Sunday, July 14, 2002

What's the Buzz?

ELS plans more acquistions

By Cliff Peale
The Cincinnati Enquirer

        Expect more acquisitions and maybe even a run at a public stock offering in the next few years from downtown's ELS Human Resource Solutions.

        Founded in 1994, the provider of personnel services has been growing its worksite employees up to 30 percent a year, and growing its sales double-digits to close to $100 million a year, president Ron Heineman said.

        That has led to talks with l ocal venture-capital firms about new cash, which could finance acquisitions and an eventual public offering, he said.

        ““We're looking at the possibilities of looking at venture capital for acquisitions,” said Mr. Heineman, a veteran of Frisch's Restaurants Inc. who took over ELS two years ago.

        The company provides services mostly in human resources, including payroll, workers' compensation and some information systems. But it's been expanding the category, including an investment from a Dayton law firm that will allow ELS to offer legal services.

        The expansion also could mean a bigger headquarters staff, which now totals about 14.

        “Our goal is to make sure we're writing the proper risk and offering the full range of services,” Mr. Heineman said.

        Of course, outsourcing is a huge trend right now, spotlighted by what could be the biggest contract in history, a multibillion-dollar deal to take over back-office functions of Procter & Gamble Co.


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