M&A
confidence high
sentiment positive
materiality 0.85
Atlantic International to acquire Staffing 360 Solutions for ~$25M; combined rev ~$620M
ATLANTIC INTERNATIONAL CORP.
- Combined annual revenue expected ~$620M; deal valued at ~$25M; exchange ratio 1.202 Atlantic shares per STAF share.
- Atlantic shareholders to own ~90% of combined company; Staffing 360 ~10% on fully diluted basis.
- Transaction expected to close within 90 days, subject to STAF shareholder approval and customary conditions.
- Jeffrey Jagid to remain Atlantic CEO; Brendan Flood to serve as President of Staffing 360 Solutions.
- Anticipated run-rate cost synergies of ~$10M; combined company will serve 1,500+ customers.