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The Staffing Group Ltd. (OTCBB: TSGLE) struck a deal to acquire EmployUS Ltd. effective Jan. 13. EmployUS is The Staffing Group’s first acquisition. EmployUS will exchange all of its shares of common stock for shares of The Staffing Group’s common stock, which will constitute approximately 60 percent of the company’s issued and outstanding common stock at closing.
“This is a major milestone as The Staffing Group begins its foundation, which is commencing with the acquisition of EmployUS Ltd.,” said McLoone. “We look forward to integrating EmployUS, Ltd.’s approximately $20 million-plus of profitable revenue into The Staffing Group.”
Upon closing of the transaction, EmployUS will become a wholly owned subsidiary and serve as the company’s nucleus to its roll-up strategy. Brian McLoone will remain with the company as CEO.
EmployUS is a staffing company initially established to respond to the relief and recovery of the major oil spill in the Gulf of Mexico. It has since expanded to work on construction, chemical, and maritime projects in the Southeast United States. It operates seven offices in Louisiana, Mississippi and Florida.