Veredus’ Smart Growth Story:
Veredus started strong in 2001 with rapid growth from inception, and since much of the business is handled through contracts, this meant Veredus had to keep up with its increasing demand of funding payrolls. Therefore the company needed continuous and easy access to capital. This required more than simply a bank, but rather a partner. They found this partnership with SunTrust. In fact, within the first year of partnering with SunTrust, Veredus doubled in size.
One major development occurred in 2014 when Veredus sold 80 percent of its firm to Hays plc, a worldwide staffing company, which provided Veredus the capability to compete with the largest staffing firms in the U.S.
“A lot of staffing firms, they never really can grow past 10 million in sales because they don’t have a good banking partner that will extend them the credit necessary to be able to grow their business, and we are very fortunate that SunTrust was there every step of the way. When we needed access to more financing, they provided it to us, and they were really, you know, the rocket fuel for our growth.”—David Hull, Veredus Chief Operating Officer
The SunTrust OneTeam Approach in Action:
Since 2004, SunTrust has helped Veredus grow by assembling teams of experts to deliver creative solutions, including credit and treasury officers and investment bankers at SunTrust Robinson Humphrey. From financial planning advice to a leveraged recapitalization plan, the solutions offered have allowed Veredus to thrive.
One of the main products that Veredus took advantage of was the purchase card, which the company uses as an alternative to a corporate card to support employees in the field. This solution enables Veredus to immediately add new employees, increase cash limits if need be, monitor the card’s activity and pay it down on a daily basis. Incorporating the purchase card has been incredibly beneficial as it provides an additional layer of cash flow outside of Veredus’ standard line of credit.
And when it came to the Hays transaction, the strength of Veredus’ partnership with SunTrust was clear. Even though Hays has its own global network of banks, Veredus and SunTrust negotiated a contract so their existing partnership could remain intact. Additionally, Veredus still maintains managerial oversight as they did before the transaction, and since Veredus was Hays’ first foray into the U.S. staffing market, this opened the door for significant future growth. The merge of Hays into the U.S. meant the instant extension of Veredus’ business reach, from increasing their footprint in the New York area, to expanding their construction and property business in Houston, Dallas and Orlando.
“And every step of the way when we needed more capital to support the growth of the business, SunTrust was always there. They never said no. They were always like, ‘Okay. Here’s what we’re going to need to do to be able to support this’ and they were always able to support us in our growth. And as our as our needs became more complex and as we grew, they were able to help us with our growth, and then we obviously looked at more sophisticated products and different products, but the service never changed. They just offered different products when we had different needs.”—David Hull, Veredus Chief Operating Officer
The SunTrust OneTeam Solution:
SunTrust understood Veredus needed a good banking partner that would offer the essentials needed to grow their business. “SunTrust clearly had the best pricing and best service, and they knew the company,” says David Hull, Veredus’ Chief Operating Officer. Hull even enjoys visiting local branches due to the ease and support SunTrust’s brick-and-mortar locations provide.
Regardless of how simple or convenient, all these solutions from SunTrust have enabled Veredus to grow at its own pace, from serving in an advisory capacity on the Hays transaction, to being able to increase a line of credit when need be. In fact, SunTrust has increased Veredus’ line of credit four times over the duration of the partnership, and is prepared for further increases as the company continues to grow.
Veredus has grown significantly through its partnership with SunTrust. Not only has it been able to successfully sell off some of its company while still maintaining its strength and prosperity, but Veredus has also been able to incorporate additional solutions at a rate they’re comfortable with.