Gryphon and Portfolio Company News

David Lewis, Gryphon Investors and Ray Marcy Announce Recapitalization of Rapidly-Growing DLC, Inc.

San Francisco, CA -

Gryphon Investors, a San Francisco-based private equity firm, today announced that it completed the recapitalization of DLC, Inc., a leading provider of high-end, project-based finance and accounting services to Fortune 1000 and middle market companies. Founder and CEO David Lewis, COO Tom Sweeney and the rest of DLC’s management team will continue to run the company and remain significant shareholders. Gryphon and Ray Marcy, the former Chairman and CEO of Spherion Corporation, will provide resources to support the company’s continued expansion through new office openings, further development of existing markets and selected add-on acquisitions. Terms of the transaction were not disclosed.

Headquartered in Los Angeles, California, DLC was founded as an executive recruiting firm in 1993 and began providing project-based finance and accounting services in 2001. Today, it is one of the largest providers of such services in its core Southern California market and has enjoyed rapid, profitable growth since the company’s inception. In August 2005, DLC expanded its footprint into the Chicago market where its office quickly achieved profitability and continues to prosper. DLC recently opened an office in Dallas, Texas and intends to expand its presence into other major U.S. cities in the near-term. DLC has ranked among the Top 15 companies in The Los Angeles Business Journal’s 100 Fastest Growing Private Companies List in each of the last four years. In August 2006, DLC was named to Inc. Magazine’s 25th annual list of the 500 fastest-growing private companies in the U.S.

Founder and CEO David Lewis said, “We chose to join forces with Gryphon and Ray Marcy because of their extensive knowledge of our market and their impressive track record of building leading professional services businesses. We believe that they will be excellent partners for our company, supporting us with the expertise and capital to fuel our aggressive expansion both inside and outside of our core Southern California market.”

Ray Marcy added, “We could not be happier about our partnership with David Lewis and his team. They have built the Company into a true market leader, while at the same time consistently achieving rates of growth significantly in excess of the market. We look forward to supporting their efforts to accelerate DLC’s performance through new office openings and expansion of existing markets.”

Nick Orum, Gryphon Partner and head of its Business Services Group, said “We are delighted to invest in one of the highest quality providers of project-based finance and accounting services in the U.S. The company has a truly enviable group of consultants and blue-chip clientele. We are excited about the opportunities ahead for DLC as it continues to benefit from strong demand for high-end finance and accounting services at Fortune 1000 companies.”

DLC is the seventh investment made by Gryphon since the launch of its proactive investment initiative with Ray Marcy in the professional services sector in 2003. Giuliani Capital Advisors LLC served as exclusive financial advisor to DLC, Inc.

About DLC

Based in Los Angeles, California, DLC is a leading provider of high-end, project-based finance and accounting services to Fortune 1000 and middle market companies. The company operates through five offices in Chicago, Dallas, Los Angeles, Woodland Hills and Orange County, California. With a team of nearly 200 full-time consultants and practice management professionals, DLC has established itself as a premier provider of solutions for financial planning and analysis, financial accounting and reporting, financial systems implementation, interim or “gap” financial management, process documentation and redesign, project management, M&A due diligence support and post-merger financial integration. The company provides services to more than one-third of the 47 Fortune 1000 companies based in Southern California, and its client roster includes Nestle, ConAgra, Wellpoint, CB Richard Ellis, Fluor, Taco Bell, DirecTV, Countrywide Financial, Kinko’s, Ingram Micro, Warner Brothers,, Makita, Spectrum Pharmaceuticals, Sunkist, Union Bank of California and Universal Studios, among others. In August 2006, DLC was named to Inc. Magazine’s 25th annual list of the 500 fastest-growing private companies in the U.S. Visit for more information.

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. Having managed more than $1 billion of discretionary equity capital, Gryphon has an extensive track record of investing $25 to $75 million of its own capital in companies with sales ranging from $25 to $250 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 expertise. Visit for more information.


Lisa Baker

Owen Blicksilver Public Relations, Inc.