Atlantic International Acquires Staffing 360 Solutions to Strengthen Market Position and Growth
- Atlantic International Corp. will acquire Staffing 360 Solutions, enhancing its growth and market presence in the staffing industry.
- Post-merger, Atlantic shareholders will retain approximately 90% ownership, with Staffing 360 operating as a subsidiary.
- CEO Jeffrey Jagid predicts a 50% increase in business, aiming for a multibillion-dollar diversified services company.
Atlantic International Corp. Expands Reach Through Strategic Acquisition of Staffing 360 Solutions
Atlantic International Corp. has entered a definitive agreement to acquire Staffing 360 Solutions, Inc., marking a significant move in the staffing industry. Under the terms of the deal, shareholders of Staffing 360 will receive 1.202 shares of Atlantic for each share they own, resulting in a post-merger structure where Atlantic shareholders will retain approximately 90% ownership of the combined entity. This strategic acquisition is anticipated to close within 90 days, pending the necessary approval from Staffing 360’s shareholders and regulatory bodies. Notably, Staffing 360 will maintain its operational autonomy, continuing under its existing brand and leadership as a wholly owned subsidiary of Atlantic.
CEO Jeffrey Jagid of Atlantic International expresses optimism regarding the merger, forecasting that it will enhance the company's business by approximately 50%, which translates to an annualized revenue run rate of around $620 million. This acquisition is not merely a financial transaction but a pivotal step towards Atlantic's ambition of building a multibillion-dollar diversified services company. Jagid envisions that the merger will facilitate growth through both organic development and additional acquisitions, positioning Atlantic as a formidable player in the staffing sector. The synergies expected from this merger are poised to create a robust platform for service delivery, benefiting clients across the United States.
Brendan Flood, CEO of Staffing 360, reiterates the positive implications of the merger, highlighting the collaborative potential to enhance service delivery for clients. The merging of these two companies is set to provide greater scale, liquidity, and a more substantial market presence, which promises to yield benefits for both shareholders and clients alike. The anticipated advantages extend beyond simple financial metrics, as the integration is expected to deliver improved operational efficiencies and a more extensive range of services across the staffing landscape.
As Atlantic International embarks on this new chapter, the specific record date and meeting date for shareholder voting will be announced following SEC approval of proxy materials. This merger not only signifies a bold step for Atlantic but also reflects the evolving dynamics of the staffing industry, where consolidation is increasingly becoming a strategic necessity for growth and competitiveness. The anticipated transaction underscores the companies' commitment to enhancing their service offerings and expanding their market reach in a rapidly changing environment.
