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Staffing 360 Solutions Inc. (OTCBB: STAF) struck a deal to acquire Initio International Holdings Ltd., a U.K.-based staffing firm, including its U.S. subsidiary Monroe Staffing Services. The deal calls for Staffing 360 to pay $14.9 million in cash and stock.
Initio provides staffing in sales and marketing, technology, legal and IT sectors through its Longbridge division in the U.K. The company’s Monroe Staffing division is based in Trumbull, Conn and has more than 13 offices in Connecticut, Massachusetts, Rhode Island, New Hampshire and North Carolina.
Initio generated approximately $75 million in revenue in 2012.
Matt Briand, the current president and CEO of Monroe Staffing, will join Staffing 360’s current CEO, Allan Hartley, as co CEOs of Staffing 360.
Brendan Flood, chairman of Initio, will become executive chairman of Staffing 360’s board of directors, replacing Peter Goldstein, who is stepping down. Flood’s former positions include CFO of the Americas for Monster Worldwide Inc. and CFO/COO of Hudson Global Inc.
“Our acquisition of Initio will be a landmark event in our corporate history,” said Hartley. “Not only does it demonstrate our ability to deliver accretive acquisitions from our pipeline, Initio boosts our overall size and scale by a significant margin, expands our cross-border presence in Europe, and brings decades of industry expertise by combining our executive management teams into a publicly traded vehicle.”
Staffing 360 Solutions launched in 2012 and is pursuing white-collar staffing companies in the IT, financial, accounting, healthcare and banking industries.