Bowstring Advises Spencer Reed in the Sale of its Encore Staffing Division to Elwood Staffing
August 6, 2014 | Atlanta, GA
Bowstring Advisors (“Bowstring”) served as the exclusive financial advisor to Spencer Reed Group, LLC (“Spencer Reed”), in the sale of its commercial staffing division, Encore Staffing Services (“Encore”), to Elwood Staffing Services, Inc. (“Elwood”).
The acquisition includes 12 Encore branch offices in metropolitan locations across the Midwest, West Coast and Northeast. The transaction expands Elwood’s service footprint into Missouri and Kansas and also broadens Elwood’s presence in California, Colorado, Texas, Arizona and Pennsylvania. Elwood plans to rebrand all Encore offices to Elwood Staffing within 90 days.
“Encore’s light industrial specialization is Elwood’s bread and butter, so this is a natural fit that strengthens our presence in new and existing markets,” said Elwood CEO Mark S. Elwood. “We’ve got our eyes set on growth, and this move increases our ability to meet client demands in a fast-growing, competitive industry.”
With the addition of Encore to Elwood’s portfolio, it continues to lead the industry with over 250 service locations throughout 31 states and Canada, boasts annual revenues of approximately $900 million and employs approximately 1,000 internal employees.
Spencer Reed retains three offices following the disposition and will focus on executive search and professional staffing. “We engaged Bowstring Advisors based on their exceptional M&A track record in the commercial and light industrial staffing sectors. Bowstring’s industry knowledge, attentive client service and commitment to our transaction objectives provided a successful outcome for us,” said Bill Solon, CEO of Spencer Reed.
Alan Bugler, Managing Director at Bowstring Advisors, said, “Through our core staffing sector focus, we were able to quickly identify Elwood as the best fit for the Encore Staffing division. The two companies’ strong reputation, complementary skill sets and historical growth has the combined entity poised for success.”
This marks the second acquisition for Elwood in the past 18 months. In February 2013, Elwood acquired SOS Employment Group, a transaction that doubled its staff count and service footprint (Bowstring also served as exclusive advisor to SOS Employment Group).
The acquisition of Encore was effective July 20, 2014. Terms of the transaction were not disclosed.
We engaged Bowstring Advisors based on their exceptional M&A track record in the commercial and light industrial staffing sectors. Bowstring's industry knowledge, attentive client service and commitment to our transaction objectives provided a successful outcome for us.
Spencer Reed Group, LLC