PLANO, Texas, Sept. 29, 2015 /PRNewswire/ -- BG
Staffing, Inc. (NYSE MKT: BGSF), a rapidly growing national
provider of temporary staffing services across a diverse set of
industries, today announced that on September 28, 2015, the Company completed the
acquisition of substantially all of the assets of the Vision
Technology Services family of companies (VTS). The purchase price
is up to an aggregate of $20.75
million, of which $10.0
million was paid at closing, subject to a working capital
adjustment, and earn-out payments up to an aggregate of
$10.75 million, provided certain
conditions are met, over a three year period following the
acquisition date. VTS had revenues of approximately $33.2 million in 2014 based upon preliminary
unaudited information.
Since 2001, Vision Technology Services has been a leading
provider of IT temporary staffing talent and project management
services to companies throughout the mid-Atlantic region and
selected markets across the country. The Company has
frequently been ranked by The Baltimore Business Journal in
the top 50 private companies in the central Maryland area. Among IT consulting firms,
Vision has moved steadily up this list to become one of the
region's leaders.
L. Allen Baker, Jr., President and CEO, commented, "The
completion of the accretive Vision Technology Services acquisition
in the IT segment fits perfectly into our growth and expansion
plans. It will allow us to move closer to our goal of generating
$100 million in revenue from the IT
segment - and to enhance the cash flow portfolio we are building
for our shareholders. BG currently has operations in 40 offices and
15 states. We look forward to expanding our overall footprint (into
Maryland and the mid-Atlantic) and
adding additional IT skill sets. It is our goal to accretively and
meaningfully increase our adjusted EBITDA annually over the next
several years."
Baker continued, "We extend a warm welcome to the Vision
Technology Services staff employees, consultants and customers. As
is our custom, the employees of Vision Technology Services will
remain and will operate as a separate brand under the BG Staffing,
Inc. umbrella."
About BG Staffing, Inc.
Headquartered in Plano, Texas, BG Staffing provides staffing
services to a variety of industries through its various divisions.
BG Staffing is primarily a temporary staffing platform that has
integrated several regional and national brands and is set to
achieve scalable growth. The Company's acquisition philosophy is
one that not only brings financial growth, but unique and dedicated
talent within the companies. This has led to a strong management
team, with tenure and a desire to offer exceptional service to
candidates, customers and investors. Please visit
www.bgstaffing.com for more information.
Forward-Looking Statements
The forward looking
statements in this press release are made under the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
The Company's actual results could differ materially from those
indicated by the forward-looking statements because of various
risks and uncertainties including those listed in Item 1A of the
Company's Annual Report on Form 10-K and in the Company's other
filings and reports with the Securities and Exchange Commission.
All of the risks and uncertainties are beyond the ability of the
Company to control, and in many cases, the Company cannot predict
the risks and uncertainties that could cause its actual results to
differ materially from those indicated by the forward-looking
statements. When used in this press release, the words "believes,"
"plans," "expects," "will," "intends," and "anticipates" and
similar expressions as they relate to the Company or its management
are intended to identify forward-looking statements. Except as
required by law, the Company is not obligated to publicly release
any revisions to these forward-looking statements to reflect the
events or circumstances after the date of this press release or to
reflect the occurrence of unanticipated events.
CONTACT:
Terri
MacInnis, VP of Investor Relations
Bibicoff + MacInnis, Inc.
818.379.8500 terri@bibimac.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bg-staffing-completes-asset-acquisition-of-vision-technology-services-300150559.html
SOURCE BG Staffing