Atlantic International Corp. acquires Lyneer Staffing Solutions

Englewood Cliffs-based Atlantic International Corp. has acquired Lyneer Staffing Solutions, a 28-year-old national strategic staffing outsourced services and workforce solutions company servicing the commercial, professional, finance, direct placement and managed service provider verticals.

Lyneer has over 1,100 customers, including, among others, enterprise scale customers UPS, DHL, FedEx, XPO Logistics, Ryder, Ikea, PepsiCo, T-Mobile, Kraft Heinz and Red Bull. The company is using its best efforts to uplist in the near future onto a National Securities Exchange and remains optimistic that it will be able to do so.

On June 13, SeqLL Inc. changed its corporate name to Atlantic International Corp. and, on June 18, a wholly owned subsidiary of the company was merged with and into Lyneer Investments Inc., the parent of Lyneer Staffing Solutions. The consideration for the acquisition consisted of a $35 million promissory note payable to IDC Technologies Inc., the parent of Lyneer, and the issuance of $60 million of restricted shares of our common stock valued at $2.36 per share at time of issuance.

Jeffrey Jagid, who was appointed as CEO of the company in connection with the acquisition, commented: “With the acquisition, we are very excited to get to work building a leading staffing, outsourced services and workforce solutions enterprise for our over 1,100 customers. We believe that Lyneer is well positioned as a platform for our consolidation strategy and there are significant attractive merger & acquisition opportunities among leading medical, IT and engineering staffing, outsourced services and workforce solutions companies. The acquisition provides Atlantic with enhanced resources to pursue its growth and acquisition strategy.”

Prateek Gattani, the CEO of IDC and principal shareholder, was appointed as chairman of the board, in connection with the acquisition.

Atlantic is among the Top 20 largest national staffing companies servicing the light industrial, commercial, professional, finance, direct placement and managed service provider verticals, according to Staffing Industry Analysts. Atlantic provides its customers with complete HR solutions, operating 40 independent on-site and vendor-on-premise facilities and paying over 12,000 employees each week.