Transaction Highlights
- Clement May expected to add annual revenues of approximately $50 million
- Acquisition is accretive to shareholders
- Staffing 360 Solutions on track to generate 2018 annualized revenues of approximately $300 million
- Appointment of Chris Rowbotham (Managing Director of Clement May) to the combined role of Managing Director of Clement May and Longbridge Recruitment 360
NEW YORK, July 09, 2018 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. (Nasdaq: STAF ), a company executing an international buy-and-build strategy through the acquisition of staffing organizations in the United States and in the United Kingdom, today announced its entry into the Resource Process Outsourcing (“RPO”) market with the acquisition of Clement May Limited. Based in London, Clement May is a growing, leading provider of IT recruitment services.
For the trailing twelve months ended June 2018, Clement May generated revenues of approximately $50 million and operated profitably.
“The acquisition of Clement May reflects our continuing focus on strategic M&A activity that, in concert with an intelligent integration program, is designed to drive top line growth towards our stated revenue goal of $500 million over the next two years and bring us one step closer to generating positive net income,” said Brendan Flood, Chairman and Chief Executive Officer of Staffing 360 Solutions.
Mr. Flood continued, “While our operations in the US have the ability to deliver on volume projects, we were limited in the UK in this regard. This acquisition allows us to deliver additional quality and service to our client base, strengthens our position in the IT staffing market and allows for more international cross-selling within the group.”
“The acquisition of Clement May enhances our capabilities in the UK in a strategic and complementary fashion to our existing businesses of CBS Butler, The JM Group, and Longbridge Recruitment 360,” stated Mark Darby, President of Professional Staffing (UK) of Staffing 360 Solutions. “Clement May boasts a very strong management team led by Chris Rowbotham, who will help to further the growth and development of that brand.”
Chris Rowbotham, Managing Director of Clement May, has been appointed to the combined role of Managing Director of Clement May and Longbridge Recruitment 360, a subsidiary of Staffing360 Solutions specializing in the areas of finance & accounting, and legal recruitment.
Mr. Rowbotham added, “We are very excited about the possibilities that joining the Staffing 360 Solutions family opens for us and for our clients. I look forward to working more closely with my new colleagues in Longbridge Recruitment 360 and to driving both of these brands forward.”
Staffing 360 Solutions was represented in the transaction by the corporate team of Mishcon de Reya, led by Nick Davis as Partner.
Staffing 360 Solutions will provide additional details to investors regarding these transformative events through forthcoming SEC filings and press releases. More information about Staffing 360 Solutions, including investor materials, presentations, white papers, and webcasts, can be found at: www.staffing360solutions.com/res.html .
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (Nasdaq: STAF ) is a public company in the staffing sector engaged in the execution of an international buy-and-build strategy through the acquisition of domestic and international staffing organizations in the United States and United Kingdom. The Company believes that the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $500 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and Light Industrial staffing space. For more information, please visit: www.staffing360solutions.com .
Follow Staffing 360 Solutions on Facebook , LinkedIn and Twitter .
Forward-Looking Statements
This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Although Staffing 360 Solutions, Inc. believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary materially from those expressed or implied by the statements herein, including the goal of achieving annualized revenues of $500 million, due to the Company’s ability to successfully raise sufficient capital on reasonable terms or at all, to consummate additional acquisitions, to successfully integrate newly acquired companies, to organically grow its business, to successfully defend potential future litigation, changes in local or national economic conditions, the ability to comply with contractual covenants, including in respect of its debt, as well as various additional risks, many of which are now unknown and generally out of the Company’s control, and which are detailed from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.
Corporate Investor Contact:
Investor Relations: The Equity Group, Inc. Lena Cati lcati@equityny.com / +1 (212) 836-9611
Devin Sullivan dsullivan@equityny.com / +1 (212) 836-9608
Staffing 360 Solutions, Inc. Brendan Flood, Chairman and Chief Executive Officer brendan.flood@staffing360solutions.com / +1 (646) 507-5715
David Faiman, Chief Financial Officer info@staffing360solutions.com / +1 (646) 507-5711
