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System One acquired Joulé Inc., an Edison, N.J.-based staffing firm that ranks No. 97 on Staffing Industry Analysts' list of largest U.S. staffing firms with $114.0 million in U.S. staffing revenue in 2012. The deal closed on Aug. 30; terms of the transaction were not disclosed.
“Exceptional synergies exist between System One and Joulé,” said Troy Gregory, CEO of System One. “Not only do our business lines and geographic location perfectly complement each other, but our entrepreneurial cultures with tenured staff also contribute to the excitement about our collective future.”
Pittsburgh-based System One provides technical outsourcing solutions to the energy, engineering, information technology, commercial and scientific sectors. Over the last several years, it expanded services to include a proprietary vendor management system, legal staffing business and utility services business. It also ranks No. 7 on Staffing Industry Analysts' list of largest U.S. engineering staffing providers and No. 44 on the list of largest U.S. staffing firms overall.
Joulé operates a number of individual business lines, including Joulé Staffing Solutions, Joulé Engineering Staffing Solutions, Joulé Clinical & Scientific, CM Access, Joulé Industrial Contractors and Mountain Ltd. Each of these units will operate as divisions of System One and the senior business managers will stay on board in their current roles and titles. Joulé ranks No. 18 on Staffing Industry Analysts' list of largest engineering/design staffing firms.
Joulé President and Chief Operating Officer Jack Wellman appeared on last year's Staffing 100 list.
The combined companies will generate annual revenues approaching $500 million, with more than 6,000 employees and roughly 40 offices throughout the U.S. Additionally, System One is expected to rank in the top five U.S. engineering staffing companies and the top 10 U.S. scientific staffing companies, according to a press release from System One.
In January, System One announced a significant investment in the company by private equity firm MidOcean Partners, although the company also reported the System One management team remained a significant owner of the business.