Impellam Group plc agreed to acquire Bartech Holding Corp. and its subsidiaries from private equity firm Sverica Capital Management LLC for an initial payment of $120 million.

The transaction is expected to close Dec. 9.

Impellam’s $120 million initial payment will include $115.4 million in cash and $4.6 million in company stock — approximately 401,866 new ordinary shares. The shares have a lock-in period of one to three years. The price will also include up to another $6 million in cash, depending on performance and payable no later than April 2018.

Based in Southfield, Mich., Bartech provides managed service provider (MSP) services and staffing services — including office/clerical and engineering staffing.

Bartech’s MSP currently manages more than $3 billion in spend for clients worldwide, according to Impellam. It ranks eighth among a group of MSPs taking part in an annual study by Staffing Industry Analysts; the study was based on 2014 spend. Bartech’s MSP business operates under the Bartech Workforce Management Solutions and Bartech Managed Solutions brands.

Excluding MSP and other nonstaffing revenue, Bartech ranked No. 90 on Staffing Industry Analysts’ list of largest US staffing firms with $145 million in revenue. This revenue includes only temporary staffing, direct hire, retained search and temp-to-hire conversion fees.

Bartech President and CEO David Barfield will join Impellam as CEO of its North American businesses, including Bartech. Impellam’s current North America managing director for specialist staffing, Mike Bixler, will become managing director for the company’s enlarged specialist staffing business and report to Barfield.

“My parents founded Bartech in 1977, and I’ve had the privilege to lead and reshape our company’s strategy, operations and culture since 2009,” Barfield said. “My team and I have enjoyed our partnership with Sverica. Their support of our team and vision to position Bartech to compete in the growing and rapidly evolving staffing industry has resulted in a better and stronger Bartech. Now, our team looks forward to joining Impellam Group and becoming an important component of their North American strategy which I am honored to lead into the future.”

UK-based Impellam ranks among the world’s largest staffing firms. It also offers MSP and vendor management systems, which it operates under the Guidant Group and Comensura brands. Impellam provides temporary staffing under the Corestaff brand in the US.

“The acquisition of Bartech is another significant step forward for Impellam and will accelerate the achievement of our strategic goals,” said Impellam CEO Julia Robertson.

“There is a strong cultural fit between our two businesses and the combined management team in North America has an exciting opportunity to create top line growth by achieving increased market share at strong margins and bottom line growth by consistently delivering operational improvements and synergy benefits,” Robertson said. “The combination of our leadership position in the UK MSP market and the highly respected Bartech and Guidant brands in North America will enable us to offer our MSP clients a global solution delivered by experts in our local markets.”

Sverica had acquired a majority interest in Bartech in March 2012 and promoted Barfield to CEO at that time.