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Investing.com -- BGSF, Inc. (NYSE:BGSF) stock surged 110% after the workforce solutions provider announced it has signed a definitive agreement to sell its Professional Division to INSPYR Solutions for $99 million in an all-cash transaction.
The deal encompasses BGSF’s IT Consulting, Finance and Accounting, Managed Solutions, and Near and Offshore Software (ETR:SOWGn) Engineering practices. The transaction is expected to close during the second half of 2025, subject to shareholder approval and other customary closing conditions.
BGSF plans to use the proceeds to substantially eliminate its outstanding debt and make investments in its Property Management business. The company’s board will work with financial advisors to determine the best use of remaining funds to maximize shareholder value while continuing to evaluate strategic alternatives.
"Today, we are excited for this milestone and the journey ahead for our Professional team as they help lead the next phase of growth as part of INSPYR," said Beth Garvey, Chair, President, and CEO of BGSF, who will transition from her role effective July 1, 2025.
Following Garvey’s departure, Kelly Brown, President of Property Management Division, and Keith Schroeder, Chief Financial Officer, will serve as interim co-CEOs. Their focus will be on growing the Property Management Division and rightsizing the company.
Trent (NSE:TREN) Beekman, CEO of INSPYR Solutions, said, "We’re very excited to announce our plan to acquire BGSF’s professional workforce solutions division. This acquisition will further strengthen INSPYR Solutions’ technology and talent solutions with the addition of new strategic partnerships."
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