Atlantic International (OTC: ATLN) acquired Lyneer Staffing Solutions in a deal announced June 20.

Under the terms of the deal, Atlantic International is supplying a $35 million promissory note and issuing $60 million of restricted shares of its common stock to IDC Technologies, the parent company of Lyneer.

“We established Atlantic to take advantage of the large, but fragmented, outsourced services, staffing and workforce solutions market,” Atlantic International CEO Jeffrey Jagid said in a note to SIA. “We believe Lyneer is the perfect platform company to leverage our M&A strategy, diversify sources of revenue and significantly improve our margins. There is no time like the present!”

Jagid was appointed to the top executive position in connection with the acquisition.

Lyneer ranks as the 39^th-largest US staffing firm and supplies IT and industrial staffing. Lyneer’s 1,100 customers include firms such as UPS, FedEx, PepsiCo and T-Mobile.

“As we move forward, we have significant confidence that Atlantic will capitalize on the compelling benefits of outsourced services and workforce solutions, adding capabilities across new high growth verticals through organic growth and merger and acquisitions,” Atlantic International Chairman Prateek Gattani said in press release. Gattani was appointed chairman with the acquisition. He is CEO of IDC, Atlantic International’s principal shareholder.

Atlantic International had recently changed its name from SeqLL.

Jagid noted SeqLL is a biotech firm, and its legacy business is now privately held.