Daily NewsView All News
MDT Personnel LLC, based in Doylestown PA, acquired the operations of AbleHQ, including industrial staffing provider Able Body Labor. AbleHQ ranked No. 37 on Staffing Industry Analysts list of largest U.S. staffing firms.
The transaction took effect Sept. 1. Terms of the deal were not announced.
MDT Personnel CEO Mike Traina said the acquired company has projected revenue of $300 million for 2010 and 139 branch offices.
Traina, former CEO of ClearPoint Business Resources, also owns the iLabor Network -- a network of staffing companies that supports the staffing industry. The iLabor Network allows staffing firms to use a Web-based system to subcontract jobs.
Able Body Labor was a large supplier into the iLabor Network, Traina said. The premise behind MDT's acquisition of Able Body Labor was that "you're combining a very good branch-based business with access to a national network of suppliers," he said. "That entity will be able to support companies and staffing companies alike with any of their gaps in service."
The company is still considering whether to retain the Able Body brand going forward, Traina said. However, key management will remain.
Able Body Labor was founded in 1986.
"MDT Personnel is an exceptional organization with a strong management team that can bring the necessary working capital and technological innovation that we need to move forward," Frank Mongelluzzi, founder of Able Body, said in a press release. "This is an important step in our ongoing restructuring process as we seek to monetize non-core assets and work cooperatively with any stakeholders that have supported us during the past few months."
ILabor was once part of ClearPoint Business Resources, which filed for Chapter 11 bankruptcy restructuring on June 23. On Aug. 26 Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware approved the sale of ClearPoint to creditor ComVest Capital LLC, according to court records.