Daily News: February 14, 2013

Staffing 360 Closes Facility With Sterling National Bank

Staffing 360 Solutions announced the execution of an agreement to establish a credit facility with Sterling National Bank.

“We are pleased to announce our new credit facility with Sterling National Bank,” stated Allan Hartley, CEO of Staffing 360. “Sterling is an extraordinarily competent organization with over 80 years of banking experience across a wide assortment of businesses. In addition, their high-degree of familiarity with the staffing industry provides us with a unique understanding that will prove beneficial as we execute our strategic vision on a highly accelerated basis.”

“We fully support the management team and business model at Staffing 360 Solutions,” said Stephen M. Leavenworth, Sterling’s division president of Payroll Finance. “Their accretive acquisition strategy within the staffing industry is a very exciting proposition. We are proud that they have chosen Sterling National Bank to support the direction of the company as well as the needs of their clients.”

Staffing 360 believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The company’s management team is engaged in the development of a comprehensive program to create a pipeline of prospective acquisitions and has significant experience in locating and evaluating prospective target companies. Management at Staffing 360 believes the opportunity exists to build a high growth, large, dominant publicly held franchise by combining many smaller entities in the U.S., Europe and India.

Sterling National Bank provides clients with a full range of depository and cash management services and a broad portfolio of financing solutions.

Staffing 360 Solutions is an emerging public company in the international staffing sector that intends to acquire high-growth domestic and international staffing agencies.