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TrueBlue Inc. (NYSE: TBI) is acquiring MDT Personnel, a general labor staffing provider based in Clearwater, Fla., for a base purchase price of $48 million. MDT has 105 branches and 15 on-site locations in 25 states with its strongest presence in the southeastern U.S, according to TrueBlue. MDT posted $200 million in annual revenue.
The base purchase price includes $12 million in cash and $36 million in assumed debt. An additional amount was paid to reimburse the seller for excess working capital.
Integration of the two companies includes about 60 branch consolidations, and integration is expected to be complete in the second quarter.
“TrueBlue has the resources necessary to build on the strategies we’ve used to deliver quality service to customers, and these customers will now have access to the full spectrum of services provided by TrueBlue,” said MDT CEO Mike Traina. “Joining the team, as our field employees have all been invited to do, also opens the door to more career opportunities for our people.”
TrueBlue, a Tacoma, Wash.-based industrial staffing provider, ranks 13th on Staffing Industry Analysts’ list of largest U.S. staffing firms.