Staffmark Holdings (formerly CBS Personnel Services) wants to ensure your business gets its fill of people. Providing temporary and permanent staffing to about 6,000 clients across the US, the company fills positions in such areas as light industrial, financial, health care, legal, scientific, IT, and clerical. Staffmark's geographical reach extends across more than 30 states, primarily concentrated in the northern US, through about 200 branch offices and 90 client onsite locations. Formerly owned by middle-market investor Compass Diversified Holdings, Staffmark was sold to Japan-based Recruit Co., Ltd in late 2011.
Recruit Co. is a global staffing provider headquartered in Tokyo, and acquiring Staffmark created a company whose combined revenue is projected to reach $5.5 billion. The buyout nullified plans Staffmark had for going public. It filed for an IPO earlier in the year hoping to raise as much as $125 million to alleviate debt and use for working capital. It changed its name from CBS Personnel Services to Staffmark in conjunction with the filing.
After an unprofitable 2009, Staffmark was able to post positive net income for 2010 and a 34% increase in revenue as the economy finally turned the corner. It depends upon the economies of seven states for a concentrated source of its total sales: in 2010, 60% of its revenue derived from California, Ohio, Texas, Arkansas, Tennessee, Pennsylvania, and North Carolina. Its top 10 clients represent about 20% of its revenues.
Founded in 1970, the former CBS Personnel Holdings acquired Staffmark in 2008 and Venturi Staffing years earlier, more than doubling the size of its operations. Finding itself operating under several different brands, however, it rolled out its unified Staffmark branding initiative at the beginning of 2009. – less