RemedyTemp Inc., an Aliso Viejo employment services company, is being acquired for $169 million by Select Personnel Services of Santa Barbara.
The move will take RemedyTemp private like Select Personnel. The offer is about 40% higher than where RemedyTemp was trading at before the deal was announced.
The sale is expected to close in October.
Both companies have yearly sales of about $515 million and provide workers to companies in a range of industries.
RemedyTemp Chief Executive Greg Palmer and two other directors, Chairman Paul Mikos, and founder and Vice Chairman Robert E. McDonough, own about a quarter of the company. They’ve signed off on the deal.
The company also reported results for the quarter ended April 2 on Thursday.
Net income was $568,000, versus a net loss of $1.4 million a year earlier. Sales were flat at $124.6 million.
