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COREStaff engaged Acquest before the company had any operations. After consulting
with the founders to refine a strategic vision for the company, we arranged for COREStaff's
first platform acquisition (United Temporary Services). This company, with nearly
$100 mm in annual revenue at the time of its purchase, was of sufficient size and
scope to allow COREStaff to attract major bracket lenders who, through a syndicated
loan facility, provided COREStaff the resources to engage in a major acquisitions
program.
Some period later, Acquest counseled COREStaff's board of directors to enter the
IT staffing arena. We thoroughly explored the IT staffing market and assisted COREStaff
in purchasing its first IT platform company, Comsys. Comsys was a large, infrastructure
rich firm with operations in multiple regions of the U.S. This investment proved
to be a seminal transaction for COREStaff and helped COREStaff become a market leader
in the provision of IT staffing services.
From a standing start, within 18 months, the founders' $27 million investment in
COREStaff rose 25-fold in value, to hold a controlling interest in a publicly traded
$1 billion + sales company with a market capitalization of over $1.4 billion. The
financial backers of COREStaff, Golder Thoma Cressey Rauner LLC, liquidated sufficient
shares to produce the largest realized gain both in percentage and dollar terms that
their firm, to date, had ever enjoyed.
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