Staffmark Holdings, one of the top ten commercial staffing companies in the US, abandoned plans for an IPO on Tuesday following its agreement to be acquired by Japanese staffing provider Recruit Co.
Founded in 1970 and headquartered in Cincinnati, OH, Staffmark now operates more than 300 locations in 31 states. It booked $1 billion in revenue for the 12 months ended March 31, 2011. According to SEC filings, Compass Group Diversified Holdings held a 76% stake in the company.
Staffmark initially filed for a $125 million IPO in April. UBS Investment Bank and BMO Capital Markets were set to be the lead underwriters on the deal.
