RemedyTemp Acquires Largest Franchisee

RemedyTemp Inc., which operates as Remedy Intelligent Staffing, today announced it has acquired Staffing Services N.A. Inc., the company's largest franchisee. Terms of the agreement were not disclosed.

Staffing Services, based in Nashville, Tenn., and serving both the Memphis and Nashville areas, contributed 2002 sales of approximately $26 million. The enterprise established in 1992, primarily focuses on the light industrial sector and currently is under the direction of Irwin Much and Margaret Scruggs, staffing industry veterans. RemedyTemp intends to establish a RemX® Financial Staffing office at this location to provide temporary and project staffing for varying levels of finance and accounting professionals.

"We are delighted to add this important franchisee to our roster of company-owned operations," said Greg Palmer, RemedyTemp's president and chief executive officer. "This acquisition retains for the company a solid revenue stream and provides a more prominent foothold in an important metropolitan area. We are very pleased to welcome the entire Staffing Services team and its clients to the RemedyTemp family and look forward to working together even more closely."

Palmer noted that the company anticipates that the acquisition would be immediately accretive to the company's earnings in fiscal 2003. In the last three years, the company has acquired 14 franchisees throughout the country. With Staffing Services, RemedyTemp has increased its company-owned operations to approximately 65 percent.

RemedyTemp is a professional staffing organization focused on delivering human capital workforce solutions in the areas of business services, manufacturing, information technology, finance and accounting through 268 offices in North America.