Albany Services Inc. announced a management buyout from its former parent company. The acquisition includes all current U.S. operations and staff, as well as those in Canada, Mexico and Puerto Rico.

The U.S. operation was originally founded in 1992.

"We have a long history of successfully providing contingent workforce management programs, a solid base of clients, established relationships with key partners and a well seasoned and knowledgeable management team," said company President Renee Fink. "We also intend to become a certified woman owned business, which may give some additional benefit to our clients."

Senior VP Jason Posel said "the current management team has been in place for between nine and 17 years. We believe that becoming an employee owned business will give us the flexibility, independence and focus to further develop our programs and reinforce our commitment to the highest levels of customer service."

Albany's services include independent contractor compliance and payrolling services.

Albany's parent company in the U.K. had temporarily suspended its operations back in February following difficulties with a banking arrangement. However, its operations in the U.S. and elsewhere were not affected by those difficulties in the U.K.