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Gryphon Investors and Ray Marcy Purchase Staffing Now, One of the Nation's Fastest Growing Private Staffing Firms, in Partnership with Management.

DES MOINES, Iowa -- Staffing Now, one of the fastest growing private staffing firms in the nation with revenues in excess of $100 million, today announced that the majority of its stock has been acquired by San Francisco-based private equity firm Gryphon Investors, in partnership with staffing industry executive Ray Marcy and management. Staffing Now specializes in the permanent and temporary placement of high-end clerical and accounting and finance professionals to primarily small and medium-sized companies. Based in Des Moines, IA, Staffing Now has 33 offices in the Midwest, Northeast, Mid-Atlantic and Southeast regions of the U.S. Terms of the sale were not disclosed.

Staffing Now's existing management team, including Chief Executive Officer Ron Smith and President and Chief Financial Officer Mark Schaul, will continue in their roles as operators of the business and will remain significant shareholders. Smith, a former Robert Half executive, also founded Staffing Edge in 1992 and sold it in 1998, after building it into a leading professional staffing company. Shortly thereafter in 1998 he founded Staffing Now with Mark Schaul, former CFO at Staffing Edge.

Smith commented, "We are extremely excited about our partnership with Gryphon and Ray Marcy and have high expectations for accelerated and profitable growth for Staffing Now over the next few years. Gryphon brings significant capital resources to support our continued expansion through smaller acquisitions and organic growth, as well as a serious commitment to the staffing industry that has impressed us. Working with Ray Marcy, a respected industry leader who has managed some of the most aggressive acquisitive and organic growth strategies in the staffing industry, is an extraordinary opportunity."

Ray Marcy, executive partner with Gryphon and former CEO and Chairman of Spherion Corporation, said, "I am delighted to work with experienced veterans like Ron and Mark, along with Staffing Now's exceptional field management team. They have built, and we have now invested in, one of the premiere companies in the professional staffing arena focused on delivering exceptional talent and services to small to mid-sized companies. Add-on acquisitions focused on high-end clerical and/or finance and accounting in key markets throughout the U.S. will be an active part of Staffing Now's growth strategy, along with continued organic growth."

Nick Orum, Gryphon Partner and head of its Business Services Group, added "We believe companies such as Staffing Now will continue to benefit from their clients' increasing use of temporary staff to address business fluctuations, reduce costs and recruit qualified professionals. Our investment in the company is a continuation of Gryphon's efforts since 2003 to participate in the attractive growth of the professional staffing sector and support strong companies' expansion of their market share."

Staffing Now is the third platform acquisition made by Gryphon since the launch of its proactive investment initiative with Ray Marcy in the professional and healthcare staffing sectors. Gryphon and Ray Marcy acquired Nursefinders, Inc., one of the nation's largest nurse staffing companies, in August 2004; physician staffing companies Linde Healthcare and Kendall & Davis in July 2005; and Club Staffing, one of the country's largest allied healthcare staffing providers, in June 2006. In addition, Gryphon acquired Update Legal, the largest provider of temporary attorneys and paralegals in the U.S., in partnership with management in May 2005.

About Staffing Now

Based in Des Moines, Iowa, Staffing Now is a leading provider of temporary and permanent high-end office clerical and finance and accounting staffing, primarily to small and medium-sized companies. Founded in 1998 by former Robert Half executive Ron Smith, the company operates through 33 offices in the Midwest, Northeast, Mid-Atlantic and Southeast regions of the U.S. With revenues in excess of $100 million, 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 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. With approximately $800 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 for more information.
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Publication:Business Wire
Date:Oct 31, 2006
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