- Industry: Light-Industrial Temporary Staffing Services
- Hilliard Lyons Investment Banking’s Role: Sell-Side Advisor
StaffMasters, Inc., a Charlotte-based leader in commercial temporary staffing, has been acquired in a majority-recapitalization transaction by Hire Dynamics, an Atlanta-based commercial staffing provider and a portfolio company of MSouth Equity Partners. StaffMasters’ footprint of 23 office locations enables it to serve more than 700 clients and provide employment to more than 3,000 temporary workers supported by a permanent staff of over 130 employees.
The combined company will serve over 1,500 clients and offer work to more than 38,000 people, making it one of the top five staffing companies in the Southeastern United States.
Hilliard Lyons Investment Banking (HLIB) advised StaffMasters in connection with the sale to Hire Dynamics. HLIB was introduced to Richard Langdon, StaffMasters’ founder, president, and CEO, in 2014; Langdon and his wife Tammy owned a majority of the equity. The Langdons were evaluating their succession planning options and determined that selling or recapitalizing the business was the best strategy to achieve liquidity, diversify their net worth, and secure their company’s long-term financial stability. HLIB contacted a number of potential acquirors that turned out not to meet the Langdon’s goals.
Hire Dynamics emerged as the best partner, given its extensive experience in the commercial staffing industry, significant resources, and well-articulated strategies to grow and evolve the business. Combining Hire Dynamics and StaffMasters brings together two leading regional staffing services providers, improving the long-term viability of the combined entity for all stakeholders. Rich will remain an investor and will join the board of Hire Dynamics to ensure a seamless transition of employees and operations.
Throughout the process, HLIB worked hand in hand with the Langdons, the management team, and legal advisors to ensure a smooth transition for both the owners and employees. “StaffMasters has a long history of focus on superior service to our clients and talent as does Hire Dynamics,” noted Rich. “We look forward to working with Hire Dynamics to implement best practices from both our companies to yet better serve our clients and talent and to accelerate our growth across the Southeast.”
Contact the HLIB team directly to discuss business succession issues. You may be surprised at the array of options open to business owners. For details on the Staffmasters transaction, you can contact Leo Whitt directly at 502-338-5736 or firstname.lastname@example.org.