BG Staffing (BGSF +1.5%) announced that on Apr. 3, 2017, the Company completed the acquisition of substantially all of the assets of privately held Zycron for a combination of $19M cash, $1M (70.67k unregistered shares) of BG Staffing common stock, and certain earn out provisions.
L. Allen Baker, Jr., President and CEO, commented, "The completion of the Zycron acquisition in the Professional segment fits perfectly into our growth and expansion plans. This most recent acquisition is accretive to value and allows us to enhance the cash flow we are building for our shareholders. With the addition of Zycron offices in Nashville, Memphis, and Chattanooga, BG now has operations in 56 offices and 25 states." He added, " We extend a warm welcome to the Zycron staff employees, consultants and customers. As is our custom, the Zycron trade name will remain and operate as a separate brand under the BG Staffing umbrella."