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Staffing 360 Solutions Inc. (OTCBB: STAF) announced a deal to acquire Control Solutions International Inc., a Boston-based firm that provides risk management and consulting, internal audit, and information technology solutions.
Staffing 360 will pay $409,000 for the company in cash and stock, in addition to an earn-out of up to $2.1 million based on gross profit, according to a filing with the U.S. Securities and Exchange Commission.
Control Solutions was founded in 1991. The company’s is being acquired from its executive team — Simon Dealy, Margaret Gesualdi and Charlie Cooper. The executive team will remain after the deal.
“This agreement with Control Solutions represents a threshold event for our consolidation strategy,” said Allan Hartley, CEO of Staffing 360 Solutions. The company’s “high-quality professional services business, and significant expertise in the risk management and consulting arena, compliments Staffing 360’s strategic growth plans and demonstrates our ability to deliver accretive acquisitions from our pipeline that will not only expand our footprint, but also will enhance our margins.”
Staffing 360 Solutions, a staffing firm launched in 2012, is pursuing white-collar staffing companies in the IT, financial, accounting, healthcare and banking industries.