Monday, April 16, 2007

FFI Acquires ESG for $11.2M

Fortune Industries Inc. has completed its acquisition of Salt Lake City-based Employer Solutions Group, Fortune reported Monday. The company added that it will pay $11.2 million in cash and stock for ESG. The transaction marks Fortune’s second acquisition of a professional employer organization in the past 90 days. ESG is a full-service PEO that caters to small- and mid-sized businesses in the Salt Lake City and Denver metropolitan markets. ESG outsources human resources management to some 375 clients and approximately 6,700 of their employees. Headquartered in Indianapolis, Fortune provides technology-based services to businesses throughout the United States.