Illinois-based industrial staffing firm gets investment from Owner Resource Group
Industrial Staffing Report
Illinois-based industrial staffing firm gets investment from Owner Resource Group
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Owner Resource Group made an investment in Itasca, Illinois-based Surestaff LLC. Private investment firm Owner Resource Group is based in Austin, Texas, and made the investment through its ORG Opportunity Fund III LP.
Founded in 1998, Surestaff primarily focuses on the light industrial staffing sector with customers in Illinois, Indiana and Wisconsin. Its industries including food processing and packaging, fulfillment, distribution, logistics, mechanical and electronic assembly, among others.
The funding will be used to facilitate capital investment for continued geographic expansion, investments in technology and people, and to position the company for future acquisitions.
The transaction closed Sept. 6. The investment amount was not disclosed, but Surestaff’s management team still has a “significant equity stake” in the business, Owner Resource Group told SIA.
Surestaff’s current owner-operators - Ray Morelli, Dave Mehr and Doug Howard - will continue to lead the business as part of the executive team. Former founder and CEO of US Personnel Inc., Timothy Faber, has been working with the company in a consulting capacity and will now lead Surestaff’s operations and execution of its strategy as the new CEO.
Surestaff counts more than $150 million in revenue with 100 employees and 21 branch locations. It ranks No. 36 on SIA’s 2020 list of largest industrial staffing firms in the US.