$50-Million Stock Offering Planned by RemedyTemp
SAN JUAN CAPISTRANO — After 31 years as a privately held company, RemedyTemp Inc. temporary staffing services agency said Wednesday that it wants to go public to raise nearly $50 million.
The company, which recently has been on a growth spurt, filed documents with the Securities and Exchange Commission seeking to sell up to 3.5 million shares of new and existing stock at $12 to $14 a share.
No date has been scheduled for the initial public offering. The SEC typically takes up to two months to review such offerings before clearing them for sale.
RemedyTemp, which provides temporary clerical and light industrial workers, has become a leader in testing and evaluating temporary workers to match them to employers’ needs.
It also markets a proprietary computer system that enables employers to coordinate temporary employee schedules and track their job performance.
The company, which earned $6.5 million last year on $209 million in sales, has 148 offices in 32 states. The company owns 65 of the offices; others are operated under franchise.
The company said it will issue 1.7 million shares of common stock with 465,000 shares more available if demand is greater than anticipated. In addition, company founder and chairman Robert E. McDonough Sr. will sell 923,333 shares, and his son, R. Emmett McDonough, will sell 461,667 shares.
After the offering, there will be 8.5 million shares of RemedyTemp common stock outstanding.
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