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Landrum Professional Employer Services Inc. acquired two professional employer organizations, Employer Administrative Services Inc., based in North Carolina, and Synergetic Inc., based in South Carolina. The acquisitions closed on Dec. 31, and the terms of the transactions were not disclosed.
Landrum is a Pensacola, Fla.-based PEO. It will have more than 11,000 worksite employees in 33 states with the acquisitions of the Carolina firms.
“We have funds available that are invested in the market,” said H. Britt Landrum, Jr., president and CEO of Landrum Professional. “We expect to earn a greater return on our investment in these two PEOs. We did a similar transaction last year for an 800-employee PEO that we did not announce. The return on that investment encouraged us to do more.”
Landrum said the company is looking for a 25 percent return or higher on its investment in each of these transactions, although the return on the 800-employee purchase was much higher.
The entities will operate under the Landrum brand and principals and primary staff of the acquired PEOs will remain for now.
Emmett Scully, former president of Synergetic, will become the Carolina president for Landrum, reporting to Britt Landrum III, vice president of both Landrum Professional and the parent organization. Landrum Professional in Florida will provide sales, financial, technical and operational support.
Landrum Professional Employer Services is a subsidiary of Landrum Human Resource Companies Inc., a corporation that also owns a staffing company, Landrum Staffing Services, and an HR consulting company, Landrum Consulting Services. Landrum Human Resource Companies ranks No. 18 on Staffing Industry Analysts’ 2012 list of largest U.S. PEOs.