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BGSF, Inc. (NYSE: BGSF) is a nationwide leader in strategic workforce solutions, headquartered in Plano, Texas. BGSF provides a comprehensive range of workforce solutions to various industries through its family of professional staffing companies, bringing over 100 years of combined experience. The company operates primarily in two segments: Property Management and Professional.
In the Property Management segment, BGSF offers office and maintenance talent to clients, facilitating their staffing needs with both short-term and consulting solutions. Brands like BG Multifamily deliver front office and maintenance temporary talent for apartment communities, ensuring streamlined operations and tenant satisfaction.
The Professional segment is diversified, offering specialized staffing solutions in several key areas. InStaff provides end-to-end workforce and onsite management solutions for warehousing, manufacturing, administration, and call centers. Donovan & Watkins focuses on accounting & finance, HR, engineering, legal, and administrative talent. Smart Resources Accountable Search targets accounting & finance and administrative roles. American Partners and Extrinsic specialize in EPM, CPM, and ERP solutions, with a focus on Oracle, Hyperion, PeopleSoft, Workday, and SAP.
Moreover, Vision Technology Services provides IT consulting and project management services, engaging with Fortune 500 companies and consulting firms nationwide. BGSF's workforce services include on-demand assignments, consulting, and managed solutions, allowing clients to flexibly manage their workforce needs.
With a strategic approach to converting fixed personnel costs to variable expenses, BGSF enables companies to effectively address fluctuations in demand while optimizing costs. This approach has made BGSF a valuable partner for businesses seeking to streamline their workforce strategies and enhance productivity.
Recent Achievements and Current Projects:
- Expansion of service offerings in the IT segment with new partnerships and technologies.
- Recent accolades for client satisfaction in property management staffing solutions.
- Increased focus on sustainable and inclusive hiring practices across all segments.
BGSF, Inc. (NYSE: BGSF) has announced the acquisition of substantially all assets of Arroyo Consulting LLC, a firm specializing in IT and software development. Arroyo reported approximate revenues of $16.2 million in 2022. This strategic acquisition enables BGSF to enhance its global delivery capabilities and expand its presence in Latin America and India, adding nearshore and offshore locations. The deal adds over 300 skilled professionals to BGSF's talent pool and enhances pricing flexibility, meeting increasing customer demand for nearshore and offshore solutions. BGSF aims to leverage Arroyo's expertise to diversify and strengthen its managed services and consulting offerings.
BGSF, Inc. has announced the appointment of Donna Carroll to its Board of Directors, effective April 14, 2023. With over 30 years in the professional services and staffing industry, Carroll brings leadership experience from her role as Chief Sales Officer at a $400 million healthcare staffing company. She has founded Human Factor Consulting, LLC and held key positions in notable organizations including Adecco and Randstad. This expansion increases BGSF's Board to seven members, six of whom are independent. Beth Garvey, Chair and CEO, expressed excitement for Carroll's insights which are expected to enhance the company's long-term growth strategy. BGSF specializes in consulting, managed services, and workforce solutions across various industries, ranking 94th among U.S. staffing companies.
BGSF, Inc. reported strong fiscal results for 2022, with full-year revenues reaching $298 million, marking a 24.8% increase from 2021, supported by 24.2% organic growth. The company achieved a net income of $11.3 million or $1.07 per diluted share, an improvement from $10.5 million in the prior year. Gross profit rose 27.9% to $103.5 million, with gross profit margins increasing to 34.7%. For Q4 2022, revenues were $77.3 million, a 14.2% increase, but net income decreased to $1.4 million from $4.3 million in Q4 2021 due to a prior year CARES Act credit. Adjusted EBITDA for the year was $22 million, up 45%.
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