Encore Funding, a lender of capital to staffing firms, announced Thursday it acquired Millennium Funding and TemPay LLC.
Millennium Funding, based in Williamsville, New York, provides accounts receivable and payroll funding for staffing firms. TemPay LLC, based in Cleveland, provides payroll factoring services for staffing firms.
“We’re bringing these like-minded organizations into the fold to help expand their capabilities and drive business growth in the staffing industry,” said Joel Adelman, CEO of Encore Funding. Adelman is also the founder and former CEO of Advance Partners, a provider of payroll funding to the staffing industry that was acquired by Paychex Inc. in 2015.
The deal closed Jan. 31, and Millennium Funding and TemPay clients will continue to work with their existing account teams. Millennium Funding founding partners John Benkovich and Tim Sardinia, as well as TemPay founder Larry Holstein, will continue to lead the day-to-day operations of their respective teams.
Encore, based in the Cleveland area, focuses on providing funding to staffing firms. The acquisitions of Millennium Funding and TemPay are Encore’s first acquisitions since its founding in August 2020.
Joining Adelman in leading Encore are Matthew Williams, VP and general counsel; Chad Eberly, general manager; Ed Burr, director of client strategy and growth; Kim Castagnola, client service manager; and Lisa Huff, treasurer.