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TACOMA, Wash. - TrueBlue (NYSE: TBI), a global provider of specialized workforce solutions with annual revenue of $1.57 billion, has announced a strategic partnership with OMNIA Partners, a prominent group purchasing organization (GPO), to offer optimized staffing services aimed at driving operational efficiency and cost savings for private sector companies. According to InvestingPro data, the company currently trades at a notably low Price/Book multiple of 0.41, suggesting potential undervaluation despite recent market challenges.
The collaboration is set to address the private sector’s need for cost-effective operations amidst rising expenses. OMNIA Partners supports its GPO members by facilitating informed procurement decisions, analyzing current spending, and providing competitive pricing from new vendors. The partnership with TrueBlue expands OMNIA’s offering to include customized staffing and workforce solutions. This strategic move comes as TrueBlue faces market headwinds, with its stock declining nearly 60% over the past year. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro.
Taryn Owen, President and CEO of TrueBlue, emphasized the importance of a tailored talent strategy in achieving financial and operational benefits. "We’re proud to partner with OMNIA Partners to bring their members custom workforce solutions backed by TrueBlue’s expansive presence, proprietary technology, and decades of specialized expertise," Owen stated.
TrueBlue’s suite of services includes on-demand staffing, skilled trades and CDL truck driver staffing, onsite workforce management, direct placement, managed service provider (MSP), and recruitment process outsourcing (RPO). These services are powered by advanced technology platforms and extensive industry knowledge.
Jeff Gillmer, Senior Vice President of Private Sector Sales at OMNIA Partners, highlighted the partnership’s role in enhancing value for their members. "By combining TrueBlue’s industry-leading staffing expertise with OMNIA Partners’ extensive portfolio, we’re creating unprecedented value and efficiency for our members," said Gillmer.
This strategic alliance is expected to help businesses fine-tune their talent strategies to meet the demands of the current labor market. While TrueBlue maintains healthy liquidity with a current ratio of 1.73, InvestingPro analysis indicates the company faces some financial challenges, including declining revenues (-17.78% year-over-year). For more information about accessing TrueBlue’s services through OMNIA Partners, interested parties can visit the OMNIA Partners website.
The announcement is based on a press release statement and aims to inform stakeholders about the new partnership between TrueBlue and OMNIA Partners.
In other recent news, TrueBlue Inc. has announced the acquisition of Healthcare Staffing Professionals, Inc. This acquisition is part of TrueBlue’s strategy to enter high-growth markets and capitalize on the increasing demand in the healthcare sector. The deal, conducted off-market, allows HSP to retain its brand while benefiting from TrueBlue’s national reach and recruitment technology. TrueBlue’s President and CEO, Taryn Owen, emphasized the strategic importance of this acquisition, highlighting the potential for enhanced value creation and community impact. HSP’s expertise in staffing for public health departments and other entities is expected to complement TrueBlue’s existing portfolio. Maxie Juzang, CEO and President of HSP, expressed enthusiasm about the growth opportunities and cultural alignment with TrueBlue. TrueBlue’s CFO, Carl Schweihs, described the acquisition as accretive and synergistic, financed through a balanced approach using the company’s strong balance sheet. Further financial details are expected to be disclosed during TrueBlue’s fourth-quarter earnings call. The terms of the transaction have not been disclosed.
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