SeqLL Inc., a Woburn, Massachusetts-based life sciences instrumentation and research services provider, announced a definitive merger agreement with Lyneer Investments LLC and Atlantic Acquisition Corp.

Lyneer Investments is the indirect parent company of Ewing, New Jersey-based Lyneer Staffing Solutions. Lyneer will operate as a wholly owned subsidiary of SeqLL and rebrand as Atlantic International Corp.

Under the terms of the agreement, SeqLL will pay $60 million in cash to Lyneer and issue to Lyneer members and Atlantic 159.87 million shares, valued at $138.12 million at the time of the merger.

The management of Atlantic and Lyneer will assume management roles within SeqLL, while SeqLL’s existing business operations, including assets and contractual liabilities, will be sold to a newly formed company affiliated with its current board chairman and CEO, Daniel Jones.

Upon completion of the merger, Lyneer’s controlling member, Prateek Gattani, will serve as SeqLL’s board chairman.

Additionally, SeqLL will sell approximately $75 million of its common stock. The proceeds from this offering will be used to pay the merger's $60 million cash consideration to the Lyneer members and for working capital. The company will also declare a cash dividend payable to its pre-merger stockholders equal to the cash on hand at the closing date of the merger after deducting withholding taxes and certain liabilities.

The merger is expected to be completed in the third quarter and is subject to the completion of capital raise and other customary closing conditions.

“We're pleased to be announcing the acquisition of Lyneer and Atlantic, which accelerates our strategy of diversifying our business mix into higher growth and value services, continuing the expansion of our US workforce services business,” Gattani said. “The proven leadership team and expansion strategy is expected to enable us to extend our capabilities, providing greater solutions expertise and more skilled talent to our clients, increase our margins with synergies and future acquisitions, driving economies of scale.”

Lyneer Staffing Solutions was founded in 2010. Private equity firm Palm Beach Capital invested in the company in 2018.