Genesis Capital Advises TrueBlue on its Divestiture of PlaneTechs to LAUNCH

Genesis Capital Advises TrueBlue on its Divestiture of PlaneTechs to LAUNCH

Genesis Capital is pleased to announce that TrueBlue, Inc. (NYSE:TBI) (“TrueBlue”), a leading provider of specialized workforce solutions, has sold PlaneTechs, LLC (“PlaneTechs”) to LAUNCH Technical Workforce Solutions (“LAUNCH”).

Bob Breen, Senior Vice President of Strategy for TrueBlue said, “Genesis Capital provided invaluable guidance throughout every step of the transaction and was instrumental in achieving a positive outcome.”

A subsidiary of TrueBlue since 2007, PlaneTechs supplies mechanics and technicians to aircraft maintenance, repair, overhaul, and manufacturing companies, and has been consistently recognized as a top employer for military veterans transitioning into the aviation industry. The acquisition will add over 100,000 technicians, many with extensive commercial and military backgrounds, to LAUNCH’s rapidly expanding roster of highly skilled and coveted aviation personnel.

LAUNCH has established itself as a true leader in the aviation workforce space,” commented Steve Cooper, CEO of TrueBlue. “Given its extensive resources, broad capabilities, and strong reputation, we believe LAUNCH is an ideal home for PlaneTechs’ clients and workforce, who we thank for their support and hard work while they were part of the TrueBlue family.”

The demand for skilled personnel by leading airlines, MROs, OEMs, and service centers continues to outpace the supply,” said Mike Guagenti, CEO of LAUNCH. “The acquisition of PlaneTechs further expands LAUNCH’s capabilities and talent pool, which is already one of the largest and deepest rosters of aviation technicians, mechanics, engineers, and professionals in the industry. As a result, we have significantly expanded our reach and enhanced our ability to deliver innovative workforce solutions to meet our customers’ needs. We’re very excited to welcome PlaneTechs’ clients and employees to the LAUNCH family.”

Genesis Capital LLC served as financial advisor to TrueBlue, Inc., while Perkins Coie LLP provided legal counsel. LAUNCH was advised by Neal & Harwell, PLC. Wells Fargo Capital Finance provided senior financing in support of the acquisition.

About TrueBlue
TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions that help clients create growth, improve efficiency and increase reliability. TrueBlue connects over 815,000 people with work each year in a wide variety of industries through its PeopleReady segment offering industrial staffing services, PeopleManagement segment offering onsite workforce management and PeopleScout segment offering Recruitment Process Outsourcing (RPO) and Managed Service Provider (MSP) solutions.

About PlaneTechs
PlaneTechs is the nation’s leading provider of contract aviation mechanics and technicians. PlaneTechs specializes in providing top talent to aircraft maintenance, repair, overhaul and manufacturing companies in the commercial, government services, and business aviation sectors.

LAUNCH is the aviation industry’s fastest-growing technical workforce solution, connecting over 6,000 aviation professionals with employment every year in more than 160 locations worldwide. In addition to providing mechanics, technicians, engineers, machinists, and other skilled workers to leading airlines, MROs, OEMs, and service centers, LAUNCH provides Avionics, Structures, and AOG teams for project-based solutions worldwide. Guided by a leadership team with extensive experience in aviation and technical staffing, LAUNCH is committed to providing solutions that are innovative, customer-driven, and technologically advanced.

Company Type: Public Corporations

Transasction Type: Sellside M&A

Industry: Business Services