Encore Funding, an alternative lender that unlocks capital and strategic support for entrepreneurs in the staffing and transportation industries, is pleased to announce its acquisition of two national companies: Millennium Funding, another alternative lender that provides working capital to the staffing and transportation industry and TemPay LLC, a leading payroll provider for temporary staffing agencies.
The deal, which marks the first two acquisitions by Encore Funding since its launch in August 2020, closed on January 31, 2022. Millennium Funding and TemPay clients will continue to work with their existing account teams to receive uninterrupted service.
Encore Funding is led by Joel Adelman, Founder and Former CEO of Advance Partners (purchased by Paychex in 2015). Under Adelman’s leadership, Advance Partners lent over $20 billion in working capital to thousands of staffing entrepreneurs and agencies. Through the acquisitions of Millennium Funding and TemPay, Encore will deliver enhanced capital and payroll funding solutions to businesses across the staffing and transportation industries.
“We are thrilled to welcome Millennium and TemPay to the Encore family,” said Adelman. “We’re bringing these like-minded organizations into the fold to help expand their capabilities and drive business growth in the staffing industry. Together, we’re poised to become the next powerhouse player in our sector.”
Adelman has assembled an experienced team, who helped build the Advance Partners legacy, to work closely with Millennium and TemPay leadership for a seamless transition for employees and clients. The team contributing to the new venture includes Matthew Williams as Vice President and General Counsel, Chad Eberly as General Manager, Ed Burr as Director of Client Strategy and Growth, Kim Castagnola as Client Service Manager and Lisa Huff as Treasurer. John Benkovich and Tim Sardinia, Founding Partners of Millennium Funding, and Larry Holstein, Founder of TemPay, will continue to oversee day-to-day operations and their teams.
“This announcement marks an exciting progression for Millennium Funding and our clients,” said Benkovich. “We look forward to working alongside Encore’s experienced team and bringing new, innovative opportunities to the industries we serve.”
“Our mission has always been to provide temporary staffing agencies with the cash flow security they need to operate and grow,” adds Holstein. “Now, we can offer them more solutions designed for short- and long-term success.”
“We’ve started our ‘encore’ by bringing this talented team back together,” stated Adelman. “We’re ready to launch the next thousand entrepreneurs, as we’ve done before. Ultimately, that’s what this deal is all about. If you’re a growth-minded business owner in our space, you’ll know that we’re here with solutions to keep you going.”
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