Wednesday, March 21, 2012
On Assignment Buys Apex Systems For $600M
Calabasas-based On Assignment, the publicly held provider of temporary staffing services to life science, technology, and healthcare sectors, has made a major acquisition today, saying that it has acquired Apex Systems, an information technology staffing and services firm. The deal is worth $600M, split between $383M in cash and $217M in stock. Apex Systems had 2011 revenues of approximately $700M. On Assignment said it is using the acquisition to bolster its position in the technology and IT staffing area. On Assignment is funding the buy with a $540M senior secured credit facility from Wells Fargo Bank, N.A., Bank of America Merrill Lynch and Deutsche Bank Trust Company Americas. On Assignment's advisors in the deal were Latham & Watkins LLP and Moelis & COmpany; Apex Systems was advised by Troutman Sanders LLP and Wells Fargo Securities.