🠈 EmployBridge 🠊
EmployBridge Holding Company
EmployBridge is the holding company for a network of staffing firms. When I visited the EmployBridge web site in September 2019 they listed the following subsidiaries:
- Select Staffing (Select.com)
- ResourceMFG resourcemfg.com)
- ProLogistix (prologistix.com)
- ProDrivers (prodrivers.com).
- Westaff (westaff.com)
- Remedy Staffing (remedystaffing.com)
- RemX (remx.com)
Mergers and an Accounting Scandal.
I admit. This profile is confusing. It appears that several staffing firms collapsed during the Great Recession. Private equity firms took over and reassembled the firms into one.
What is really confusing about this merger chain is that a company called Select Staffing, a subsidiary of the holding company New Koosharem, acquired EmployBridge in a $410 million deal led by Morgan Stanley. There were irregularities in Select's books. News reports claim that the CEO D. Stephen Sorenson had improperly transferred $2.7 million to family members. The company fired Mr. Sorenson and the company has since consolidated around the name EmployBridge.
Mr. Sorenson is now on the advisory board of BYU Business School.
Since Select was listed as the buyer, I will present the merger chain from Select's perspective:
- 1985: Company founded as Select Temporaries.
- 2006: Select acquired RemedyTemp, Inc. and changed its name to SelectRemedy.
- 2007: Select changed its name to Select Staffing.
- 2009: Select created a publicly traded company called Atlas Acquisition Holdings with symbol AXG as an acquisition vehicle (sec filing).
- 2009: Atlas Acquisition Holdings and Koosharem merged in an $840 million deal to create Select Staffing Inc. (reference)
- 2009: Select acquired Westaff
History of Westaff
- 1948: W. Robert Stover founded Western Employers Service.
- 1958: Company rebrands as Western Girl, Inc..
- 1967: Company established Western Medical Services
- 1973: Western Girl changed its name to Western Temporary Services.
- 1980: Company opens an office in Switzerland.
- 1984: Company began franchising.
- 1985: Company opened an office in New Zealand.
- 1987: Western Temporary opened its 300th office.
- 1994: Company rebrands as Western Staff Services.
- 1996: Company holds an IPO and begins acquiring firms.
- 1998: Company changed its name to Westaff.
- 1999: Westaff sold Western Medical Services with United Home Health Care of Northern California and Sparta Surgical Corp acquiring different pieces.
- 2010: Select dissolved Atlas but appears to have kept New Koosharem.
- 2012: Associates from Select created SEARCH Group Partners based in Salt Lake City.
- 2013: Investors filed a lawsuit against Koosharem's CEO Stephen Sorenson about sweetheart deals with private equity firms (Courthouse News)
- 2014: Select Staffing held a Chapter 11 bankruptcy. They had $2 billion in revenue and $535 million in liabilities (ref).
- 2015: Select acquired EmployBridge in a $410 million deal.
History of EmployBridge
According to Everybody Wiki, EmployBridge was created by complex mergers in the staffing industry. The companies involved in the merger chain kept changing names; so the merger chain is difficult to iron out.
- 1997: Staffing Resources Inc. combined operations with Career Blazers, Inc. to make Career Blazers, Inc..
- 2000: Tom Bickes and Shawn Poole led a management buyout of the commercial segment of Career Blazers and formed EmployBridge Holding Company.
- 1987: ProDrivers was founded as a staffing firm for CDL licensed drivers.
- 2011: Morgan Stanley acquired EmployBridge Holding Company.
- 2012: EmployBridge acquired the assets of ALLINES Staffing Professionals based in Atlanta, Ga.
- 2012: EmployBridge acquired the Nevada operations of Hire Dynamics.
- 2013: EmployBridge acquired Employment Plus
- 1993: EmploymentPlus was founded in 1993.
- 2016: Company changed the brand Employment Plus to ResourceMFG.
- 2015: New Koosharem terminated D. Stephen Sorenson (ref) with claims he misappropriated $2.7 million to family members.
- 2016: EmployBridge filed a lawsuit against Riven Rock Staffing claiming that Stephen Sorenson and other principles of the company violated non-compete clauses and infringed on trade secrets (casetext)
- 2017: Steven Sorenson had a non-compete clause with Select Staffing. When that expired he started Partners Personnel (ref).
- 2018: ProDrivers acquired Road Dog Drivers based in Cornelius, NC.
- Encyclopedia.com - Westaff (Drawn 9/13/2019)
- PR Newswire - EmployBridge acquires Employment Plus (Drawn 9/14/2019)
- Street Insider - Shareholders Dissolve Atlas (Drawn 9/14/2019)
- ProDrivers acquires Road Dog Drivers (Drawn 9/14/2019)
- Morgan Stanley Acquires EmployBridge (Drawn 9/14/2019)
- NSBanker - Morgan Stanley acquires EmployBridge (Drawn 9/14/2019)
- The Tribune -Employment Plus Changed to ResourceMFG (Drawn 9/14/2019)
- Phoenix Color - Employment Agencies: ProDriver
- Phoenix Color - Employment Agencies: EmployBridge
- Phoenix Color - Employment Agencies: Partners Personnel
- Pima County - Employment: Remedy Staffing
- Pima County - Employment: ResourceMFG
- Boulder Color - Employment: ResourceMFG
- Denver Color - Employment Agencies: ProDriver
- Denver Color - Employment Agencies: ResourceMFG
- Pueblo Color - Employment: Select Staffing
- Davis County - Employment: Remedy Staffing
- Ogden, Utah - Employment: ResourceMFG
- Provo Utah - Employment Agencies: Select Staffing
- Salt Lake Sites - Employment Agencies: ProDriver
- Salt Lake Sites - Employment Agencies: Remedy Staffing
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