For Immediate Release
Staffing Now, a Gryphon Investors Portfolio Company, Acquires Q&A Recruiting in Partnership with Management
San Francisco - July 3, 2007 - Gryphon Investors, a San Francisco-based private equity firm, announced that portfolio company Staffing Now completed the acquisition of a majority of the stock of Q&A Recruiting ("Q&A" or the "Company"), a leading provider of finance & accounting and IT staffing in Texas. CEO David Querrey and the Company's existing management team will continue to run Q&A operations and expand its presence outside of its core Dallas / Fort Worth market. Staffing Now's management team and Ray Marcy, the former Chairman & CEO of Spherion Corporation, will provide resources to support Q&A expansion in Texas through new office openings and selected add-on acquisitions. Terms of the transaction were not disclosed.
The transaction marks Staffing Now's first acquisition since partnering with Gryphon Investors and Ray Marcy, in October 2006. Gryphon has been a significant investor in the human capital industry. In addition to its acquisition of Staffing Now, Gryphon also acquired Nursefinders, Inc. in 2004, Update Legal in 2005 and DLC, Inc. in 2006.
Nick Orum, Gryphon Partner and head of its Business Services Group said, "We believe that Q&A is a highly strategic add-on acquisition for Staffing Now because of its strong management team and its finance and accounting staffing market position in the Dallas market. The acquisition of Q&A also accelerates Staffing Now's expansion into Texas, a market in which Staffing Now CEO Ron Smith has had significant success historically."
Ray Marcy added, "We are delighted to be partnering with one of the highest quality and most accomplished management teams in the industry, and we look forward to supporting their efforts to expand Staffing Now's presence in the fast-growing Texas market." CEO Ron Smith of Staffing Now commented that, "We could not be more excited to enter the Texas market through the acquisition of one of the largest and most highly regarded professional staffing companies in the Dallas / Fort Worth area and to capitalize on the opportunities to expand our business in Texas under the leadership of David Querrey and his talented management team."
About Gryphon Investors
Based in San Francisco, Gryphon Investors focuses on leveraged acquisitions of and growth investments in middle market companies in partnership with experienced management. With approximately $900 million of equity capital under management, Gryphon typically seeks to invest $25 to $50 million of its own capital in companies with sales ranging from $25 to $150 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, professional resources and significant financial and operational experience. Visit www.gryphoninvestors.com for more information.
About Staffing Now
Founded in 1998 by former Robert Half executive Ron Smith, Staffing Now is a leading provider of temporary and permanent high-end office clerical and finance & accounting staffing, primarily to small and medium-sized companies. The company operates through 40 offices in the Midwest, Northeast, Mid-Atlantic and Southeast regions of the U.S. Staffing Now ranks among the top 100 U.S. staffing companies and was recently named to Staffing Industry Analysts' list of the fastest growing private staffing companies in the U.S. Visit www.staffingnow.com for more information.
About Q&A Recruiting
Q&A was founded in 1998 by David Querrey, the former head of Robert Half's Dallas office, and Jason Roberts, a senior recruiter in Robert Half's Dallas office. Q&A COO Moe Harrison, also a former recruiter at Robert Half's Dallas office, joined the Company shortly after its founding. Q&A specializes in finance, accounting, tax and IT staffing and recruiting in the Dallas, Texas market. The Dallas Business Journal ranked Q&A as the region's second largest recruitment firm in 2006 and recognized Q&A as "One of the Best Places to Work in Dallas-Fort Worth" in 2006 and 2007. Visit www.qarecruiting.com for more information.
Contact for Gryphon Investors:
Lisa Baker
Owen Blicksilver Public Relations, Inc.
(914) 725-5949
lisa@blicksilverpr.com
Contact for Staffing Now:
Liza Palermo
The MarcomGroup
(954) 757-4942
liza@marcomgroupinc.com
|
