Fashion Recruitment Leader Acquires Gromwell L.L.C.
Acquisition sets the stage for 24 Seven's continued success.
April 07, 2008
24 Seven Inc, the global talent recruitment agency for the fashion, beauty, retail, advertising and entertainment industries today announced the company's full acquisition of Gromwell Group L.L.C. and its affiliates.
The acquisition will position 24 Seven as the largest player in the fashion staffing industry with the addition of Gromwell's client and candidate databases, key internal staff members, more resources to recruit even better talent and the ability to grow both nationally and internationally.
The sale transaction closed late last week and involved a transfer of Gromwell's operating assets and employees to 24 Seven. A liquidating plan of reorganization will shortly be filed by the Gromwell debtors to conclude their Chapter 11 bankruptcy cases. 24 Seven was represented by Richard Reice and Robert Dremluk of the Seyfarth Shaw law firm and Gromwell was represented by Tracy Klestadt of Klestadt & Winters, LLP of New York.
According to Mr. Dremluk, "Judge Robert Gerber (Southern District of New York), approved a settlement of pending disputes and sale of substantially all of the assets by Gromwell LLC and it affiliated debtors to 24 Seven Acquisition LLC, a wholly owned subsidiary of 24 Seven Inc."
Gromwell is a strategic addition to 24 Seven's growing infrastructure. Over the past 10 years, the fashion industry has changed drastically and many of the small, individualized staffing firms have been unable to continue to service the current client base needs. Today's fashion business is operating in a global marketplace with a competitive landscape more challenging now then ever before.
"The fashion staffing industry is projected to climb to an estimated $200 million in revenues with more demands on creativity, global interface, cutting edge technology, speed, efficacy and top talent.", said Celeste Gudas, president, 24 Seven. "24 Seven and Gromwell are merging to continue to satisfy the demanding needs of the fashion staffing industry and to build stronger relationships with our clients and candidates, to keep their needs and cultures in mind with every placement".
According to Tom Foley, former CEO of Gromwell and a new C-Level executive at 24 Seven, "This is the best possible outcome at the best possible time in the economy for the two companies. The future is auspicious for the wider industry and clients that we continue to grow and serve. We are excited to bring the expertise of our combined companies to the marketplace".
The "new" 24 Seven brings over 18 years of Direct Hire and Freelance industry experience from Celeste Gudas and over 18 years of Direct Hire experience from Tom Foley. "We are marrying these 2 categories of expertise and building a stronger foundation both nationally and internationally, while maintaining the personal approach with every client and candidate.", said Celeste Gudas.
"Seyfarth Shaw is absolutely delighted to have been part of this transaction on behalf of 24 Seven, which combines two great staffing companies 24 Seven Inc and Gromwell LLC. What's particularly satisfying is that through a swift and smooth asset purchase transaction and settlement agreement in the Gromwell Chapter 11 bankruptcy cases we were able to preserve the ongoing operations of the Debtors, provide job opportunities for employees and to resolve all claims. It's a win-win
for everyone," stated Robert Dremluk, Chief Counsel for 24 Seven.
About 24 Seven
Founded in 2000, 24 Seven is an eight year market leader in the fashion, beauty, retail, advertising and entertainment industries. 24 Seven has established a reputation for placing exceptional creative talent, from entry level all the way to executive level. Additionally 24 Seven was certified as a Women's Business Enterprise by the WBENC (Women's Business Enterprise National Council) and was honored to receive the prestigious Ernst & Young 2007 Entrepreneur of the Year Award in the Business Services category in the Metropolitan New York area.
24 Seven Client Roster
24 Seven works with some of the biggest brands in their respective industries.
Select Clients:
| Abercrombie | | Kenneth Cole | | Ann Taylor | | Bloomingdales | | Boost Mobil | | Brooks Brothers | | Calvin Klein | | Chanel | | Comedy Central | | Creature | | Cutler & Buck | | Diane Von Furstenberg | | Exofficio | | Guess | | J. Crew | | Gap | | Juicy Couture | | Saks | | Target | | Zac Posen | | REI | | Polo Ralph Lauren | | Neutrogena | | Nine West | | Oxygen Media | | Marc Jacobs |
To learn more visit the company website's at www.24seveninc.com and www.24seventalent.com.
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