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News Breaks
May 13, 2014
09:05 EDTJOBGeneral Employment Enterprises to acquire synergistic service provider
General Employment Enterprises announced that it has entered into a Letter of Intent to purchase an established, synergistic provider of back office services for staffing companies, in a 100% stock transaction. The company currently has 2,000 employees throughout 22 states on assignment at peak periods, 200 active and diverse end-user customers, more than 30 staffing professionals working in 10 locations, and a combined payroll of approximately $50M throughout the United States.
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October 5, 2015
08:52 EDTJOBGeneral Employment acquires Access Data Consulting Corporation
General Employment announced that it has acquired Denver-based Access Data Consulting Corporation, a provider of information technology staff augmentation and consulting services. The acquisition is expected to be accretive to earnings per share and anticipated to generate significant earnings before interest, taxes, depreciation and amortization. Under the terms of the sale and purchase agreement, General Employment acquired 100% of the Access Data common stock for a combination of consideration including cash, stock and seller financing and the corporation is now a wholly owned subsidiary of the Company. General Employment utilized cash from its follow on equity offering completed in late July of this year pursuant to its $75M shelf registration plus a portion of the proceeds from a three year $4.2M mezzanine debt financing put into place contemporaneously with the transaction to help fund a portion of the purchase price of Access Data and for future acquisitions. Additional terms of the transaction were not disclosed. Access Data had revenue of approximately $21M and EBITDA of approximately $2.5M for its fiscal year ended 2014 based on its audited financial statements.

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