YOUR BUSINESS AUTHORITY

Springfield, MO

Penmac pens first acquisition

Posted online

Penmac Staffing Services Inc. today announced the first purchase in its 30-year history.

The Springfield-based workforce staffing agency picked Brainerd, Minnesota’s Employment Resource Center Inc. after a search for acquisition opportunities. ERC’s locations in Brainerd, Wadena, Hutchinson and Hackensack, Minnesota, will be rebranded as Penmac over the course of 2018. Terms of the deal were not disclosed in a news release.

“Employment Resource Center is a homegrown and family-run business that fits the Penmac culture and philosophy of placing people first,” Penmac CEO Tim Massey said in the release. “After vetting several staffing firm offerings over the past six months, we were excited to discover this purchase opportunity.”

In central Minnesota, ERC staffs clients largely in the clerical, hospitality, construction and industrial industries. With the buyout, Penmac now operates 36 offices in nine states, according to the release.

In August, Penmac won Springfield Business Journal’s Economic Impact Awards honor for businesses in operation 16-29 years. The company of more than 150 employees reported 2016 revenue of $114.7 million. Penmac Marketing Director Sara Corman estimated the firm’s 2017 revenue was $115 million. ERC’s 2017 revenue was roughly $9 million, she said.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick

Business Spotlight: Not On Her Watch

Nonprofit started by a sports agent and Navy veteran helps former military return to civilian life.

Most Read
SBJ.net Poll
How will you vote on Proposition A in Missouri's Aug. 7 primary election?

View results