positions company for future acquisitions and share repurchases.
cbiz inc. reports it has expanded its unsecured credit facility led by bank of america, na, to $150 million from $100 million.
“cbiz continues to grow revenue at about 10% a year, and earnings per share from continuing operations have increased by over 20% a year for six years now,” stated ware grove, senior vice president and chief financial officer. “our operations continue to generate strong cash flow which has been utilized to fund our acquisition and share repurchase activity. the increase in the credit facility will give us greater flexibility to address these opportunities in the future.”
in related cbiz news, the company said it acquired efl associates inc., a national executive search firm based in overland park, kansas.
founded in 1978, efl associates is a retained executive search firm with offices in kansas, denver, chicago and boston providing services to commercial and industrial companies, development-stage organizations and non-profit organizations. efl has well recognized specialty practices in the fields of higher education and the public pension retirement industry. efl recorded approximately $4.8 million in revenue during 2007 and has approximately 34 associates.
steven gerard, cbiz chairman and chief executive officer stated, “acquiring one of the premier executive search firms in the united states will further expand our human capital services business especially in the area of recruiting. we welcome pete lemke, jay meschke and their talented team to cbiz and look forward to working with them.”
pete lemke, efl chairman and chief executive officer stated, “we have worked with cbiz for years and are excited to join such a high-performance, well regarded business services company. the combination of cbiz and efl will provide our clients with broader resources, capabilities and enhanced service offerings.”