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TrueBlue Inc. (NYSE: TBI) acquired The Work Connection, a light industrial staffing provider founded in 1986 with 37 branches located predominantly in the Midwest. The transaction was completed today.
The base purchase price was approximately $20 million, paid in cash. An additional amount was paid to reimburse The Work Connection for certain working capital adjustments. TrueBlue expects the acquisition to contribute an additional $90 million in revenue in 2014.
Jeffrey Wold, co-founder of The Work Connection, will join TrueBlue as part of the management team.
The Work Connection "has a successful track record of delivering specialized staffing solutions to customers for more than 25 years,” said TrueBlue CEO Steve Cooper. “Light industrial staffing is a core part of our business. This acquisition strategically expands our presence in several key markets and allows us to better serve current customers and attract new ones.”
Cooper expects long-term growth for the blue-collar staffing industry and said TrueBlue will continue to expand through a combination of acquisitions and growth from existing service lines.
“Our strong balance sheet puts us in position to acquire other quality companies,” he said. “We will continue to look for opportunities that will expand our geographic reach and enhance our ability to serve customers’ needs.”
TrueBlue, a Tacoma, Wash.-based industrial staffing provider, ranks 14th on Staffing Industry Analysts’ list of largest U.S. staffing firms and fifth on its of largest industrial staffing firms.