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Bridge Opportunity Finance Provides $20 Million Facility To Mercer Staffing, Inc. Chicago, Ill., March 22, 2005 - Bridge Opportunity Finance, a division of Bridge Healthcare Finance, today announced the completion of a $10 million revolver and $10 million term loan to Mercer Staffing, Inc., a staffing company headquartered in Doylestown, Pennsylvania. Mercer is a highly specialized staffing company with expertise in transportation and mental health staffing throughout their 18 locations. The funding to Mercer was used to refinance existing secured lenders as well as fund their ongoing acquisition strategy. Mercer successfully closed and integrated two acquisitions in 2004 and plans to continue their acquisition strategy in 2005. The staffing industry is highly fragmented with many under-capitalized national, regional and local providers which the company plans to leverage through its acquisition strategy. "We were looking for a capital partner who understood the risks and rewards of an aggressive acquisitions strategy. Bridge Opportunity Finance is well-known for their expertise in this arena and demonstrated their ability to help us take advantage of acquisition opportunities in a fragmented marketplace,” said Michael Traina, Chief Executive Officer. “The Mercer closing underscores our expertise in helping customers identify and leverage acquisition opportunities to accelerate their business goals,” says Randy Abrahams, President and CEO of Bridge Healthcare Finance. “Our people understood what Mercer was trying to accomplish and the economics involved and took action allowing the company to close in a timely and efficient manner and capture upside.” Citra Capital Management, LLC arranged the transaction and served as Mercer’s financial advisor. Citra Capital Management provides merchant banking and financial advisory services to middle market heath care companies. |
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