SOUTHFIELD — Luton, England-based Impellam Group plc (LON: IPEL) has purchased the Southfield-based staffing firm Bartech Holding Corp., the companies announced Wednesday.
The purchase price was $120 million — $115.4 million in cash and $4.6 million in stock. The deal also includes up to $6 million more in cash depending on performance, payable no later than 2018.
Bartech provides managed service provider and staffing services in the office, clerical and engineering fields. It currently manages more than 30,000 employees and consultants repersenting more than $3.5 billion of staffing spending for clients worldwide. Its revenues are predicted to top $270 million this year, up from just over $225 million last year.
The San Francisco-based private equity firm Sverica Capital Management LLC acquired a majority stake in Bartech in March 2012 and promoted the Barfield, son of Bartech founder John Barfield, to CEO at that time.
Bartech’s CEO, David Barfield, will become CEO of Impellam’s North American businesses including Bartech. Mike Bixler, Impellam’s current North America Managing Director for Specialist Staffing, will become Managing Director for the enlarged Specialist Staffing business, reporting to David Barfield.
“My parents founded Bartech in 1977 and I’ve had the privilege to lead and reshape our company’s strategy, operations and culture since 2009,” Barfield said in a news release. “My team and I have enjoyed our partnership with Sverica. Their support of our team and vision to position Bartech to compete in the growing and rapidly evolving staffing industry has resulted in a better and stronger Bartech. Now, our team looks forward to joining Impellam Group and becoming an important component of its North American strategy which I am honored to lead into the future.”
Impellam is among the world’s largest staffing firms, and also operates the Guidant Group and Comensura MSP and vendor management brands, as well as temporary staffing under the Corestaff brand in the United States.
“The acquisition of Bartech is another significant step forward for Impellam and will accelerate the achievement of our strategic goals,” Impellam CEO Julia Robertson said in a statement. “There is a strong cultural fit between our two businesses and the combined management team in North America has an exciting opportunity to create top line growth by achieving increased market share at strong margins and bottom line growth by consistently delivering operational improvements and synergy benefits. The combination of our leadership position in the UK MSP market and the highly respected Bartech and Guidant brands in North America will enable us to offer our MSP clients a global solution delivered by experts in our local markets.”