Indiana-based Fortune Industries Inc. said Monday it has completed its acquisition of Employer Solutions Group of Salt Lake City.
The transaction value of $11.2 million will be paid in stock and cash. Cash of $9.1 million will be financed out of Fortune's existing line of credit. A portion of the stock is subject to future earning contingencies.
ESG is a professional employer organization serving small to mid-size businesses in the Salt Lake City and Loveland/Denver metropolitan markets. ESG provides human resource management services to about 375 clients and 6,700 employees.
Services include payroll and benefits administration, health and workers' compensation insurance management, human resource management and consulting, training, testing, development and assessment services and insurance brokerage services.
ESG will retain its local headquarters in Salt Lake City and regional office in Loveland, Colo., Fortune said.