Banc One, 1st Chicago Join in Lending $35M To Worker-Leasing Firm

Banc One Corp. is leading a $35 million revolving loan for Employee Solutions Inc., an employee-leasing company with expansion plans.

First Chicago NBD Corp. also is participating in the loan, which was disclosed Friday in Employee Solutions' announcement that it has completed its purchase of Leaseway Personnel Corp. for $24 million in cash.

"We look forward to working with Banc One and First Chicago NBD as our financial partners to finance similar transactions and participate in other joint ventures as we continue to grow and expand our presence in the staffing industry," said Morris C. Aaron, chief financial officer of Employee Solutions.

Employee Solutions is a national company serving small and midsize companies with temporary and permanent staffing needs.

With headquarters in Cleveland, Leaseway Personnel leases approximately 2,000 permanent employees and 300 temporary employees to a client base consisting primarily of private carriage fleets, select common carriers, and contract carriers.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER