SOURCE: TriNet

TriNetHR

September 27, 2010 08:00 ET

TriNet Pays Off Acquisition Debt Early

HR Outsourcing Partner to Small Businesses Repays Debt Less Than 15 Months After Securing Funds to Acquire Gevity

SAN LEANDRO, CA--(Marketwire - September 27, 2010) -  TriNet, the country's largest private provider of human resources outsourcing solutions to small businesses, today announced that it has repaid a $60 million loan it secured last year to acquire Gevity, almost two years ahead of plan.

"I'm proud to say that our September 30 balance sheet will reflect zero debt just five quarters into the acquisition," said Burton M. Goldfield, TriNet's president and CEO. "This financial milestone reflects the strength of our business and the support of our clients. I want to thank our lenders who supported us in this strategic acquisition during one of the most difficult lending environments on record."

TriNet received debt financing of $60 million from a bank syndicate led by TriNet's long-time lender, Comerica Bank, with participation by KeyBanc, Bank of America and US Bank.

Pre-merger, TriNet recorded $100 million in revenue in 2008 and last year's figures -- the first as a combined company -- reached $165 million. The company is on pace to surpass $200 million in revenue in 2010. The company's 178 percent growth rate over the last three years is reflective of the confidence entrepreneurs have in TriNet as a trusted advisor to help them grow their small businesses.

About TriNet
TriNet is a trusted partner to small businesses, providing critical HR-related services on an outsourced basis. TriNet's solutions help contain costs, minimize employer-related risks and relieve administrative burden to keep an entrepreneur's focus on core business functions. From routine employee benefits service and payroll processing to high-level human capital consulting, TriNet's PEO expertise is integrated with every facet of a client's business. TriNet specializes in serving fast-moving companies in fields such as technology and professional services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit http://www.trinet.com.

TriNet, Ambitions Realized and the TriNet logo are registered trademarks of TriNet. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.

Contact Information