Wells Fargo & Co. announced Monday that it has agreed to acquire a lender that specializes in the staffing industry, nearly four years after Regions Financial Corp. sold it.
The terms were not disclosed in Wells Fargo's deal for Capital TempFunds, which is to become part of the San Francisco company's staffing-services business.
It supplies accounts receivable financing to staffing companies nationwide.
The hedge fund operator Perry Capital LLC agreed in 2005 to buy Capital Factors from Regions at terms that were not disclosed. At the time, the Alabama regional banking company said Capital Factors had more than $3 billion of volume a year.
The staffing industry is struggling amid the jump in unemployment, though businesses that have diversified into other back-office operations in the human resources sector have held up better.
