BGSF, INC. (BGSF): M&A transaction — BGSF completes $8M acquisition of Arroyo Consulting; adds 300+ IT professionals in Colombia and India

BGSF, INC.

Purchase price $8.0M; $6.8M cash at closing, $350K and $850K in holdbacks.
Earn-out up to $8.5M over two years subject to performance targets.
Arroyo had unaudited FY2022 revenue of $16.2M.
Adds nearshore/offshore IT consulting in Colombia and India with over 300 skilled professionals.
CEO Beth Garvey: acquisition responds to customer demand for offshore/nearshore solutions.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

BGSF, INC. completed an acquisition involving Arroyo Consulting LLC for $8.0 million (closed 2023-04-24).

Action: acquisition
Counterparty: Arroyo Consulting LLC
Consideration: $8.0 million
Closing: 2023-04-24

Exact text from the filing

with operations in the US, Colombia and India. For the fiscal year ended December 31, 2022, Arroyo Consulting had unaudited revenue of $16.2 million. The purchase price was $8.0 million, subject to a working capital adjustment, of which $6.8 million cash was paid at closing. $350,000 of the purchase price was held back until the later of (i) the working capital

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Source: SEC EDGAR

accession 0001474903-23-000042

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