Barrett Business Services, Inc. Announces Completion of Merger With Western Industrial Management, Inc.

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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

$11.1 million.

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: // or fax, 800-758-5804, ext. 082187
CONTACT: William W. Sherertz, President and Chief Executive Officer of Barrett Business Services, Inc., 503-220-0988