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SUBSEQUENT EVENTS
12 Months Ended
Dec. 29, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Effective January 31, 2025, we acquired all of the outstanding equity interests of Healthcare Staffing Professionals, Inc. (“HSP”) for a preliminary cash purchase price of $42.0 million, subject to adjustment based on HSP’s final closing working capital balance. HSP is a long-term temporary and permanent staffing solutions provider primarily focused on health care positions including nursing, allied health, behavioral health, and various research, IT and administrative roles. With operations across the country, HSP specializes in serving state and local government entities with a focus on public health departments and agencies, correctional institutions, and education systems. This acquisition advances our strategic priority to expand in health care, and combines HSP’s health care staffing expertise with our sales network, technology and recruitment functions.
To help fund the acquisition, we borrowed $35.0 million under the Revolving Credit Facility as a Term SOFR loan. As part of the share purchase agreement, certain HSP employees can earn up to an additional $14.0 million based on the financial performance of the business over the next two years. We incurred acquisition costs of $0.6 million, which are included in SG&A expense on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 29, 2024. We are currently evaluating the accounting for this transaction and expect to complete our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of our fiscal first quarter of 2025.