Atlantic International Acquires Lyneer Staffing Solutions

June 28, 2024 – Atlantic International Corp. has acquired Lyneer Staffing Solutions, a 28 year old national strategic staffing outsourced services and workforce solutions company servicing the commercial, professional, finance, direct placement, and managed service provider verticals. Financial terms of the deal were not disclosed. Lyneer has over 1,100 customers, including, among others, enterprise scale customers UPS, DHL, FedEx, XPO Logistics, Ryder, Ikea, PepsiCo, T-Mobile, Kraft Heinz, and Red Bull.

On June 13th, SeqLL Inc. changed its corporate name to Atlantic International Corp. and on June 18th, 2024 a wholly-owned subsidiary of the company was merged with and into Lyneer Investments, the parent of Lyneer Staffing Solutions. The consideration for the Acquisition consisted of a $35 million promissory note payable to IDC Technologies, the parent of Lyneer, and the issuance of $60 million of restricted shares of our common stock valued at $2.36 per share at time of issuance.

“With the acquisition, we are very excited to get to work building a leading staffing, outsourced services and workforce solutions enterprise for our over 1,100 customers,” said Jeffrey Jagid, who was appointed as CEO of the company in connection with the acquisition. “We believe that Lyneer is well positioned as a platform for our consolidation strategy and there are significant attractive merger and acquisition opportunities among leading medical, IT and engineering staffing, outsourced services and workforce solutions companies. The acquisition provides Atlantic with enhanced resources to pursue its growth and acquisition strategy.”

Prateek Gattani, the CEO of IDC, our principal shareholder, was appointed as chairman of the board, in connection with the acquisition. “We are beyond thrilled to begin the journey with Atlantic,” he said. “As we move forward, we have significant confidence that Atlantic will capitalize on the compelling benefits of outsourced services and workforce solutions, adding capabilities across new high growth verticals through organic growth and merger and acquisitions.”

Atlantic International Corp. is a strategic staffing, outsourced services and workforce solutions company executing a high growth strategy. Through its principal operating subsidiary Lyneer Investments LLC, Atlantic’s approximate 300 employees generated over $400 million in revenue (for the twelve month period ending December 31, 2023).

Recent Deals

Acquisitions and consolidations continue to make news in the recruiting industry, with a number of notable purchases in recent months. Here is a sampling from the Hunt Scanlon Media archives:

Hudson RPO, a global total talent solutions company owned by Old Greenwich, Conn.-based recruiting firm Hudson Global Inc., has acquired Striver, a Dubai-based executive search firm. Financial terms of the deal were not disclosed. “With the new acquisition of Striver in the United Arab Emirates (UAE), Hudson RPO is strongly equipped to partner with new and existing clients for their senior talent acquisition needs in the rapidly growing Middle East region,” the company said. “We are pleased to continue to expand and enhance our offering in the executive search space,” said Jake Zabkowicz, global CEO of Hudson. “This furthers our ability to become and remain a core strategic partner for our clients as we assist them in putting the right people in place at all levels of their organizations to develop and execute a winning business strategy.”

ZRG, a global talent advisory firm and portfolio company of RFE Investment Partners, has acquired Ignata Finance Group, a U.K.-based executive search & finance recruitment and interim placement business. Financial terms of the deal were not disclosed. “Partnering with Ignata will enable our European growth strategy both in private equity but across our shared global customers, especially in the U.K.,” said Larry Hartmann, CEO of ZRG. “Adding Ignata to the family of ZRG companies puts us another step closer to true global talent advisory.” Founded in 2017, Ignata partners with VC, PE, and listed organizations seeking chief financial officers and their teams. “We continue our commitment to build a world-class business, employing passionate consultants that are experts in their fields. The partnership with ZRG marks a pivotal moment in our global expansion,” said Ben Searls, founder of Ignata. “By joining forces with ZRG, we are not only enhancing our C-suite capabilities but also broadening our reach internationally.”

Paris-headquartered search firm Alexander Hughes has acquired Chicago-based DSML Executive Search. Financial terms of the deal were not disclosed. “The move marks a significant milestone in Alexander Hughes’ global growth strategy, positioning the firm as the global executive search and leadership firm of choice for businesses and corporations worldwide,” the search firm said. “The acquisition includes two new offices, one in Chicago and one in Boston.” In addition, Alexander Hughes will retain Myriam Le Cannellier, co-founder and director of DSML Executive Search, who becomes the managing partner of Alexander Hughes USA, and her team of experienced executive search professionals. “This acquisition marks a pivotal moment for our group,” said Julien Rozet, CEO of Alexander Hughes. “We are very proud to strengthen our presence in the U.S. and to have Myriam Le Cannellier and her team at the helm. Her expertise aligns perfectly with our commitment to deliver the highest standard of executive search and leadership advisory services globally.”

The Elevate Sports Ventures agency has acquired SRI and launched Elevate Talent, a new executive search and global talent advisory practice. The new firm will recruit senior leaders across sports, entertainment, media, lifestyle, technology, and gaming. Elevate is led by Al Guido, who also serves as president of the NFL’s San Francisco 49ers.  Jim Chaplin, formerly CEO of SRI, will become global president of Elevate Talent. In his 14 years at the helm of SRI, Mr. Chaplin and his management team have spearheaded the firm’s transformation from a U.K.-based sports specialist firm to a global company in the executive search space, helping organizations with board structure, governance, and C-suite issues with talent and advisory solutions. “For the team at SRI, becoming part of Elevate feels like a perfect match,” said Mr. Chaplin. “We share a foundation in the world of sports and have used that particular vantage point to deliver for clients across a wide range of consumer-facing sectors. Our common experience, aligned to a rigorous, data-driven approach, gives us the tools to set organizations up for success.”

Related: Randstad Acquires Finite Group in Australia and New Zealand

Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Executive Editor; Lily Fauver, Senior Editor – Hunt Scanlon Media

Share This Article


Notify of
Inline Feedbacks
View all comments