WHAT DVC GROUP CONSISTED OF WHEN DUGAN WAS INVOLVED....MUST READ!!!
CHICAGO, IL/ November 6, 2000/Businesswire/ -- Lake Capital, a Chicago- and London-based private investment firm that specializes in building high-quality, service-based companies into premier global enterprises, today announced its upcoming acquisition of DVC Group, one of the nation's leading marketing, communications, and technology companies. Lake Capital, Frontenac Company, a Chicago-based private equity firm, and a group of other investors plan to invest more than $100 million in equity in an initiative to acquire DVC and aggressively expand the company's strategic and international capabilities. The transaction is subject to certain pre-closing conditions and approval by the board of directors of each company and is expected to close in November.
DVC, based in Morristown, New Jersey, has nearly 300 colleagues and was named "Agency of the Decade" in December 1999 by leading industry trade journal PROMO MAGAZINE, after having grown its business from $3 million in net revenues in 1992 to approximately $40 million expected in 2000.
"DVC is one of the great independent brands in the area of marketing, communications, and technology. DVC's colleagues years ago recognized corporate clients' need for complete, integrated solutions to achieve their business objectives," said Terence Graunke, chairman of Lake Capital.
"We are excited to partner again with Frontenac in the DVC growth initiative," Graunke added. "Our firms intend to commit significant financial and strategic resources to take advantage of the growth opportunities the marketing services space offers and build DVC into an international platform for an integrated, world-class marketing organization with broad geographic reach and deep strategic capabilities."
George Valva and Peter Dugan, co-founders of DVC, will continue in their respective roles as chief executive officer and chief business development officer. The DVC management team will also continue to oversee the company's operations and will continue to be dedicated completely to client service and the delivery of the highest quality programs and products.
"We believe this alliance is great news for all of our clients, colleagues, and business associates," Valva commented. "The Lake Capital team has demonstrated a unique ability not only to identify attractive investment opportunities, but also to work closely with management teams and build companies through organic growth."
"Both Lake Capital and Frontenac's experience and financial commitment will allow DVC to pursue and develop attractive strategic growth opportunities that will add incremental value to our business relationships while delivering enhanced career opportunities for our own colleagues," Dugan added.
"This marks the third time we have teamed with the Lake Capital principals," noted Rodney Goldstein, managing partner of Frontenac Company. "We believe DVC represents another tremendous opportunity to capitalize on Lake Capital's strategic and operating experience and marketing services industry knowledge."
DVC Group currently has three practice areas:
DVC Communications is the company's core sales promotion and marketing communications practice area, which offers fully integrated, technology-enabled solutions to create a seamless, "OneLine" marketing environment. DVC Communications' clients include AT&T, BestFoods, CBS TV, Fisher-Price, Georgia-Pacific, Hertz, Labatt USA, Perdue Farms, Pillsbury, Pfizer, and Western Union, among others.
DVC ActiveCare adapts DVC's promotion and communications expertise to the healthcare industry and develops programs targeted at patients, healthcare providers and retailers. Clients include Schering-Plough, Pfizer, Roche, Johnson & Johnson (multiple divisions), Marriott Senior Living Services, Ortho Biotech, Pharmacia, and Wyeth Ayerst.
DVCi Technologies provides integrated e-solutions to clients such as Bristol-Myers Squibb, Honeywell, Howard Johnson, Johnson & Johnson, Labatt USA, Perdue Farms, Roche, and Subaru.
Lake Capital invests in and supports companies with strong executive teams capable of managing larger, growth-oriented businesses focused on expansion opportunities in service-based industries that are international in scope. The firm has offices in Chicago and London. Most recently, the principals of Lake Capital founded and built Lighthouse Global Network, an international group that acquired 17 diversified marketing services companies with 1,200 employees and three dozen offices around the world prior to its acquisition by Cordiant Communications Group (NYSE:CDA) in September 2000, in a transaction valued at $592 million.
Frontenac Company, a private equity investment firm with over $1 billion under active management, makes investments to fund acquisitions and growth of companies that provide critical business services to corporate customers. At the core of Frontenac's success is its CEO1st investing strategy, which matches strong, seasoned executive teams with high growth industry sectors. DVC represents the twenty-first investment Frontenac has made in enterprise services companies over the past four years, as well as the third investment, including Lighthouse Global Network, since 1995 with the principals of Lake Capital. Headquartered in Chicago, Frontenac recently formed its eighth fund and counts as investors a wide range of U.S. and European institutions, as well as individual investors.
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