Gryphon Investors, a San Francisco-based private equity firm, announced that portfolio company Staffing Now completed the acquisition of Certes Financial Pros (“Certes” or the “Company”), a leading provider of high-end finance and accounting staffing in the Minneapolis and St. Paul markets. Certes CEO Sally Mainquist and the Company’s existing management team will continue to run Certes’ operations and seek to expand its presence outside of its core Twin Cities market. Karen Oman, the Company’s founder, will also continue her involvement with Certes after the transaction. Staffing Now’s management team and Ray Marcy, the former Chairman and CEO of Spherion Corporation, will provide resources to support Certes’ expansion through new office openings and selected add-on acquisitions. Terms of the transaction were not disclosed.
The transaction marks Staffing Now’s second acquisition since partnering with Gryphon Investors and Ray Marcy in October 2006. Staffing Now acquired Q&A Recruiting, a leading provider of finance and accounting and IT staffing in Dallas and Houston, in June 2007. 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. Gryphon sold Nursefinders to an affiliate of Goldman Sachs in August 2007.
Nick Orum, Gryphon Partner and head of its Business Services Group said, “We view the acquisition of Certes as an excellent strategic move for Staffing Now because of the Company’s capable management team, leading market position in the Twin Cities and Certes’ finance and accounting staffing expertise which is complementary to Staffing Now’s existing service lines.”
Ray Marcy added, “We are delighted to be partnering with Certes’ talented management team and we look forward to supporting Sally Mainquist and her management team as they seek to expand their successful business beyond their core Twin Cities market.” CEO Ron Smith of Staffing Now commented that, “We are very excited about acquiring the absolute leader in the Twin Cities market and to enter the high-end finance and accounting sector which is experiencing attractive growth due to strong demand for the senior level professionals supplied by the Company.”
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 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 41 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 named to Staffing Industry Analysts’ list of the fastest growing private staffing companies in the U.S. in 2006. Visit www.staffingnow.com for more information.
About Certes Financial Pros
Certes Financial Pros, a provider of senior level financial staffing to Twin Cities companies needing interim, project, and permanent placement support, is based in St. Louis Park, Minnesota, and has approximately 200 employees. Certes employees benefit from a unique culture, driven by a work-life balance-focused philosophy and a relationship-based business model. Visit www.certespros.com for more information.