|To: richardred who wrote (4602)||11/26/2017 6:57:56 PM|
|Staffing 360 Solutions Announces Transformative $40 Million Refinancing and Closes Two New Acquisitions |
September 19, 2017 07:14 ET | Source: Staffing 360 Solutions, Inc.
$40 Million Refinancing of Entire Balance Sheet; Acquisition of CBS Butler Holdings (UK) and firstPRO Georgia (US); Expected to Boost Revenue Nearly 50% and Increase Adjusted EBITDA 100%
NEW YORK, Sept. 19, 2017 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. (Nasdaq: STAF), a company executing an international buy-and-build strategy through the acquisition of staffing organizations in the United States and in the United Kingdom, today announced a number of transformative developments, including a significant refinancing of the Company’s balance sheet and the closing of two material acquisitions.
In line with management’s emphasis on improving the financial health of the Company and reinvigorating its highly focused M&A program, Staffing 360 Solutions is pleased to announce:
• Execution of a comprehensive refinancing of Staffing 360’s balance sheet with current lenders:
$40 million 12% senior note with a three-year term and zero amortization prior to maturity.
Renegotiated terms of the existing receivable facility for a more attractive $25 million revolver and accordion to $50 million as the business grows, resulting in lower financing costs and increased availability. • Simultaneous closing of two material acquisitions:
CBS Butler Holdings Limited • UK-based firm specializing in engineering and IT staffing services.
firstPRO Georgia • US-based company with an emphasis on IT staffing and finance & accounting.
• On an aggregate basis, the above acquisitions are expected to add approximately $85 million to the top line, resulting in $265 million of annualized revenue, and more than double the pro forma Adjusted EBITDA of Staffing 360’s overall business to $11 million on an annualized basis.
“These developments are a game-changer for our company, vaulting us much closer to our goal of becoming a $300 million annualized revenue business,” said Brendan Flood, Executive Chairman of Staffing 360 Solutions. “While our team has been working diligently behind the scenes to make these complex transactions a reality, we understand our investors have been very patient as we have executed a multi-year strategy of driving operational improvements and financial governance. We believe this refinancing of our balance sheet and simultaneous closing of two acquisitions will help us unlock significant value, especially as we leverage our projected positive operating cash flow from these transactions to drive additional organic and acquisitive growth.”
Matt Briand, President and CEO, added, “With two acquisitions officially closed, our team is looking forward to adding these outstanding organizations. CBS Butler is an award-winning staffing firm in the UK specializing in the engineering and IT space. The group brings a wealth of management talent and client relationships as a complement to our existing UK businesses. In addition, firstPRO Georgia brings strong accounting, finance and IT depth while expanding our geographic footprint. These firms are leaders in their respective fields and we are thrilled to welcome them to the Staffing 360 family.”
“We are significantly improving the overall financial strength of our company, as well as our day-to-day operational facilities,” said David Faiman, Chief Financial Officer. “The $40 million refinancing provides us with a financial platform to drive further improvements and operational cash flow. In addition, the enhancements to our receivable facility will help streamline the operational efficiency of our U.S. businesses as we continue to grow and achieve economies of scale.”
Staffing 360 Solutions will provide additional details to investors regarding these transformative events through forthcoming SEC filings and press releases.
More information about Staffing 360 Solutions, including investor materials, presentations, white papers, and webcasts, can be found at: www.staffing360solutions.com/res.html.
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (Nasdaq: STAF) is a public company in the staffing sector engaged in the execution of an international buy-and-build strategy through the acquisition of domestic and international staffing organizations in the United States and in the United Kingdom. The Company believes that the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $300 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and light industrial staffing space. For more information, please visit: www.staffing360solutions.com.
Follow Staffing 360 Solutions on Facebook, LinkedIn and Twitter.
Non-GAAP Financial Measures
Staffing 360 Solutions uses financial measures which are not calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”) in evaluating its financial and operational decision making regarding potential acquisitions, as well as a means to evaluate period-to period comparison. The Company presents these non-GAAP financial measures because it believes them to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We refer you to the reconciliations below.
This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Although Staffing 360 Solutions, Inc. believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary materially from those expressed or implied by the statements herein, including the goal of achieving annualized revenues of $300 million, due to the Company’s ability to successfully raise sufficient capital on reasonable terms or at all, to consummate additional acquisitions, to successfully integrate newly acquired companies, to organically grow its business, to successfully defend potential future litigation, changes in local or national economic conditions, the ability to comply with contractual covenants, including in respect of its debt, as well as various additional risks, many of which are now unknown and generally out of the Company’s control, and which are detailed from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.
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|To: richardred who wrote (4602)||11/26/2017 7:08:26 PM|
IT staffing remains industry’s most active segment for M&A
January 31, 2017
Though overall merger and acquisition volume across the staffing industry landscape was down last year from the multiyear high set in 2015, IT once again led all staffing occupational segments targeted in number of transactions. As detailed in our recently published Staffing Mergers and Acquisitions Annual Report 2016, the number of publicly announced deals involving staffing firms in North America fell to 69 in 2016 from 92 the prior year, both well short of the 126 transactions we reported in 2007 prior to the onset of the Great Recession.
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|To: richardred who wrote (4638)||11/26/2017 8:03:44 PM|
|RE-JVA speculation |
Farmer Brother recently bought Boyd's Coffee revenues 95 mil. 13-16 mil. EBITDA for 59 mill. IMO niche acquisitions are most likely on the back burner for now. JVA completed a couple of smaller dink niche acquisitions itself. JVA sales 72 mill. Market cap. 24 mill. The last Comfort acquisition cost the company, about 3 mil, for 7Mill. rev. but the integration cost cut profitability last qtr.. Important pr snip>“We expect the synergistic value of roasting both in Colorado and Massachusetts to translate to higher margins and renewed efficiencies for both current and potential new business.”
Lavazza Acquires Kicking Horse Coffee
Lavazza Group May 24, 2017, 11:39 ET
The Turin-based Group Accelerates Growth in North America through the
Acquisition of 80% Stake in the Leading Canadian Organic Coffee Company
TURIN, Italy and INVERMERE, Canada, May 24, 2017 /PRNewswire/ - The Lavazza Group today announced the purchase of a significant equity stake in Kicking Horse Coffee, Ltd. from the private-equity fund Swander Pace Capital, who had originally acquired the investment in 2012 in partnership with Jefferson Capital and United Natural Foods. Kicking Horse Coffee, a leading Canadian organic and fair-trade coffee player, has distinguished itself over the last several years with remarkable growth in both Canada and the United States.
With this transaction, Lavazza secures an 80% interest in the company, which was valued CAD 215 million. Elana Rosenfeld, who founded Kicking Horse Coffee in 1996, will retain a 20% equity stake and will continue as Chief Executive Officer.
"Kicking Horse Coffee represents one of the 'local jewels' the Lavazza Group continues to seek as part of its globalization and premium positioning strategy," commented Antonio Baravalle, CEO of the Lavazza Group and future Kicking Horse Coffee Chairman. "Today, organic fair-trade coffee is one of the fastest-growing trends at the international level, and in North America in particular. Kicking Horse Coffee leads this segment with a brand that is perfectly complementary to the Lavazza portfolio. In recent years, the company has constantly grown at a double-digit rate and, thanks to this acquisition, its growth and development prospects both in and outside of Canada will increase significantly."
This transaction represents an important step for the development of our strategy in North America, a key market for the Lavazza Group. As with the recent Carte Noire and Merrild acquisitions, Lavazza's objective is to further increase the "brand equity" of Kicking Horse Coffee while sharing key respective competencies and values.
"Kicking Horse Coffee has always distinguished itself for its unrelenting commitment to quality coffee, along with strong sustainability values. The Lavazza Group shares this vision and we now have the perfect partner to assist us in growing and connecting the world with our coffee," commented Elana Rosenfeld, co-founder and CEO of Kicking Horse Coffee. "I am thrilled and honored we now share this beautiful adventure with the Lavazza Group."
The Lavazza Group just announced its best-ever results to the market, with record revenues of €1.9 billion. With this acquisition, Lavazza continues its progress of continuous international growth and diversification, consolidating its competitive position among the global sector leaders.
The Lavazza family stated, "We proudly welcome Kicking Horse Coffee to our Group. We are confident we will be able to contribute our more than 120 years of coffee experience to the continued growth of a company with great affinity to ours."
The Lavazza Group was assisted for this transaction by the legal firm Blake Cassels and Graydon LLP in Toronto, J.P. Morgan Limited as financial advisor, Boston Consulting Group as strategic advisor, and PWC for tax and accounting.
About Kicking Horse Coffee
Kicking Horse Coffee, Ltd. is based in Invermere, British Columbia (Canada) and celebrated its 20 year anniversary as a company in 2016. Kicking Horse Coffee remains a pioneer of whole bean and fair trade coffee in Canada and is best known for its distinctive coffee blends and unique brand personality. The Company was recently named the #10 Best Place to Work in Canada. For more information, visit www.KickingHorseCoffee.com.
Established in 1895 in Turin, the Italian roaster has been owned by the Lavazza family for four generations. Among the world's most important roasters, the Group currently operates in more than 90 countries through subsidiaries and distributors, exporting 60% of its production. Lavazza employs a total of about 3,000 people with a turnover of more than €1.9 billion in 2016. Lavazza invented the concept of blending — or in other words the art of combining different types of coffee from different geographical areas — in its early years and this continues to be a distinctive feature of most of its products.
The company also has over 25 years' experience in production and sale of portioned coffee systems and products. It was the first Italian business to offer capsule espresso systems.
Lavazza operates in all business segments: at home, away-from-home and office coffee service, always with a focus on innovation in consumption technologies and systems. Lavazza has been able to develop its brand awareness through important partnerships perfectly in tune with its brand internationalization strategy, such as those in the world of sport with the Grand Slam tennis tournaments, and those in fields of art and culture with prestigious museums like New York's Guggenheim Museum, the Peggy Guggenheim Collection Venice, and The Hermitage State Museum in St. Petersburg, Russia.
SOURCE Lavazza Group
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|To: richardred who wrote (2645)||11/27/2017 1:33:09 PM|
|A very small ill-liquid buy today and in a sector I usually shy away from . Regional Banks|
New buy- MBKL 5% dividend yield to go along. Goes along with my other ill-liquid regional bank buy LYBC from about 7 years ago. They just raised the dividend. 10 year chart.
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|From: richardred||12/3/2017 7:01:04 PM|
|Mega Merger Monday!|
CVS to Buy Aetna for $67.5 Billion, Remaking Health Care Sector By
December 3, 2017, 1:46 PM EST Updated on December 3, 2017, 6:04 PM EST
Drugstore chain will pay $207 a share, $145 a share in cash
Companies bet on bringing health care closer to consumers
CVS Health Corp. will buy Aetna Inc. for about $67.5 billion, creating a health-care giant that will have a hand in everything from insurance to the corner drugstore.
CVS will pay $207 a share for Aetna, with $145 a share in cash and the rest in stock, the companies said in a statement Sunday. That’s a 29 percent premium to Aetna’s share price on Oct. 25, the day before the companies were reported to be in talks.
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|To: richardred who wrote (4655)||12/5/2017 1:25:22 PM|
|From: Robert O|
|Richard yeah this beamis story was out there from a couple months ago but price went down as a rumor mill suggested no offer coming. Now it seems it is getting 'hot again' as company turnaround story not materializing. Post story threw out 60 /share. I'm considering buying then sitting on this one to see if something materializes [even though if one assumes leakage-and you ought to - this one has ben melting up for a bit already prior to this story- sigh always last to know].|
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|To: richardred who wrote (4657)||12/6/2017 12:33:09 AM|
|RE-BMS Looked it over and it's a pass for me for now. I'll look to see if it settles down. Christmas is coming up. So a hypothetical deal might not be till next year IMO. If I owned it pre-anouncement I'd hold it through. |
A few thoughts
The restructuring plan is still on going. Things don't look so bright in Brazil where it has a big operations. I saw an estimate from a firm estimating a takeout price of around 65 dollars. That sounds about right, maybe lower because their still a lot of work to be done getting this company back on track. I generally don't like to step in after a SA announcement is in the works. Things did work out well with SHLM twice. This was before both SA announcements and an opportunity buy on bad earnings twice. SHLM announced SA twice. I sold out the common & calls both times on a good run up. I've seen no news that the company abandon SA. The company is still up for sale for the right price. Good luck Robert if you decide to accept the BMS challenge. The one thing that bothers me about BMS. Why didn't some Multinational go after it a long time ago. It also might be the reason why SHLM hasn't sold twice. I guess I'll have to see what premium out of the money leap calls are going for. 55 & 60 strike at the right price might get interesting.
P.S. An interesting thought. A Chinese company might be interested here. Food safety
>Lian added that a few other sectors will also receive government support, even if they were not mentioned in the August guidelines. Those sectors include food safety, health care and investments that can create more employment in China. "These, although they were not specifically listed in the encouraged list, we believe also will bring benefits to China's economy and should receive support," she said.
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