Bloomberg-owned IAC Inc. has agreed to sell its Bluecrew business to EmployBridge, an industrial-staffing company backed by Apollo Global Management Inc.
IAC will have a minority stake in the combined company, which will generate more than $4 billion in pro-forma revenue, according to a statement Tuesday reviewed by Bloomberg.
Financial terms of the transaction weren't disclosed.
Bluecrew uses analytics to help companies with their variable staffing needs, utilizing its more than 100,000 ready-to- work crew members, according to its website. After the deal closes, BlueCrew Chief Executive Officer Stephen Avalone will join EmployBridge as Chief Platform Officer.
Billy Milam, chief executive officer at EmployBridge, said in an interview that Bluecrew and Employbridge are complementary. Bluecrew has branches nationwide, while EmployBridge is an app-based company. Milam said the deal will help EmployBridge build on the stickiness of its business clients.
Milam said it was an instant connection to client opportunities for the Bluecrew mobile platform.
EmployBridge was founded in 1985 and provides career and workforce services in Atlanta. The business has about 400 locations and operates in 48 states. It was acquired by Apollo in 2021.
According to Robert Kalsow-Ramos, an Apollo partner, the deal was a result of bilateral talks between Bluecrew and EmployBridge.
This is a unique transaction in that it is a cash and stock merger and acquisition of Bluecrew and required no external financing, Kalsow-Ramos said. We were able to put together this transformative deal in a really unique way despite the market volatility and in light of the creative structure of the transaction. The deal is expected to close in the fourth quarter.
EmployBridge is the right owner to unlock Bluecrew's potential, and as a minority shareholder we look forward to seeing how far they go, a representative for IAC said in a statement.
Royal Bank of Canada, Evercore Inc., Houlihan Lokey Inc., and Paul Weiss Rifkind Wharton Garrison advised EmployBridge on the deal while IAC was represented by Morrison Cohen.
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