Gevity is one of the largest human resources outsourcing companies in the United States with over 10,000 clients, 130,000 worksite employees, and 2003 net revenue of over $425 million. The Company offers its clients, which are typically small to medium-sized businesses with between 20 and 100 employees, a broad range of high-quality products and services that provide a complete solution for their human resources outsourcing needs.
Following the successful private equity raise of $30 million, Gevity’s CEO approached Croft & Bender to help the Company pursue strategic acquisitions. Croft & Bender was hired to analyze the market, source opportunities, and to structure and negotiate transactions that would result in acquisitions that were accretive to earnings.
Croft & Bender successfully negotiated the purchase of the HR outsourcing client portfolio of TeamStaff, Inc. (NASDAQ: TSTF).