ACCUSTAFF ACQUIRES THE BLACKSTONE GROUP; ADDS OVER $20 MILLION IN INFORMATION TECHNOLOGY REVENUES.JACKSONVILLE, Fla.--(BUSINESS WIRE)--Nov. 1, 1996--AccuStaff Incorporated (Nasdaq/NM:ASTF ASTF Arab Science and Technology Foundation (United Arab Emirates) ASTF Aeropropulsion Systems Test Facility ASTF Aerospace Structures Test Facility ASTF Australian Standard Transfer Form ASTF A Suit That Fits ), a national provider of strategic staffing, consulting and outsourcing services, today announced that it has acquired The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, , based in Omaha, Nebraska “Omaha” redirects here. For other uses, see Omaha (disambiguation). Omaha is the largest city in the State of Nebraska, United States. It is the county seat of Douglas County.GR6 As of the 2000 census, the city had a population of 390,007. . The Blackstone Group provides high-level software consulting services to the information technology business community and has branch offices in Omaha, Nebraska; Denver, Colorado; Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. ; and Seattle, Washington The reason for its protection is listed on the protection policy page. . Terms of the agreement were not disclosed. Blackstone's revenues for 1996 are projected to be in excess of $20 million, based on unaudited financial information. Jim Venuto, Chief Executive Officer, and Karen Hegge, President of The Blackstone Group, will continue in leadership roles with the company. Blackstone will become part of the Information Technology Service group in AccuStaff's rapidly growing Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. division. AccuStaff's Chairman, President, and Chief Executive Officer, Derek E. Dewan de·wan n. Any of various government officials in India, especially a regional prime minister. [Hindi d , said, "The Blackstone Group is a recognized leader in the IT consulting industry. Our association with Blackstone will also enhance the range of services they can offer to their existing clients. This acquisition marks our entry into the Omaha market, solidifies our presence in the central region of the country, and extends our nationwide IT network of branch offices. "Information Technology Services is one of the fastest growing segments of our business," Dewan added, "and we are pleased to have the opportunity to strengthen our presence in these markets. We believe the Midwest and southwestern markets offer substantial potential, not only for our IT services, but for our other staffing, consulting and outsourcing services." AccuStaff announced in August the signing of a definitive merger agreement under which Career Horizons, Inc. (NYSE NYSE See: New York Stock Exchange :CHZ CHZ Circumstellar Habitable Zone ) will be acquired by and merged into AccuStaff, creating the fourth largest staffing company in the United States. A notice of special shareholder meeting (to be held on November 14, 1996), Joint Proxy Statement/Prospectus dated October 8, 1996, and proxy form, have been mailed to shareholders of AccuStaff and Career Horizons. Dewan concluded, "Combined with Career Horizons' Information Technology Services group, we are well on our way to exceeding the half billion dollar mark in IT revenues with over 80 branch offices in this specialty area." AccuStaff Incorporated, headquartered in Jacksonville, Florida, is organized into three divisions: Professional Services, which provides personnel for information technology, technical/engineering, legal and accounting; Commercial, which provides clerical, office automation and light industrial services; and Telecommunications, which provides a national customer with trained customer care and telemarketing services. This press release contains certain forward-looking statements which involve risks and uncertainties. The Company's actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain of the factors set forth under the "Risk Factors" and elsewhere in the Company's Joint Proxy Statement/Prospectus dated October 8, 1996, and as discussed in the Company's reports of Forms 10-K, 10-Q and 8-K made under the Securities and Exchange Act of 1934. CONTACT: AccuStaff Incorporated Michael D. Abney or Derek E. Dewan, 904/725-5574 |
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