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Monday, May 12, 2008
Comsys says it paid $16.5M in cash for Montco firm

Often, when acquisitions are announced, the phrase "terms of the acquisition were not disclosed."

That was true last December when a Houston company, called Comsys IT Partners Inc., bought T. Williams Consulting L.L.C. , an Audubon, Pa. provider of outsourcing and consulting services for the human resources business.

But those terms have been disclosed now, thanks to Comsys' Form 10-Q filing.

Comsys paid $16.5 million in cash for T. Williams, which also calls itself TWC Group, at the closing Dec. 19, 2007. But more could be on the way if TWC meets its annual target for earnings before income taxes, depreciation and amortization.

How much more? Up to $7.5 million.

Last fall, the Wharton Small Business Development Center released data for the annual Philadelphia 100 list of fastest-growing privately held company, and TWC Group was on the list. For 2006, TWC said revenues were $9.05 million, and it had 89 employees.

Comsys is a huge information technology services firm, with $743.3 million in revenues in 2007.

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About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor.
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