Select Personnel Services continued its acquisition streak, striking up an agreement to acquire RemedyTemp, an Aliso Viejo, Calif.-based staffing company, for $169 million. Goldman Sachs is the sole lead arranger on $300 million of financing, with Bank of the West serving as the co-syndication agent. Syndication of the credit is expected to launch in mid-June.
Goldman is also acting as financial advisor to Select and Skadden, Arps, Slate, Meagher & Flom is acting as legal counsel. Robert W. Baird & Co. is acting as financial advisor and O'Melveny & Meyers is acting as legal counsel to RemedyTemp.
Select just acquired Staffing Services of Michigan and Progressive Personnel Services, also based in Michigan, in May. In September, the company acquired Inland Empire's Privilege Staffing, located in Southern California.
"We just look for markets where we feel like we could increase our market share and if there are competitors in that market that have good client lists or good staff and we feel they would be a good addition, we approach them or if we hear they are selling we try and get in there," said a Select spokeswoman. "The main criteria are good market share, a good client list and a good staff; if they have any of those we find them attractive as business opportunities." She would not comment on whether Select approached Remedy or if Remedy was shopping itself. Monty Houdeshell, senior v.p. and chief administrative officer at Remedy, said that information will be revealed when the company files its proxy statement, expected this week.
Santa Barbara, Calif.-based Select had 2005 revenues of $513 million. RemedyTemp had revenues of $514.3 million for its most recent fiscal year, which ended Oct. 2.