Progressive Employer Services acquires US$5m credit line to fund new acquisitions
Progressive Employer Services, a privately held professional employer organisation (PEO), announced today that it has entered into a US$5m revolving credit facility with PNC Business Credit, the asset-based lending arm of PNC Bank, National Association. Steve Herrig, CEO of Progressive Employer Services' said: "This is very significant for us as we are eager to leverage our existing business model to acquire other PEOs. These funds and our existing internal capital will allow us to seriously pursue opportunities in the marketplace." "Progressive is a service company without many hard assets, but we recognise that they have good cash flow," stated Peter Thompson, Executive Vice President, PNC Business Credit.
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