On Wednesday, self-proclaimed "blue-collar staffing" firm TrueBlue (NYSE:TBI) announced that it has purchased privately-held temp firm MDT Personnel, along with its 105 branches, and 15 on-site locations, spread across 25 states, for an undisclosed sum.
In a statement describing the acquisition, TrueBlue noted that MDT supplies workers to several of TrueBlue's own target markets, including "construction, event staffing, disaster recovery, hospitality, and manufacturing." Integrating MDT -- the nation's third-largest general labor staffing firm -- into TrueBlue, promises to cement the company's title as the "leading provider of blue-collar staffing" in the States.
Meanwhile, TrueBlue may already be on the lookout for its next conquest. CEO Steve Cooper noted in closing:
We have more room to grow and will continue to pursue both organic growth and acquisitions.
TrueBlue shares surged on yesterday's news, and the CEO's strong hit of more to come, rising 8.6%, to close at $18.30 -- although they're giving back some of those gains today in a broadly down market.
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