System One Acquires Joulé, Expanding its Strong National Network to Deliver Specialized Workforce Solutions

September 3, 2013

Transaction Enhances Expertise and Reach, Especially in Core Energy, Scientific, Engineering, Telecommunications and Technical Sectors

System One, a leading provider of specialized workforce solutions, today announced the acquisition of Joulé Inc. and its subsidiaries, an established group of market-leading businesses operating under a single corporate umbrella. After the transaction, Joulé's extensive suite of professional and technical staffing solutions will operate as divisions of System One.

The combined companies will generate annual revenues approaching $500 million, with more than 6,000 employees and roughly 40 offices throughout the U.S. Additionally, System One is expected to become a top 5 U.S. engineering staffing company and a top 10 U.S. scientific staffing company. System One serves a broad group of large and middle market companies in its respective sectors.

The acquisition further expands System One's national footprint and reach within the disciplines that have served as the company's foundation for more than three decades, namely energy, scientific, engineering and design, telecommunications, and industrial operations. The integration of the two businesses creates a comprehensive and multi-disciplinary suite of contingent workforce management solutions, all offered from a single source.

“Exceptional synergies exist between System One and Joulé,” according to Troy Gregory, CEO of System One. “Not only do our business lines and geographic location perfectly complement each other, but our entrepreneurial cultures with tenured staff also contribute to the excitement about our collective future.” 

“For more than four decades, Joulé has built our culture around putting the interests of our clients and employees first,” said Joulé Founder & Chairman Emanuel N. Logothetis. “This move reinforces our legacy of exceptional quality and customer service, while giving us the ability to take our business to the next level.” 

System One is privately held and terms of the acquisition were not disclosed. Joulé was advised on the transaction by Daroth Capital Advisors LLC and McElroy, Deutsch, Mulvaney & Carpenter, LLP ("MDM&C"). System One received legal advice from Clark Hill Thorp Reed.

About Joulé Inc.

Founded in 1965 and headquartered in Edison, New Jersey, Joulé Inc. provides engineering, scientific, clinical, administrative and corporate staffing services as well as marketing, creative and interactive professionals to clients nationally. Additionally Joulé's Industrial Contractors meets our clients' capital installation and project maintenance project requirements across the country. Joulé currently has locations in eleven states. See www.jouleinc.com for more information.

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About System One

Headquartered in Pittsburgh, Pennsylvania, System One provides managed staffing and technical outsourcing solutions to improve productivity, specializing in the energy, engineering, information technology, commercial and scientific sectors. System One is
the sixth largest engineering staffing companies and the forty-second largest staffing company overall in the U.S. Additional information about System One is available at www.systemoneservices.com.

About MidOcean Partners

MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed over $4.5 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and manages over $8 billion across a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts as of June 30, 2019.

MidOcean Media Relations Contacts
Nathaniel Garnick/Amanda Klein
Gasthalter & Co.
212-257-4170
midocean@gasthalter.com

MidOcean Investor Relations Contact
Allison Donohue
Investorrelations@midoceanpartners.com