Developers Mortgage Corp. of Bethesda recently acquired Wilson Mortgage Co. of Vienna for just under $5 million. If the two together earn as much as they did separately, the company, which is now called DMC/Wilson Mortgage, would be the 11th-largest lender in Washington.

"The two companies blend well together," said Fred E. Wilson Jr., president of Wilson Mortgage. "We are strong in production, they are strong in planning. We are in Virginia, they are in Maryland."

Developers Mortgage Corp. is a privately held residential mortgage company that is owned by the stockholders of The Artery Organization Inc., a commercial and residential real estate development firm in Bethesda. Under the agreement, Artery will continue to hold all shares of DMC/Wilson Mortgage.

Wilson Mortgage, which also was a privately held residential mortgage firm, was originally a subsidiary of Milton Co., a development company in Tysons Corner.

When Wilson bought out Milton's interest in the company for $1.4 million in December 1985, the company was left without any big capital backers.

"I had known for some time that we had outgrown our capital," said Wilson. "I was talking to anyone. I was going to seminars on how to attract capital and how to value a company.

"Then Gene Devereaux {executive vice president and chief executive officer of Developers Mortgage Corp.} called in December and said 'I want to buy you.' I thought he was crazy. DMC was already a mortgage company that was doing very well. But it all looked possible by May," Wilson said.

"It was time to make a move," said Devereaux. "The mortgage business is a large-scale operation. Being bigger means being more efficient and more profitable."

In the end, Devereaux and Wilson admit, the reason DMC's offer was made and accepted has more to do with a longstanding relationship between the men than business philosophy.

"If I went with strangers, I think I could have gotten more money for the company," said Wilson. "But I didn't feel the chemistry was there. I wasn't sure they would support me if the market headed south."

"I wanted to make sure I was dealing with someone I knew," said Devereaux. "I have known Wilson for more than 10 years."

Devereaux and Wilson worked together at Government Services Savings & Loan Inc. for six years, and then at Washington Federal Savings & Loan Association for four years.

Devereaux left Washington Federal when he was approached by The Artery Organization Inc. to start a mortgage company in 1983.

Wilson left Washington Federal about the same time to found Wilson Mortgage.

Wilson's initial desire in his search for capital was to "find someone who would take a minimum position, say 30 to 40 percent of the stock, sit down in a corner and be quiet," he said.

"I found buyers who would invest in 51 percent of the company, but that was the worst of all possible worlds. My investment would then be in a minority position, I would have no power over the company and no control over my money.

"In talking to Devereaux, I came to the decision that the best way to keep the company together was to sell the whole thing," Wilson said.

Devereaux is keeping Wilson's company together.

He has hired all of Wilson's 115 employes and kept all but two dozen in their current offices. He has set up task forces to address problems in different departments, so the two companies can merge "with minimum pain and discomfort," Wilson said.

And as for Wilson himself, "they are being nice to the old man and letting me stick around," he said.

Under the new title of senior vice president of administration, he will be doing what he was doing before -- overseeing servicing, shipping, post closing, quality control and a number of other operations.

Helig-Meyers Co. in Richmond has agreed to purchase 22 stores and two distribution centers from Reliable Stores Inc. in Columbia for $22 million.

Reliable sells midprice furniture, comparable to that sold by Helig-Meyers, on the East Coast. All the stores it is selling are south of the Virginia line, in Helig-Meyers' existing market region.

"We were approached to be Reliable's bankers about one month ago, but we were not surprised by the offer. We had done our homework and knew that they needed a way to solve their cash flow problems," said Roy B. Goodman, vice president and treasurer of Helig-Meyers.

"The acquisition should help us achieve greater economies of scale in distribution, store supervision and advertising," said Goodman.

Helig-Meyers operates 226 home furnishing stores in 10 states.

While Helig-Meyers is under no obligation to hire the employes presently working in Reliable's southeastern stores, Goodman said, the company's intends to offer all of them employment.

Shandwick PLC of London made its presence known in Washington late last year when it acquired Henry J. Kaufman & Associates.

Now the London public relations firm is buying two more companies in Washington, the Adams Group Inc. and the Publishing Group Inc.

The Adams Group and the Publishing Group are separate communications companies that have an executive in common, Joe Adams, who is president of the Adams Group and chairman of the Publishing Group.

The Adams Group and its division in Baltimore, the Sandler Group, are advertising agencies. The Publishing Group is involved in magazine design, telemarketing and various publishing projects.

Shandwick currently owns more than 25 public relations, advertising and publishing companies, all of which operate as autonomous units.

It is now the third-largest public relations firm in the world, with more than half of its business in the United States.

The company is planning to acquire and create more companies in Hong Kong, Tokyo and Australia.

Anadac Inc., a professional services firm in Arlington, was awarded a $6.2 million contract by the Navy.

According to the contract, Anadac will provide an automated financial tracking system to help the Navy's Trident Acquisition Program plan its budget and allocate funds.

The program will distribute money to the Trident Program's base in King's Bay, Ga., which is due to open in 1989, its submarine construction plant in Groton, Conn., and its other operations.

Trident's financial operations are based in Crystal City.

The contract, with one base year and four option years, continues support that Anadac has been providing to the Trident program since 1984.

Lightnet, a fiber optics telecommunications company in Rockville, will begin providing coast-to-coast service in September through an agreement with Williams Telecommunications Co. (WilTel) in Tulsa.

Under the agreement, the two companies will connect facilities in Chicago and New Orleans to provide their customers with access to a 10,000-mile network.

Lightnet is owned by subsidiaries of CSX Corp. and Southern New England Telecommunications. The company serves 38 metropolitan markets east of the Mississippi through a 5,000-mile fiber optic network that it owns and operates.

WilTel, a subsidiary of Williams Telecommunications Group Inc. in Tulsa, has a fiber optic network that reaches 40 cities west of the Mississippi.