TrueBlue acquires The Work Connection
TrueBlue announced today it has acquired substantially all of the assets of The Work Connection (TWC), a light industrial staffing provider founded in 1986 with 37 branches located predominantly in the Midwest.
TrueBlue CEO Steve Cooper said that TWC’s operations will be merged with those of Spartan Staffing during the fourth quarter of this year to expand TrueBlue’s light industrial service line, adding that it’s a good fit because both companies share a commitment to service, they serve many of the same industries and there is minimal overlap in offices.
“We are excited about the addition of TWC’s talented employees and expertise to TrueBlue,” said Cooper. Cooper also noted that TWC Co-Founder Jeffrey Z. Wold will join TrueBlue as part of the management team.
“TWC has a successful track record of delivering specialized staffing solutions to customers for more than 25 years,” Cooper said. “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.”
The acquisition of TWC is expected to contribute an additional $90 million in revenue in 2014. The base purchase price for TWC was approximately $20 million, paid in cash. An additional amount was paid to reimburse the Seller for certain working capital adjustments. The transaction was completed today.