Corporate Resource Services acquires Tri-Diamond Staffing
Corporate Resource Services the US temporary and permanent staffing services, has announced that has agreed to acquire competitor Tri-Diamond Staffing in a $25 million all-stock deal.
Following the completion of the deal, Tri-Diamond, which has 23 offices across the US and provides services primarily to the light industrial market, will be known as Diamond Staffing Services. The company had sales of approximately $77 million for the nine-month period ending September 30, 2010, with approximately $1.8 million in pre-tax income for the same period.
Under the terms of the transaction, Corporate Resource will pay $25 million through the issuance of 29.4 million shares of the company's common stock.
"The inroads Tri-Diamond has made nationally, together with the quality of its management, provide another opportunity for CRS to grow aggressively," said CEO of Corporate Resource Jay H. Schecter.
According to the company, the acquisition will give CRS annual revenues approaching $300 million.
The deal, which is anticipated to close by the end of the month, remains subject to customary closing conditions.