NEW YORK, Aug. 28, 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 the United Kingdom, today announced its expansion of its commercial staffing presence in North Carolina with the acquisition of Key Resources, Inc. Headquartered in Greensboro, North Carolina, and with four office locations, Key Resources is a leading provider of distribution and supply chain personnel.
For the trailing twelve months ended July 2018, Key Resources generated revenues of approximately $35 million and operated profitably.
“The Carolinas have demonstrated to be, and continue to be, a substantial growth market,” said Brendan Flood, Chairman and Chief Executive Officer of Staffing 360 Solutions. “The acquisition of Key Resources provides us with further opportunities to expand in this territory with a strong product offering managed by a talented management team. This transaction reflects our continuing commitment to growth through acquisition, intelligent integration, and it further advances us towards our revenue goal of $500 million in annualized revenues by the end of 2019.”
“The acquisition of Key Resources allows us to easily assimilate our strategic growth plan into the Triad area market of North Carolina. Culturally, our businesses are very similar, and we expect that each of our current teams will work well together on cross selling ventures to further the revenue of both Key Resources and Monroe Staffing Services. I look forward to working with our new team,” stated Paul Polito, President of Commercial Staffing (US) of Staffing 360 Solutions. “Key Resources adds a strong heritage with over 20 years in the North Carolina marketplace.”
The investment bank of Anderson LeNeave and Co. represented the seller.
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.
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