PORTLAND, Ore., June 1 /PRNewswire/ -- Barrett Business Services, Inc.
(Nasdaq: BBSI) today announced the acquisition of TSU Staffing ("TSU")
headquartered in Concord, California pursuant to an asset purchase agreement
effective May 31, 1999. The all-cash transaction, valued at approximately
$10.5 million, includes a one-year note payable for approximately
TSU, a privately-held staffing services company, operates nine branch
offices in Northern California. TSU's business mix of fifty percent clerical
and fifty percent light industrial generated revenues of $25.0 million for the
year ended December 27, 1998. Vincent Sinni, TSU's Director of Business
Development, was appointed Area Managing Director of Barrett and will have
managerial responsibility for TSU's nine offices.
William W. Sherertz, Barrett's President and Chief Executive Officer,
commented, "We are very pleased with the opportunity to expand and strengthen
our market share in Northern California through such a successful and quality
Barrett Business Services, Inc. is a human resource management company
with offices in ten states. For 1998, Barrett reported revenues of
$303.0 million and net income of $3.8 million.
SOURCE Barrett Business Services, Inc.
Web site: http: //www.barrettbusiness.com
Company News On-Call: http: //www.prnewswire.com/comp/082187.html or fax, 800-758-5804, ext. 082187
CONTACT: William W. Sherertz, President and Chief Executive Officer of Barrett Business Services, 503-220-0988