BGSF Agrees To Sell Light Industrial Business To Jobandtalent - BGSF (NYSE:BGSF)

BGSF Inc BGSF has agreed to sell substantially all its Light Industrial segment (InStaff) assets to Jobandtalent. Deal terms were not disclosed.
Jobandtalent is a job marketplace headquartered in Madrid, Spain.
"The sale of InStaff is an important step in our strategic focus on long-term value creation and will allow us to focus our strengths where we are strongest," said CEO Beth A. Garvey
"This strategic divestiture also allows us to deploy more capital into managed services and high-end consulting solutions as well as drive geographic expansion in Real Estate. Additionally, net proceeds from the sale provides us with added flexibility to pursue our ongoing acquisition strategy in addition to reducing debt."
The transaction is expected to close in the first quarter of 2022.
Price Action: BGSF shares are trading lower by 0.70% at $14 on the last check Tuesday.