Tacoma-based TrueBlue Inc. today announced it has acquired substantially all of the assets of The Work Connection, a light industrial staffing provider with 37 branches located predominantly in the Midwest.
TrueBlue CEO Steve Cooper said that TWC’s operations will be merged with those of Spartan Staffing during the fourth quarter of this year to expand TrueBlue’s light industrial service line, adding that it’s a good fit because both companies share a commitment to service, they serve many of the same industries and there is minimal overlap in offices.
TWC Co-Founder Jeffrey Z. Wold will join TrueBlue as part of the management team.
“Light industrial staffing is a core part of our business,” Cooper said. “This acquisition strategically expands our presence in several key markets and allows us to better serve current customers and attract new ones.”
Cooper expects long-term growth for the blue-collar staffing industry and said TrueBlue will continue to expand through a combination of acquisitions and growth from existing service lines. The TWC acquisition is expected to contribute an additional $90 million in revenue in 2014.
The base purchase price for TWC was approximately $20 million, paid in cash. An additional amount was paid to reimburse the Seller for certain working capital adjustments. The transaction was completed today.