|By PR Newswire||
|February 27, 2014 10:36 AM EST||
CLEVELAND, Feb. 27, 2014 /PRNewswire/ -- Advance Group provided a unique combination of financing totaling $12 million to Trace Staffing Solutions. The purpose of the financing package was to provide not only ongoing working capital, but also subordinated debt to allow the founder to "buyout" her business from a national franchise organization.
Headquartered in Savannah, Georgia and operating 12 offices in four states, Trace Staffing Solutions (formerly Career Employment Professionals) operated within the Snelling franchise network for over 40 years. Founder Pam Cole made the decision to exit the franchise network and turned to Advance for a financing solution. Advance provided this innovative and flexible financing package through its Advance Commercial Credit unit. Importantly, beyond the ongoing receivables funding program, Advance both participated in and arranged a cash-flow based, subordinated debt facility for the franchise buyout.
"Despite being a large, established staffing firm, the bank we had been working with would never have provided the cash-flow or lending we needed to accomplish this buyout and our vision for growth," explained Cole, "We could not have done this without Advance. I'm extremely grateful for their aggressive and creative approach to financing this opportunity as well as their strategic support throughout the buyout process."
"We are incredibly impressed with Pam's accomplishments within her business and her plans for growth," said Joel Adelman, CEO of Advance. "In certain circumstances, it makes sense for a growth oriented entrepreneur to "buyout" and pay the termination fee on their franchise agreement. I strongly believe in independent staffing firms having control of their growth and future, and we're proud that we were able to provide the working capital and additional financing necessary to make this transaction, and Pam's vision, a possibility."
About Trace Staffing Solutions: Trace Staffing Solutions is an independent leading provider of staffing services throughout the Southeast with 12 offices in Georgia, Florida, North Carolina and South Carolina. Trace Staffing Solutions is dedicated to connecting employers with a qualified workforce, providing temporary, temp-to-hire and direct hire employees. www.TraceStaffing.com
About Advance Group: Founded in 1998, and based in Cleveland, Ohio, Advance is the #1 independent provider of working capital, outsourced technology, and strategic services to suppliers and users of staffing in the U.S. The Advance Commercial Credit unit specifically offers working capital up to $20 million to high volume staffing firms. www.AdvanceGroup.us
SOURCE Advance Group