with 17,000 clinics, addressing acute staffing challenges in healthcare, transportation, and regulated industries.
- The acquisition aims to accelerate Sterling’s financial model and revenue growth, incorporating Vault’s proprietary service model for more flexibility and control over drug and clinical service delivery.
- Expected to contribute $40 to 50 million of annualized revenue and be accretive to Sterling’s Adjusted EPS in 2024, the acquisition strengthens Sterling’s position in healthcare and industrial sectors.
Source: Direct
Notable Quotes
- “The acquisition of Vault extends Sterling’s drug and health testing capabilities with a broader range of clinical options, delivery channels, and service models,” – Josh Peirez, Chief Executive Officer at Sterling
- “Sterling is a great fit for Vault as the business continues its rapid growth, offering Vault’s clients the most comprehensive background and identity products and expanding Vault’s service area to address an expanding global marketplace,” – Claire Cochrane, Co-founder at Vault Health Inc
SoH's Take
The strategic acquisition of Vault by Sterling represents a significant move in the background and identity services industry. Sterling’s move to enhance its drug and health screening capabilities through Vault’s network and service model is poised to address critical staffing challenges effectively. By integrating Vault’s flexible and proprietary services, Sterling is not just expanding its service offerings but also reinforcing its financial growth and operational efficiencies. This acquisition is a testament to Sterling’s commitment to growth and innovation, marking a strategic step in expanding its footprint in the healthcare and industrial sectors. With the anticipated financial synergy and expanded service area, Sterling is set to provide more comprehensive and efficient services to its clients worldwide.
