BGSF Inc. (NYSE: BGSF) completed the sale of its light industrial staffing segment, which operates as InStaff, to JobandTalent for approximately $30.3 million at closing, according to a filing with the US Securities and Exchange Commission. The deal also calls for BGSF to receive an additional $2 million on the first anniversary of the completion of the deal.
The sale had been announced earlier this month.
Jobandtalent is a talent platform provider based in Madrid. It was founded in 2009 and last year reported a $118.9 million funding round to help drive expansion in the US.
BGSF plans to use the proceeds from the sale to bolster its managed services and high-end consulting solutions as well as to help fuel geographic expansion in its real estate staffing segment.
Headquartered in Plano, Texas, BGSF continues to operate its professional staffing segments along with its real estate segment. The company had revenue of $239.0 million in 2021.