EmployBridge, a leading provider of technology-enabled, light
industrial workforce solutions in the United States, and IAC
(NASDAQ: IAC) today announced they have entered into a definitive
agreement for EmployBridge to acquire IAC’s Bluecrew business unit,
the first hourly W-2 workforce-as-a-service platform. The
transaction will bring together EmployBridge’s industry-leading
offering and scale with Bluecrew’s digital-first model and
technology to create a leading national workforce management
platform.
“The role of our industry has never been more
critical as employers continue to face widespread hiring challenges
across sectors,” said Billy Milam, CEO of EmployBridge. “Our
clients and talent increasingly expect a seamless digital
experience, and with the addition of Bluecrew, we will immediately
accelerate our technological transformation to capture this growing
demand, while creating a flywheel to drive growth in the other
areas of our business. Bluecrew brings a world-class team and a
sophisticated, self-service product that will complement our own
distinguished offerings, allowing us to provide an unmatched
experience.”
The highly strategic transaction will combine
EmployBridge, an Apollo fund portfolio company and the nation’s
largest provider of light industrial staffing solutions, with
Bluecrew’s app-based model and proprietary digital platform to
deliver industry-leading, tech-enabled workforce solutions for
businesses and unparalleled opportunities for job seekers. This
will establish the first national workforce-as-a-service platform
with the scale and innovative technology to revolutionize the user
experience and value proposition for both clients and workers.
Upon completion of the acquisition, Bluecrew CEO
Stephen Avalone will be named Chief Platform Officer, reporting to
EmployBridge CEO Billy Milam.
“As a digital-first company, Bluecrew has built
a modern, seamless experience that re-imagines how people connect
with hourly work, offering the flexibility, efficiency and
reliability workers and employers both need to be competitive in
today’s rapidly evolving labor market,” said Stephen Avalone, CEO
of Bluecrew. “By joining forces with EmployBridge, we will have the
scale, resources and footprint to take Bluecrew’s model and
accelerate a true transformation in the category by putting our
best-in-class platform in the hands of so many more businesses
nationwide. We can’t wait to get started.”
Under the terms of the agreement, IAC will
receive consideration in the form of cash and combined company
stock, becoming a minority shareholder in the combined company,
which, upon completion of the transaction, will generate over $4
billion of pro forma revenue. Apollo funds will remain the combined
company’s controlling shareholder.
“Since investing in EmployBridge in 2021, we
have been committed to helping drive growth through strategic
investments in technology, innovation and the talent experience,”
said Apollo Partner Robert Kalsow-Ramos. “This transaction is an
important step forward in these efforts. We look forward to working
alongside IAC and supporting the management team in its continued
development in building the leading workforce management platform
and ecosystem.”
The transaction is subject to customary closing
conditions and is expected to be completed in the fourth quarter of
2022. RBC Capital Markets, Evercore and Houlihan Lokey acted as
financial advisors to EmployBridge and Paul Weiss as legal counsel.
Morrison Cohen acted as legal counsel to IAC.
About EmployBridgeAs workforce
specialists, EmployBridge provides value-added workforce solutions
and job opportunities through focused specialty divisions including
Decca, Hire Dynamics, ProDrivers, ProLogistix, Remedy Intelligent
Staffing, RemX, Resdin, ResourceMFG, Select, Vaughan, and Westaff.
Combining the advantages of national scale, in-depth local market
knowledge, supply-chain expertise, and powerful recruiting and
retention tools, EmployBridge is recognized by Staffing Industry
Analysts as America's largest industrial staffing firm. The company
puts more than 450,000 temporary associates to work annually across
a network of 446 offices in 48 states. In 2021, EmployBridge
provided more than 157 million work hours to 13,000 customers.
EmployBridge is also helping close the skills gap in America's
supply chain by providing free, career-focused skills development
courses to its temporary associates as well as personal training
courses through the firm's Better WorkLife Academy and Life Skills
Studio; more than 28,000 temporary associates are currently
enrolled. EmployBridge is majority-owned by certain investment
funds managed directly or indirectly by Apollo Global Management,
Inc. and its subsidiaries and affiliates. For more information,
please visit www.employbridge.com.
About BluecrewBluecrew is the
first W-2 Workforce-as-a-Service platform combining the power of
flexible W-2 labor, workforce management technology, and actionable
data and analytics for businesses with fluctuating demand and labor
needs. Bluecrew blends the reliability of traditional W-2 work with
the technology and flexibility of the gig economy, all within a
powerful and easy-to-use mobile app for hourly workers seeking
flexible, yet stable employment options. Through its data-driven
technology, Bluecrew enables seamless workforce scalability by
matching businesses––across 25+ markets, spanning warehousing,
logistics, catering, hospitality, manufacturing, and more––with
over 100,000 pre-vetted, work-ready “Crew Members,” ensuring the
most qualified workers and best matches for each job, every time.
Learn more at www.bluecrewjobs.com.
About IACIAC (NASDAQ: IAC)
builds companies. We are guided by curiosity, a questioning of the
status quo, and a desire to invent or acquire new products and
brands. From the single seed that started as IAC over two decades
ago have emerged 11 public companies and generations of exceptional
leaders. We will always evolve, but our basic principles of
financially disciplined opportunism will never change. IAC is today
comprised of category leading businesses including Angi Inc.
(NASDAQ: ANGI), Dotdash Meredith and Care.com among many others
ranging from early stage to established businesses. IAC is
headquartered in New York City with business locations
worldwide.
Contacts
EmployBridgeJon Keehner / Kate ThompsonJoele
Frank, Wilkinson Brimmer Katcher+1 (212) 355-4449
IAC Corporate Communications Valerie Combs
212-314-7251
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