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Staffing 360 Solutions Inc. (OTCBB: STAF) completed its acquisition of Initio International Holdings Ltd., a U.K.-based staffing firm, for $14.9 million in cash and stock. The deal also brings changes in leadership to Staffing 360.
Initio provides staffing in sales and marketing, legal and information technology through its Longbridge division in the U.K. That division will now operate under the Longbridge 360 Solutions brand.
In addition, its Monroe Staffing Services business in the U.S. will now operate as Monroe Staffing 360 Solutions.
As part of the deal, Brendan Flood is becoming executive chairman at Staffing 360. Flood formerly served as chairman of Initio, and his previous experience includes serving as CFO and chief operating officer for Hudson North America during 2004 and 2005. And prior to Hudson’s initial public offering in 2003 — it was a part of Monster Worldwide Inc. — Flood was acting CFO of Hudson.
Staffing 360 Interim Executive Chairman Peter Goldstein is stepping down as a result of the transaction but will stay on in an advisory capacity for nine months.
Staffing 360 also announced that Matt Briand will serve as co-CEO alongside CEO Allan Hartley. Briand had served as president and CEO of Monroe Staffing.
In addition, the company announced that A. J. Cervantes will serve as vice chairman of Staffing 360 Solutions in addition to his current title of president.