TrueBlue Inc. (TBI) announced that it has acquired substantially all of the assets of MDT Personnel, a temporary staffing provider with 105 branch locations and more than 15 on-site locations in 25 states.
The base purchase price was $48 million with $12 million paid in cash and $36 million in assumed debt. An additional amount was paid to reimburse the Seller for excess working capital. The deal closed Monday, February 4, 2013.
MDT is the third-largest general labor staffing firm in the U.S. and supplies blue-collar labor to industries similar to those served by TrueBlue, including construction, event staffing, disaster recovery, hospitality, and manufacturing.
TrueBlue said it will expand the size of its general labor business by merging MDT's operations with those of Labor Ready. The addition of MDT creates a TrueBlue organization with combined annual revenue of approximately $1.6 billion.
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