Atlantic International and Staffing 360 Solutions to Merge

November 4, 2024

DENVER, Colo., Nov 04, 2024 (247marketnews.com)- Atlantic International (OTCPK: ATLN) and Staffing 360 Solutions (NASDAQ: STAF) published a joint announcement that their boards of directors unanimously approved a merger under which Atlantic will acquire all outstanding shares of Staffing 360’s common stock for approximately $25 million in Atlantic stock.

If approved by Staffing 360’s shareholders and other customary closing conditions, the transaction is expected to close within the next 90 days and Atlantic shareholders will own approximately 90% and Staffing 360 shareholders will own approximately 10% of the combined company, on a fully diluted basis, with Staffing 360 shareholders receiving 1.202 Atlantic shares for each Staffing 360 share.

Staffing 360 will operate as a wholly owned subsidiary of Atlantic under its current leadership team and brand.

Jeffrey Jagid, CEO of Atlantic, commented, “We have great respect for Staffing 360 and its talented team, and are enthusiastic about the mutual benefits this transaction brings to the clients of both entities.

“The merger provides a unique opportunity to increase our business by approximately 50 percent to an annualized revenue run rate of approximately $620 million and allows us to become an even bigger force in the broad staffing sector. Our objective is to build a multibillion-dollar diversified services company through both organic growth and M&A, and this transaction is consistent with the achievement of our goals.

“Joining forces provides an expanded suite of services, broader geographic reach and enhanced professional opportunities for our combined organization. Together, we are even stronger, and I look forward to a bright future ahead.”

Brendan Flood, CEO of Staffing 360, added, “We are excited to join forces with Atlantic International and its wholly owned operating subsidiary, Lyneer Staffing Solutions, to become part of a distinguished, national leader in the sector. Building on complementary footprints and shared values, our combined company will be even better positioned to deliver enhanced levels of service to a growing number of companies throughout the United States whose management teams recognize the value of outsourcing and the trends toward engaging flexible workforces. This merger is a testament to the strengths of our respective brands and the accomplishments of our dedicated team members.”

In addition to approximately $620 million pro-forma revenue base, the highly synergistic transaction expected to result in run-rate cost synergies/savings of approximately $10 million.

About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN incorporates comprehensive corporate communications resources and tools to engage the investment community. Visit 24/7 Market News website here.

24/7 MARKET NEWS, INC Disclaimer
Please go to https://247marketnews.com/disclaimer/ for disclaimer information.

CONTACT:
24/7 Market News
Editor@247marketnews.com

Related news for (ATLN, STAF)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.