Staffing 360 Solutions completes acquisition of The JM Group
"The acquisition of The JM Group is a significant addition to our organization and is a major development for our company," stated Brendan Flood, executive chairman of Staffing 360 Solutions. "Enhancing our IT service offerings, which is a high-margin sector of the staffing industry, is a key initiative for our company. The JM Group is a great company that strengthens the depth of our operations in the United Kingdom and complements our previous acquisitions in this geography. Our annualized revenue run-rate is now expected to exceed $170 million on a consolidated basis."
The JM Group has over 25 employees in its London office who are keen to help individuals find the right job at the right organization. Over 60% of revenue comes from organizations that have been clients for more than 5 years. Two global Fortune 500 companies were the firm's first clients in 1981 and remain clients today.
"We believe this is a fantastic match for both organizations and we are pleased to join Staffing 360 Solutions," commented Stuart Milton, Chairman of The JM Group. "The team at Staffing 360 Solutions understands the value of the JM brand, which has been built over the last 34 years, as well as the quality of our people and how we do business."
Louise Smith, managing director of The JM Group, added, "We are excited to become part of a dynamic, international company with a high quality leadership team and look forward to the growth opportunities that this will provide."
The JM Group covers a wide range of roles from Technology and Application Support, to Business Analyst and Program Managers, Digital Specialists, CIO, COO and IT Director appointments. Based in London, The JM Group has over 30 years of experience.
"We are pleased to welcome the entire team at The JM Group to our organization," stated Matt Briand, President and CEO of Staffing 360 Solutions. "The JM Group brings new and exciting IT expertise to our UK business, and represents another major inflection point for our M&A strategy. As we continue to extend our presence in the US and the UK, we look forward to relaying our latest developments and important milestones, all while continuing to grow Staffing 360 Solutions into a sizable international public company."
Staffing 360 Solutions believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The Company's management team has been engaged in the development of a comprehensive program to create a robust pipeline of prospective acquisitions, with a longer term objective of driving annual revenue to $300 million and beyond. The Company's latest acquisition of The JM Group represents another key milestone in the implementation of this strategy.
Funding for the acquisition was provided by ABN AMRO Commercial Finance PLC, the Company's current credit facility provider for accounts receivables in the United Kingdom. In addition, Philip Ellis of Optima Corporate Finance provided Corporate Finance advice to The JM Group.