Staffmark is a nationwide provider of contingent workforce solutions for temporary staffing needs for companies in the United States from employees ranging from light industrial to clerical staffing. It has been around since 1970 and has over 300 branch, on-site, and output solutions locations in 31 states. It places more than 40,000 temporary employees weekly and has a client base of approximately 6,000.
In 2010, its revenues were $1.003 billion, adjusted EBITDA was $38 million, and net income was $15 million. At the same time it also noted that its top 10 clients accounted for less than 25% of its total revenues. Compass Group Diversified Holdings LLC owns 76.2% of the company and Staffing Holding LLC owns 21.8%.
For the use of funds it noted, “We intend to use the net proceeds from this offering to repay all amounts outstanding under our Existing Credit Facility, which will then be terminated, and we will use the remaining amounts for working capital and general corporate purposes, which may include funding potential acquisitions.”
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Stafffmark’s full filing is here.
JON C. OGG
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