H.I.G. Capital, L.L.C
855 Boylston Street, 11th Floor
Boston, MA 02116
H.I.G. Capital and Michael T. Willis Purchase Significant Stock Position in Westaff, Inc.
H.I.G. Capital and Michael T. Willis Purchase Significant Stock Position in Westaff, Inc. from Founder
BOSTON - February 28, 2007 - H.I.G. Capital LLC, through one of its affiliates, and Michael T. Willis announced today that they have purchased approximately 7.9 million shares of Westaff, Inc. from shareholders affiliated with its founder, W. Robert Stover, and other shareholders.
Westaff, Inc. was founded by Mr. Stover in 1948. Westaff provides staffing services and employment opportunities for businesses in global markets, servicing more than 15,000 client accounts from more than 230 offices located throughout the U.S., the United Kingdom, Australia and New Zealand. Westaff provides client companies with 125,000 temporary and permanent placement employees annually in the areas of administration, call centers and light industry. Westaff is publicly traded on the NASDAQ Global Market under the symbol "WSTF".
H.I.G. Capital, with offices in Miami, Boston, Atlanta and San Francisco, is a leading private equity firm focused on management buyouts and recapitalizations of leading middle market companies. H.I.G. Capital has more than $3.5 billion of equity capital under management and is a significant investor in over fifty companies with combined annual revenues in excess of $7 billion. H.I.G. has more than 100 investment professionals dedicated to helping talented management teams build companies of significant value.
Michael Willis is a prominent staffing industry executive. Mr. Willis founded Talent Tree, Inc., a clerical and administrative staffing company in Houston, TX, in 1976. He also founded COREStaff, Inc. (NASDAQ: CSTF) in 1993. In 1995, COREStaff became a publicly traded company and later began operating as Metamor Worldwide, Inc. (NASDAQ: MMWW), one of the largest national providers of information technology services.
About H.I.G. Capital
H.I.G. Capital LLC ("H.I.G.") is a leading private equity and venture capital investment firm with more than $3.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed more than 75 transactions. The firm currently manages a portfolio of more than 50 companies with combined revenues of more than $7 billion. For more information, please visit the H.I.G. website at www.higcapital.com.