Hunt Companies Acquires Controlling Stake in Kelly Services

Paul, Weiss advised Hunt Equity Opportunities, LLC, an indirect subsidiary of Hunt Companies, Inc., on its acquisition of a controlling stake in leading staffing and recruitment firm Kelly Services, Inc. Under the transaction, Hunt acquired more than 3 million shares of Kelly’s Class B common stock for an aggregate purchase price of $106 million (with potential additional cash of $15 million if Kelly’s market capitalization reaches $1.2 billion within 48 months) to become Kelly’s controlling stockholder with 92.2% of its Class B common stock, the only class of shares entitled to voting rights. In connection with the closing, the Kelly board was reconstituted to add four Hunt-designated directors, with James Christopher Hunt becoming chairman.

The Paul, Weiss team was led by corporate partners Ross Fieldston and Jeffrey Marell, and included partner Raphael Russo; and tax partner Scott Sontag.