PORTLAND, Ore., June 29 /PRNewswire/ -- Barrett Business Services, Inc.
(Nasdaq: BBSI) today announced the completion of its acquisition of
Western Industrial Management, Inc. pursuant to a stock-for-stock merger
effective June 29, 1998. The transaction will be accounted for as a
The transaction, valued by the parties at approximately $10.7 million,
includes consideration of 894,642 shares of Barrett common stock and
$519,095 in cash. Barrett also expects to recognize one-time merger-related
costs in the second quarter ended June 30, 1998 totaling approximately
$725,000, of which $425,000 reduced the previously announced purchase price of
Western, a privately-held staffing services company headquartered in
San Bernardino, California, operates six branch offices in Southern
California. Keith Rentschler, Western's President, was appointed an Area Vice
President of Barrett today and will have management responsibility for
Western's six offices and Barrett's current five offices in Southern
California. Western's revenues for the year ended December 31, 1997 were
approximately $24.5 million.
Barrett Business Services, Inc. is a human resource management company
with offices in Washington, Oregon, Idaho, California, Arizona, Michigan,
Maryland and Delaware. For 1997, Barrett reported revenues of $281.0 million
and net income of $3.8 million.
SOURCE Barrett Business Services Inc.
Company News On-Call: http: //www.prnewswire.com or fax, 800-758-5804, ext. 082187
CONTACT: William W. Sherertz, President and Chief Executive Officer of Barrett Business Services, Inc., 503-220-0988