MIAMI, March 2 /CNW/ - H.I.G. Capital LLC, through one of its affiliates,
and Michael T. Willis announced today that they have purchased approximately
7.9 million shares of Westaff, Inc. from shareholders affiliated with its
founder, W. Robert Stover, and other shareholders.
Westaff, Inc. was founded by Mr. Stover in 1948. Westaff provides
staffing services and employment opportunities for businesses in global
markets, servicing more than 15,000 client accounts from more than 230 offices
located throughout the U.S., the United Kingdom, Australia and New Zealand.
Westaff provides client companies with 125,000 temporary and permanent
placement employees annually in the areas of administration, call centers and
light industry. Westaff is publicly traded on the NASDAQ Global Market under
the symbol "WSTF."
H.I.G. Capital, with offices in Miami, Boston, Atlanta and San Francisco,
is a leading private equity firm focused on management buyouts and
recapitalizations of leading middle market companies. H.I.G. Capital has more
than $3.5 billion of equity capital under management and is a significant
investor in over fifty companies with combined annual revenues in excess of $7
billion. H.I.G. has more than 100 investment professionals dedicated to
helping talented management teams build companies of significant value.
Michael Willis is a prominent staffing industry executive. Mr. Willis
founded Talent Tree, Inc., a clerical and administrative staffing company in
Houston, TX, in 1976. He also founded COREStaff, Inc. (NASDAQ: CSTF) in 1993.
In 1995, COREStaff became a publicly traded company and later began operating
as Metamor Worldwide, Inc. (NASDAQ: MMWW), one of the largest national
providers of information technology services.
About H.I.G. Capital:
H.I.G. Capital LLC ("H.I.G.") is a leading private equity and venture
capital investment firm with more than $3.5 billion of equity capital under
management. Based in Miami, and with offices in Atlanta, Boston, and San
Francisco, H.I.G. specializes in providing capital to small and medium-sized
companies with attractive growth potential. H.I.G. invests in management-led
buyouts and recapitalizations of profitable and well managed manufacturing or
service businesses. H.I.G. also has extensive experience with financial
restructurings and operational turnarounds. Since its founding, H.I.G. has
completed more than 75 transactions. The firm currently manages a portfolio of
more than 50 companies with combined revenues of more than $7 billion. For
more information, please visit the H.I.G. website at www.higcapital.com.
For further information:
For further information: H.I.G. Capital, LLC, Miami John Black, Managing
Director, 617-262-8455 email@example.com