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Source2 acquired Bennett Hall Co., a Charlotte, N.C.-based staffing firm specializing in the cable and wiring industry. Bennett Hall also has a footprint in the sheet metal fabrication sector.
Terms of the deal were not disclosed.
“The cable and wiring industry is really what we acquired them for,” said Randy Davis, executive chairman at Source2, a recruitment process outsourcing firm based in Winter Park, Fla. “We think we can leverage that, not only in the Carolinas but across the U.S.”
Bennett Hall President and CEO Cliff Edahl will serve as Source2’s executive vice president of business development in the Carolinas. Bennett Hall’s recruitment operations staff will also remain with the company.
Source2 will retain the Bennett Hall brand for the foreseeable future and the company will continue to operate from its Charlotte office for at least a year.
“We think that the cable and wiring industry has a real opportunity for us for long term contract staffing in that industry,” Davis said. “It’s a very project-oriented industry, and they need the people for six to 12 months and then they don’t need them. So it’s perfect for them to contract with our company.”
Source2 will do $18.5 million in sales this year and aims for about 15 to 20 percent organic growth, as well as growth through acquisitions, said Davis. Bennett Hall is expected to add $2.5 to $3.0 million in projected annual sales revenue and be accretive to earnings for 2013.
Davis expects the company will take three to six months to totally integrate Bennett Hall into its operations.