Bridge Opportunity Finance Provides $9.2 Million Facility to Mercer Staffing, Inc. for Acquisition.CHICAGO -- Bridge Opportunity Finance, a division of Bridge Healthcare Finance, today announced the completion of a $6.2 million revolver and $3 million term loan under an existing acquisition line to Mercer Staffing, Inc., a staffing company headquartered in Doylestown, Pennsylvania Doylestown is the name of both a borough and the adjacent township in Bucks County, Pennsylvania, 34 miles (55 km) north of Philadelphia. At the turn of the century in 1900, 3,034 people lived in the borough of Doylestown, and in 1910, 3,304 people lived there. . The funding was used to acquire Quantum Resources, Inc., a staffing company with nine branches in the Southeast United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Michigan. Mercer Staffing is one of the fastest growing staffing companies in the Mid-Atlantic region serving the transportation, clerical, mental health, social work, light industrial and hospitality industries. The staffing industry is highly fragmented with many under-capitalized national, regional and local providers which Mercer plans to leverage through its acquisition strategy. Mercer successfully closed and integrated two acquisitions in 2004. Quantum is the first acquisition in 2005 under Mercer's acquisition plan. "The acquisition of Quantum Resources, Inc. will increase Mercer's market share and domestic presence. Bridge helped us refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. our existing secured lenders in February of 2005. We knew they understood our aggressive acquisition strategy and provided us the capital we needed to take advantage of the Quantum opportunity," said Michael Traina, Chief Executive Officer. "The Mercer closing underscores our expertise in helping customers fund acquisitions," says Randy Abrahams, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bridge Healthcare Finance. "Our responsiveness and industry expertise allowed Mercer to capture the Quantum opportunity within 18 days from introduction." About Bridge Healthcare Finance Bridge Healthcare Finance offers a combination of comprehensive loan products, decades of financial expertise and an unparalleled service approach unique to the healthcare lending industry. Through accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , cash flow and real estate based term loan lending products, Bridge is able to address the differing capital needs of the healthcare industry. Bridge is based in Chicago, Illinois with offices in Hartford, Connecticut “Hartford” redirects here. For other uses, see Hartford (disambiguation). Hartford is the capital of the State of Connecticut. It is located in Hartford County on the Connecticut River, north of the center of the state. and Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). . For more information visit Bridge Healthcare Finance at www.bridgehcf.com. |
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