TrueBlue, a Tacoma-based provider of blue-collar workers, said Wednesday it has acquired the assets of MDT Personnel, described as the nation’s third-largest general labor staffing firm.
The purchase price included a $48 million base amount, made up of $12 million in cash and $36 million in assumed debt, and an additional $7 million to account for MDT’s excess working capital, TrueBlue said.
MDT, based in Clearwater, Fla., has 105 branch locations and more than 15 on-site locations in 25 states.
TrueBlue supplies temporary workers to manufacturing, transportation, aviation, retail and service companies under several brands, including Labor Ready and PlaneTechs.
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News of the deal helped lift TrueBlue’s shares despite the slight decline in fourth-quarter revenue and profit it also announced Wednesday morning. TrueBlue’s stock closed up $1.45, or 8.6 percent, at $18.30 on Wednesday,
TrueBlue reported 2012 revenue of $1.39 billion, and said the MDT accquisition creates a company with $1.6 billion in annual revenue.