EmployBridge to Acquire Hire Dynamics

Rhea-AI Summary

EmployBridge, a top provider of workforce solutions, has announced an agreement to acquire Hire Dynamics, a leading provider in the Southeastern U.S., with over $450 million in annual revenue. This acquisition aims to enhance EmployBridge's offerings and accelerate strategic investments. Post-acquisition, Billy Milam of Hire Dynamics will become CEO, while Michael Miles will serve as Executive Chairman. The deal is set to close by the end of November. The acquisition is backed by Apollo-managed funds, emphasizing growth and innovation.

Positive

• Acquisition of Hire Dynamics expands EmployBridge's service offerings.
• Expected revenue increase with Hire Dynamics' $450 million annual revenue.
• Appointment of experienced leadership with Billy Milam as CEO.

Negative

• None.

ATLANTA, Nov. 9, 2021 /PRNewswire/ -- EmployBridge, a leading provider of technology-enabled, light industrial workforce solutions in the United States, today announced that it has entered into a definitive agreement to acquire Hire Dynamics. Hire Dynamics is a top provider of light industrial workforce solutions in the Southeastern United States with more than $450 million in annualized revenues.

This transaction builds upon a recent platform investment in EmployBridge made by Apollo-managed funds and underscores EmployBridge's commitment to growth, innovation and expanding opportunity. Post-closing, EmployBridge will be led by Billy Milam, current Chief Executive Officer ("CEO") of Hire Dynamics and Michael Miles, current CEO of EmployBridge, will become Executive Chairman of the Board. Subject to satisfaction of customary closing conditions, the transaction is expected to be completed by the end of November.

Mr. Milam joined Hire Dynamics in 2019 as CEO and under his leadership, the company has doubled in size and received numerous accolades for best-in-class client and talent satisfaction. Prior to joining Hire Dynamics, Mr. Milam held various executive leadership roles at RaceTrac, one of the nation's largest convenience store operators, over a twenty year career at the company including most recently President and Chief Operating Officer.

"This transaction brings together two world-class organizations – expanding the breadth and depth of EmployBridge's solutions and supporting accelerated strategic investments in clients, talent and technology" said Robert Kalsow-Ramos, Private Equity Partner at Apollo. "We are appreciative of Michael Miles for his contributions as CEO of EmployBridge and look forward to continuing our work together on the company's board under Billy's leadership."

"While working with Hire Dynamics during the assessment period, we were especially impressed with their CEO, Billy Milam, and we saw this as an opportunity to bring in a great executive while allowing me to return to my entrepreneurial roots and continue to help shape EmployBridge as a leader in our industry as Executive Chairman of the Board," said Mr. Miles.

"We see this partnership unlocking incredible potential for expanded services to meet the changing needs and increased opportunities for our talent, our people, and our commercial clients nationwide," said Mr. Milam. "EmployBridge and Hire Dynamics are leaders in our industry, and there is tremendous mutual respect between the companies for their impact and influence on today's workforce. I am personally honored for the opportunity to lead the combined teams, and we look forward to joining forces to continue enhancing the EmployBridge platform, our culture, and growth of the combined company's capabilities."

Houlihan Lokey and RBC Capital Markets served as financial advisors to Apollo and EmployBridge and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Akin, Gump, Strauss, Hauer & Feld LLP are acting as legal advisors. Citizens Bank M&A Advisory acted as lead financial advisor to MSouth Equity Partners and Hire Dynamics and DLA Piper is acting as legal counsel.

About EmployBridge
As workforce specialists, EmployBridge provides value-added workforce solutions and job opportunities through focused specialty divisions including ResourceMFG, ProLogistix, ProDrivers, Select, RemX, Remedy Intelligent Staffing, Westaff and Decca, Resdin, and Vaughan. Combining the advantages of national scale, in-depth local market knowledge, supply-chain expertise, and powerful recruiting and retention tools, EmployBridge is recognized by Staffing Industry Analysts as America's largest industrial staffing firm. The company puts more than 400,000 temporary associates to work annually across a network of over 365 offices in 48 states. In 2020, EmployBridge provided more than 130 million work hours to 11,000 customers, generating more than $2.9 billion in revenue. EmployBridge is also helping close the skills gap in America's supply chain by providing free, career-focused skills development courses to its temporary associates as well as personal training courses through the firm's Better WorkLife Academy and Life Skills Studio; more than 28,000 temporary associates are currently enrolled. EmployBridge is majority-owned by certain investment funds managed directly or indirectly by Apollo Global Management, Inc. (NYSE: APO) and its subsidiaries and affiliates. For more information, please visit the company's website at www.employbridge.com.

About Hire Dynamics
Hire Dynamics is among the top 1% of more than 22,000 staffing companies as a winner of ClearlyRated's "Best of Staffing for Client & Talent Satisfaction" for 12 consecutive years. Founded in 2001 in Atlanta, Hire Dynamics transforms lives by employing some 11,000 people daily at more than 2,000 client locations. Through approximately 70 locations across the South and its innovative technology, Hire Dynamics specializes in matching workers with jobs in manufacturing, logistics/e-commerce, contact center, and office suppport. Their mission is to be the #1 staffing company you would refer to a friend. Its own employees have voted it a "Best Place to Work" for 13 years in a row. For more information, visit www.hiredynamics.com.

For media inquiries please contact:
Quiana Pinckney
Vice President, Public Relations
EmployBridge
678-343-3036
Quiana.Pinckney@EmployBridge.com 

 

 

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SOURCE EmployBridge

FAQ

What is the purpose of EmployBridge's acquisition of Hire Dynamics?

The acquisition aims to enhance EmployBridge's workforce solutions and accelerate strategic investments.

When is the acquisition of Hire Dynamics expected to be finalized?

The acquisition is expected to be completed by the end of November.

What are the annual revenues of Hire Dynamics?

Hire Dynamics has annual revenues exceeding $450 million.

Who will lead EmployBridge after the acquisition?

Billy Milam will become CEO of EmployBridge, while Michael Miles will serve as Executive Chairman.

Which investment firm is involved in the EmployBridge and Hire Dynamics acquisition?

The acquisition is backed by funds managed by Apollo Global Management (NYSE: APO).