CSG Partners Closes ESOP Buyouts for Burnett Staffing and Penmac Staffing
Growing Trend of ESOPs in Staffing Industry
NEW YORK, Jan. 24, 2011 /PRNewswire/ -- CSG Partners, LLC, the New York-based boutique investment bank, announced that it advised Burnett Staffing Specialists, Inc. (Burnett) on its recent sale to an Employee Stock Ownership Plan. This followed an ESOP buyout that CSG Partners structured for another staffing company, Penmac Staffing Services, Inc. (Penmac).
Headquartered in Houston, Texas, Burnett is a premier provider of temporary and permanent staffing services, and serves more than 1,000 corporate customers throughout Texas. In 2010, the company posted $66 million in revenue.
Headquartered in Springfield, Missouri, Penmac operates 26 branch locations in Missouri, Arkansas, Kansas, Oklahoma, and Virginia. Penmac is a premier provider of light industrial, clerical, and transportation staffing services, and it posted $76 million in revenue in 2010.
In both ESOP transactions, the management teams will remain the same.
The CSG Partners team was led by George Thacker, who commented, "Burnett and Penmac are premier companies in the staffing industry and we are proud to have worked with them. There is a growing interest among staffing companies on selling to an ESOP, because it provides an attractive and tax-efficient liquidity alternative for owners while allowing employees to share in the company's success."
Sue Burnett, the President of Burnett, added, "We believe the ESOP is an ideal exit strategy for the selling owners, management team, and our employees." Rusty Burnett, the CFO of Burnett, added, "I cannot give CSG Partners enough praise for their work and expertise."
Patti Penny, the founder of Penmac commented on their ESOP buyout: "There are so many misconceptions about ESOPs and we always thought it wasn't appropriate for us. We were very fortunate to have George Thacker and the CSG Partners team lead us through the entire ESOP process."
ABOUT CSG PARTNERS
CSG Partners, LLC is a boutique investment bank specializing in ESOPs, mergers and acquisitions, and capital advisory services for middle-market companies. Founded in 2001, the firm has built a reputation of having the nation's preeminent ESOP investment banking practice. CSG Partners has closed over 80 ESOP transactions for companies with an aggregate value exceeding $5 billion, for companies ranging in value from $10 million to $500 million. The firm is headquartered in New York and has an additional office in San Francisco. More information can be found at www.csgpartners.com.
SOURCE CSG Partners, LLC
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