Clark/Bardes Buys Rival for $31 Million
Comerford, Mike, Daily Herald (Arlington Heights, IL)
Clark/Bardes Holdings Inc. said Thursday that it has finalized a deal to buy its Los Angeles rival for an estimated $31 million.
The purchase is the 12th since the North Barrington-based Clark/Bardes went public two years ago and makes it the largest executive compensation and benefits firm in the country. Compensation Resource Group, with its 135 employees and $30.4 million in annual gross revenue, is going for $24.5 million in cash and $6 million of Clark/Bardes common stock.
The combined firm will have about 600 employees and $200 million in annual revenue, according to Clark/Bardes Chief Executive Officer Tom Wamberg.
The company is looking to continue its rapid growth through both expansion and acquisitions, according to Wamberg. The firm has $115 million in credit available for additional acquisitions.
"We think that in three to five years we can be a $1 billion company. With the war for talent in this tight economy our services are in big demand. …