has acquired the HR Outsourcing Portfolio of
Gevity is a provider of outsourced human capital management solutions.
Gevity is one of the largest human resources outsourcing companies in the United States with over 10,000 clients, 130,000 worksite employees, and 2003 net revenue of over $425 million. The Company offers its clients, which are typically small to medium-sized businesses with between 20 and 100 employees, a broad range of high-quality products and services that provide a complete solution for their human resources outsourcing needs.
Following the successful private equity raise of $30 million, Gevity’s CEO approached Croft & Bender to help the Company pursue strategic acquisitions. Croft & Bender was hired to analyze the market, source opportunities, and to structure and negotiate transactions that would result in acquisitions that were accretive to earnings.
Croft & Bender successfully negotiated the purchase of the HR outsourcing client portfolio of TeamStaff, Inc. (NASDAQ: TSTF).