Santa Barbara, California - June 11, 2017 - The Select Family of Staffing Companies announced the successful acquisition of Ablest Inc., effective today. Select acquired the outstanding shares of Ablest Inc. for $11 per share in cash (approximately $32 million in total). The combined entity, which will be privately held, will have annual sales of nearly of $1.5 billion, and serve more than 15,000 customers in 35 states from 300 offices.
The new brand name for the 44 Ablest Inc. offices will be Select Staffing(SM). The remaining offices will operate under the RemX Financial Staffing, RemX IT Staffing, and RemX OfficeStaff brands.
Established in 1978 by C. H. Heist Corp., Ablest Inc. provides its clients with staffing solutions, managed services, and vendor-on-premise (VOP) programs. Staffing solutions include clerical, industrial, and information technology personnel provided through Ablest Staffing Services and Ablest Technology Services. Ablest supplies more than 35,000 field employees and consultants to approximately 2,000 businesses annually through 60 locations in the Eastern and Southeastern United States.
"We continue to expand our nationwide coverage, and the addition of Ablest is an excellent strategic and geographic fit," said Steve Sorensen, Chairman and CEO of The Select Family of Staffing Companies. "By combining our territories, we immediately increase our presence throughout the East and Southeast while strengthening our ability to provide our customers with national solutions and a wider service offering. We have set aggressive goals and the addition of Ablest will help us accelerate our growth."
"We think this merger is in the best interest of Ablest shareholders, and at the same time provides our associates with excellent career paths with a proven organization," said Charles H. Heist, Chairman of the Board of Ablest. "The synergies created by the combined organizations will allow two best in class companies to leverage best practices, technology and infrastructure."
Bank of the West (a North American subsidiary of the French-based Banc Paribas) provided financing to support the acquisition, and Skadden, Arps, Slate, Meagher & Flom LLP was legal counsel, to The Select Family of Staffing Companies. Raymond James & Associates, Inc. and Hyde Park Capital Advisors, LLC acted as financial advisors, and Foley & Lardner LLP acted as legal counsel, to Ablest Inc.
About The Select Family of Staffing Companies
Founded in Santa Barbara, California in 1985, The Select Family of Staffing Companies is one of the nation's fastest-growing, full-service staffing companies and a top 10 industry-leader, as ranked by revenue. The company operates as Select Staffing, RemX Financial Staffing, RemX IT Staffing, RemX OfficeStaff, and other national brands. Select Staffing offers premier workforce management services, including recruiting and screening professional job candidates, payroll and time attendance management, on-site supervision, proactive safety programs, and specialty staffing solutions, to a wide variety of client companies, including manufacturing, industrial, clerical, administrative, accounting, finance, information technology, and professional services. RemX Financial Staffing specializes in the placement of accounting and financial professionals. RemX IT Staffing provides IT professionals with expertise spanning the information technology spectrum. RemX OfficeStaff specializes in the placement of top business talent and administrative professionals. For more information on The Select Family of Staffing Companies, please visit the company's website at www.selectremedy.com.