TrueBlue pays $55M for staffing firm
TrueBlue, a Tacoma-based provider of blue-collar workers, has acquired MDT Personnel, described as the nation’s third-largest general labor staffing firm.
Seattle Times business staff
TrueBlue, a Tacoma-based provider of blue-collar workers, said Wednesday it has acquired the assets of MDT Personnel, described as the nation’s third-largest general labor staffing firm.
The purchase price included a $48 million base amount, made up of $12 million in cash and $36 million in assumed debt, and an additional $7 million to account for MDT’s excess working capital, TrueBlue said.
MDT, based in Clearwater, Fla., has 105 branch locations and more than 15 on-site locations in 25 states.
TrueBlue supplies temporary workers to manufacturing, transportation, aviation, retail and service companies under several brands, including Labor Ready and PlaneTechs.
News of the deal helped lift TrueBlue’s shares despite the slight decline in fourth-quarter revenue and profit it also announced Wednesday morning. TrueBlue’s stock closed up $1.45, or 8.6 percent, at $18.30 on Wednesday,
TrueBlue reported 2012 revenue of $1.39 billion, and said the MDT accquisition creates a company with $1.6 billion in annual revenue.