WESTPORT, Conn., Nov. 27 /PRNewswire-FirstCall/ -- Compass Diversified Trust and Compass Group Diversified Holdings LLC (collectively, "Compass") announced today that their subsidiary, CBS Personnel Holdings, Inc. ("CBS"), has, through its wholly-owned subsidiary, Venturi Staffing Partners, Inc., acquired select assets of PMC Staffing Solutions, Inc. The terms of the transaction were not disclosed.
PMC Staffing Solutions, Inc. (DBA Strategic Edge Solutions), headquartered in Owings Mills, Maryland, is a 30-year-old, privately owned provider of temporary staffing services. Operating as Strategic Edge Solutions, it specializes in providing light industrial temporary staffing solutions through 17 branch locations and numerous on-site customer locations in Baltimore, Maryland and Chicago, Illinois. PMC Staffing Solutions revenues are currently at a run rate in excess of $34 million.
Commenting on the transaction, I. Joseph Massoud, CEO of Compass Group Diversified Holdings LLC, said: "We are pleased to announce the strategic acquisition of PMC Staffing Solutions, which will significantly expand CBS's current footprint in Chicago as well as extend its service capabilities in Baltimore. One of the major underlying strengths of this transaction is the quality and long-standing nature of PMC's client base. We are confident that CBS can quickly and efficiently integrate PMC into its operations."
About Compass Diversified Trust
Compass Diversified Trust ("CODI") was formed to acquire and manage a group of profitable middle market businesses that are headquartered in North America. CODI provides public investors with an opportunity to participate in the ownership and growth of companies, which have historically been owned by private equity firms or wealthy individuals or families. CODI's disciplined approach to its target market provides opportunities to methodically purchase attractive businesses at values that are accretive to its shareholders. For sellers of businesses, CODI's unique structure allows CODI to acquire businesses efficiently with no financing contingencies and, following acquisition, to provide its companies with substantial access to growth capital.
Upon acquisition, CODI works with the executive teams of its subsidiary companies to identify and capitalize on opportunities to grow those companies' earnings and cash flows. These cash flows support distributions to CODI shareholders, which are intended to be steady and growing over the long term.
About CBS Personnel Holdings, Inc.
CBS Personnel Holdings, Inc. and its consolidated subsidiaries, referred to as CBS Personnel, is a provider of temporary staffing services in the United States. CBS Personnel is headquartered in Cincinnati, OH, operates 132 branch locations in 16 states and was founded in 1970.
This press release may contain certain forward-looking statements, including statements with regard to the future performance of Compass and/or its subsidiaries. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Forms 10Q filed by Compass with the Securities and Exchange Commission and other filings with the Securities and Exchange Commission. Compass undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Compass Diversified Trust:
Jim Bottiglieri
Chief Financial Officer
203.221.1703
© 2006 PR Newswire
