GEE Group acquires Atlanta-based Hornet Staffing in accretive deal, no terms
GEE Group announced that, effective January 3, it has acquired Hornet Staffing an Atlanta-based provider of staff augmentation services with national service capability. Hornet provides staffing solutions to many markets serving large scale, "blue chip" companies in the information technology professional and customer service staffing verticals. The acquisition is expected to be accretive to earnings and generate solid adjusted earnings before interest, taxes, depreciation and amortization . Under the terms of the sale and purchase agreement, GEE Group acquired 100% of the Hornet common stock for consideration including cash and seller financing. Other terms of the transaction were not disclosed. Larry Bruce, Managing Director and Founder, will continue in his current capacity at Hornet and join the GEE Group National Sales Team to work with and assist all of the Company's vertical leaders with new business development. Mr. Dewan, added, "We are pleased to announce this exciting acquisition that will be accretive to earnings and generate solid non-GAAP adjusted EBITDA as well broaden our service capability, particularly to the Fortune 1000 and other large organizations. The acquisition fits within our strategic growth strategy, which includes making prudent investments to fuel both organic and acquisition growth. The Company has a strong balance sheet with a current ratio of 3.8 and substantial liquidity resources, both in cash and borrowing capacity. We will continue to seek acquisitions that fit our criteria and to deploy GEE Group's capital judiciously, with the primary objective of maximizing shareholder value."
