Penmac Staffing Now Employee-Owned

SPRINGFIELD, Mo., Nov. 4, 2010 /PRNewswire/ -- Penmac Staffing Services, Inc. (Penmac), one of the nation's leading providers of temporary staffing services, announces that it has become an employee-owned company.

Patti Penny - the founder and Chief Executive Officer of Penmac - and her family transferred their stock ownership to an Employee Stock Ownership Plan (ESOP), making the employees owners of the business. Employing over 15,000 employees thus far in 2010, Penmac is the 6th largest ESOP-owned company in the United States, as ranked by the National Center for Employee Ownership.  

The management team will remain the same, with Patti Penny serving as CEO and her daughter, Paula Adams, serving as President.

"After considering a wide range of alternatives, I came to the conclusion that the ESOP was an ideal strategy for the owners, the company, and the employees," said Patti Penny. "The employees are a tremendous part of Penmac's achievements, and providing ownership rewards them for their contributions and provides incentives for their continued dedication. I'm delighted to keep the company locally-owned and position it for further growth."

CSG Partners LLC, a boutique investment bank in New York that specializes in ESOPs, designed and implemented the transaction. George Thacker, a Managing Director of CSG Partners commented, "Penmac is an outstanding organization and we're proud to have helped them with the ESOP transaction. There is a growing interest among business owners on using an ESOP as a succession strategy given the benefits for everyone involved."

Penmac's Chief Financial Officer Leah Ann Iaguessa said, "We were very fortunate to have George Thacker and his CSG Partners team to lead us through the entire ESOP process. Their level of expertise, professionalism, and responsiveness to our needs was outstanding. They structured the transaction like a beautiful piece of fine artwork."

Patti Penny formed Penmac in 1988 with a $15,000 investment. From a small office and one customer, she grew Penmac into one of the nation's premier providers of temporary staffing services for the light industrial, clerical, and transportation industries. Today, the company provides staffing services to more than 1,800 business customers. Headquartered in Springfield, Missouri, Penmac operates 26 branch locations in Missouri, Arkansas, Kansas, Oklahoma, and Virginia, and provides additional staffing services in California, Georgia, North Carolina, South Carolina, and Wisconsin.

SOURCE Penmac Staffing Services, Inc.