Barrett Business Services, Inc. Announces Acquisition of HR Only
PORTLAND, Oregon, Feb. 3 /PRNewswire/ -- Barrett Business Services, Inc.
(Nasdaq: BBSI) announced today that it has acquired D&L Personnel Department
Specialists, Inc., dba HR Only, a Los Angeles-based staffing services company
which specializes in human resource professionals.
Terms of the purchase agreement included $1.8 million in cash for all of
the outstanding common stock of HR Only and $1.2 million in cash for
noncompete agreements with certain individuals, of which $1.0 million will be
deferred for five years and then be paid ratably over the succeeding five-year
HR Only, with an office in Los Angeles and in Orange County, California,
provides professional staffing specialists for the human resource needs of a
broad range of companies in Southern California. HR Only's human resource
staffing expertise includes employee benefits, recruiting, human resource
information systems, employee relations, training, collective bargaining,
compensation, senior management, project management and consulting. HR Only's
revenues for the fiscal year ended January 31, 1997 were approximately $4.3
Commenting on the acquisition, William W. Sherertz, Barrett's President
and Chief Executive Officer, stated, "We are very pleased with the strategic
fit and longer-term opportunities HR Only represents for our company. We
believe that this staffing specialty may be expanded into other cities where
we operate and further strengthen our position as a human resource management
Barrett Business Services, Inc. is a human resource management company
with offices in Washington, Oregon, Idaho, California, Arizona, Maryland and
Delaware. Barrett reported revenues of $179.8 million and net income of $4.1
million for 1995.
SOURCE: Barrett Business Services Inc.
CONTACT: William W. Sherertz, President and Chief Executive Officer, of Barrett Business Services, Inc. 503-220-0988
Released February 3, 1997