Business Wire

Duff & Phelps to be Acquired by the Permira Funds for $1.75 Billion

Del

Duff & Phelps, the premier global valuation and corporate finance advisor, and Permira, the global private equity firm, today announced that a company backed by the Permira funds has agreed to acquire Duff & Phelps for $1.75 billion. Selling equity holders include The Carlyle Group, Neuberger Berman, the University of California’s Office of the Chief Investment Officer of the Regents and Pictet & Cie. As part of the transaction, the Duff & Phelps management team will maintain a significant equity stake in the firm and will continue to lead the company in their current roles. The transaction is subject to customary conditions and is expected to close in the first quarter of 2018.

Duff & Phelps advises clients on a range of strategic and complex business challenges in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues. The firm has approximately 2,000 client service professionals located throughout offices in the Americas, Europe and Asia, with longstanding client relationships that include more than 50% of the companies in the S&P 500, and more than 70% of top-tier private equity firms, law firms and hedge funds.

Noah Gottdiener, Chief Executive Officer of Duff & Phelps, commented, “This transaction affirms that Duff & Phelps has built a global and diversified franchise that helps clients protect and enhance their value. As we continue to execute on growth opportunities, we are confident that our clients and employees alike will benefit from this partnership with Permira – a firm with an outstanding track record of providing strategic support, as well as sector expertise, to its funds’ portfolio investments. Our clients are entering new markets and facing new opportunities and challenges every day, so we are excited to have the backing of the Permira funds as we continue to expand our range of services and global footprint, particularly in Europe and Asia.”

Mr. Gottdiener added, “We are grateful to the Carlyle team in addition to University of California, Neuberger Berman and Pictet for their support and guidance. They have played an integral role in helping us to execute our growth strategy.”

“Companies of all sizes and across all industries demand sound, objective and independent counsel to help them execute their most important business decisions – a demand that has grown exponentially since the financial crisis,” said Nic Volpi, Partner at Permira. “Duff & Phelps is uniquely positioned to meet this demand as one of the only firms offering a full suite of advisory and consulting services with deep client relationships, meaningful scale and brand strength. We have great respect for Duff & Phelps’ cohesive culture and its team of professionals whose depth of knowledge, impartial judgment and technical expertise have made the firm a global leader. We are very excited to support Duff & Phelps’ proven management team as it continues to deliver operational excellence for its clients.”

The Permira funds’ investment will support Duff & Phelps as it pursues the many growth opportunities arising from clients’ increasing need for advisory services, due to factors including heightened regulatory oversight, new accounting standards, improved corporate disclosure practices and greater demand for fair value and third-party valuation assessments. Permira will also leverage its international footprint to support Duff & Phelps’ continued global expansion both organically and through strategic acquisitions.

Permira has an established track record of successfully partnering with market leading financial and professional services businesses and their management teams to help strengthen their positions as pre-eminent leaders. The acquisition of Duff & Phelps marks the Permira funds’ eighth investment in the financial services industry, totaling over $3.8 billion of equity invested.

John Redett, Managing Director and Co-head of the Carlyle Global Financial Services sector team, said, “We wish Noah and his team all the best as they continue to execute upon their strategic vision and business plan and are thankful to have played a part in their success. During our four-and-a-half-year partnership, we more than doubled EBITDA and positioned the company for long-term success. We firmly believe in Duff & Phelps’ business model, the strategic value they deliver to clients and their ability to continue capitalizing upon the vast opportunity ahead.”

Carlyle’s equity for the investment came from Carlyle Global Financial Services Partners II, Carlyle’s dedicated financial services investment fund.

Permira advisors: UBS Investment Bank acted as exclusive financial advisor to the Permira funds and provided committed financing; Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor.

Duff & Phelps advisors: Evercore acted as the financial advisor; Kirkland & Ellis and Morgan, Lewis & Bockius acted as legal advisors.

Carlyle, Neuberger Berman, University of California advisors: Wachtell, Lipton, Rosen & Katz acted as legal advisor.

About Permira

Permira is a global investment firm that finds and backs successful businesses with growth ambition. Founded in 1985, the firm advises funds with a total committed capital of approximately €32 billion (US$35 billion). The Permira funds make long-term investments in companies with the ambition of transforming their performance and driving sustainable growth. In the past 32 years, the Permira funds have made over 200 private equity investments in five key sectors: Consumer, Financial Services, Healthcare, Industrials and Technology.

The Permira funds have a long track record of investing in market leading financial services businesses. Current investments in the sector include specialist fund administrator Alter Domus, Asian corporate and investor services firm Tricor, pension annuities specialist Just Group, online legal services provider Legalzoom, private client wealth manager Tilney, receivables manager Lowell Group and payroll software provider P&I. Permira employs over 200 people in 14 offices across North America, Europe and Asia. For more information, please visit: www.Permira.com.

About Duff & Phelps

Duff & Phelps is the premier global valuation and corporate finance advisor with expertise in complex valuation, disputes and investigations, compliance and regulatory consulting, M&A, real estate, restructuring and other governance-related issues. The firm’s more than 2,000 employees serve a diverse range of clients from offices around the world. For more information, visit www.duffandphelps.com.

About The Carlyle Group

The Carlyle Group (NASDAQ:CG) is a global alternative asset manager with $174 billion of assets under management across 306 investment vehicles as of September 30, 2017. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents. www.carlyle.com

About the University of California’s Office of the Chief Investment Officer of the Regents

The University of California’s Office of the Chief Investment Officer of the Regents manages over $110 billion including the UC Endowment, Pension, Retirement Savings, Working Capital and Captive Insurance. The office serves 265,000 UC students and more than 312,000 current and former UC employees from 10 campuses, 5 medical centers and three national laboratories.

About Neuberger Berman Private Equity

Neuberger Berman Private Equity is a leading global private equity investor with over 30 years of experience and has managed over $50 billion of commitments since inception through September 2017 across (i) private equity fund investments in the primary and secondary markets, (ii) direct equity co-investments and debt investments in private equity-owned companies and (iii) a number of specialty strategies including asset management minority stakes, brand royalties, European merchant banking and healthcare credit investments. Its dedicated team of over 120 professionals has a global presence with offices in the U.S., Europe, Asia and South America. Neuberger Berman Private Equity has committed approximately $5 billion on average annually to private equity funds and direct investments over the past three years.

Contact information

For Permira:
Noémie de Andia, +44 (0) 207 632 1159
Global Head of Communications
or
Sard Verbinnen & Co.
Brooke Gordon/Devin Broda/Julie Rudnick
+1 212 687-8080
or
For Duff & Phelps:
Marty Dauer, +1-212-871-2116
Chief Marketing and Communications Officer
or
For Carlyle:
Elizabeth Gill, +1-202-729-5385
Elizabeth.gill@carlyle.com
or
For University of California’s Office of the Chief Investment Officer of the Regents:
Dianne Klein, +1-510-987-9200
Dianne.Klein@ucop.edu
or
For Neuberger Berman:
Alexander Samuelson, +1-212-476-5392
Head of Media Relations
Alexander.Samuelson@nb.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

FCF: Greenpeace Allegations Unfair and Deceptive26.5.2018 18:02Pressemelding

FCF Fishery, Co. President Max Chou today released the following statement regarding recent misleading Greenpeace human rights abuse allegations made against the company: “We realize that as one of the world’s largest marine products integrated supply chain service providers with more than 30 subsidiaries, fishing bases, and shipping agents around the world, we are a prime target for organizations seeking to garner publicity and those not fully aware of the latest development and improvements that are currently taking place in the fishery industry. However, in their efforts to curb egregious human rights abuses, we believe it is unfair and deceptive to lump our company in with those who condone cruelty and neglect of their laborers. “Although we recognize the meaningful work of Greenpeace in exposing and eliminating human trafficking and sustainability abuses, we are equally disappointed that they are implicating FCF in old incidents and cases that have since been in all instances addr

NBC Universal, Havas Group and Endemol Shine Discuss a Future with AI, Blockchain and VR at IBC201825.5.2018 18:20Pressemelding

As is fitting for the home of technical invention and innovation, IBC2018 will present a broad range of ambitious and timely elements to engage, inform and inspire content creators and owners from around the world that will visit the RAI, Amsterdam from 13-18 September 2018. The must-attend event includes fresh inspiring conference themes that will focus on innovative new platforms, audience engagement and interaction/immersion, as well as a wide-ranging exhibition that will encompass all the latest technologies from AI and VR to advanced cloud-based workflows. Registration for IBC2018 is now open at: https://ibc.itnint.com/IBC18/Online/RegLogin.aspx “The media landscape is evolving at an unprecedented rate, with new platforms, technologies and even new realities at our disposal that offer greater opportunities for content innovation and audience engagement,” said Michael Crimp, CEO, IBC. “IBC is preparing an outstanding programme of conference sessions, forums and exhibition features

Pavilion of France at the 16th International Architecture Exhibition – La Biennale di Venezia25.5.2018 09:26Pressemelding

The concept for Infinite Places , developed by the Encore Heureux team, led by the architects Nicola Delon, Julien Choppin, and Sébastien Eymard, presents places produced by new and inventive processes that generate architectural processes of value. This exhibition project, which considers the territory as a whole, highlights initiatives on the part of civil society and communities that embody a certain free spirit of experimentation and the possibilities opened up by architecture. These projects are expressions of programmatic freedom and generosity, and they live up to the theme of Freespace adopted by the two commissioners of the 16th International Architecture Exhibition – La Biennale di Venezia, the Irish architects Yvonne Farrell and Shelly McNamara. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180525005191/en/ French Pavilion Venice Architectural Biennale, copyright S. Scher Statement of the curators « Through the I

SIA Acquires Card Processing Businesses in Central and Southeastern Europe from First Data25.5.2018 08:30Pressemelding

SIA, a European high-tech leader in payment infrastructure and services, and First Data Corporation (NYSE: FDC), a global leader in commerce-enabling technology, have signed an agreement for SIA to acquire First Data’s card processing businesses in parts of Central and Southeastern Europe for €375 million. In 2017, these businesses generated a combined revenue of approximately €100 million for First Data. This acquisition by SIA provides card processing, card production, call center and back-office services, including 13.3 million payment cards, 1.4 billion transactions, in addition to the management of POS terminals and ATMs. These businesses are primarily located in 7 countries: Greece, Croatia, Czech Republic, Hungary, Romania, Serbia and Slovakia. As a result of the transaction, SIA will become a leading player in processing and services in the region. The agreement includes the transfer of about 1,400 First Data employees into SIA. “This acquisition is in line with our strategy to

Westinghouse Accident Tolerant Fuel Development Moves Forward with Cooperation Agreement with ENUSA25.5.2018 06:00Pressemelding

Westinghouse Electric Company today announced that it will collaborate in the development of its EnCore® Fuel, the revolutionary accident-tolerant fuel (ATF) design, with ENUSA Industrias Avanzadas (ENUSA) through a Frame Cooperation Agreement (FCA). “This agreement serves to strengthen the technical and commercial relations between ENUSA and Westinghouse as we work to develop leading nuclear fuel technology,” said Torbjörn Norén, European Fuel Group and EMEA Fuel Delivery Director at Westinghouse. “Westinghouse’s work with ENUSA in the Spanish and European Fuel Group markets will help to facilitate agreements with customers to launch EnCore Fuel demonstration programs in their plants.” Under the terms of the agreement, the newly signed FCA establishes the framework that will regulate the different Joint Development Programs (JDPs) to be launched between both companies. The first JDP will evaluate the application of the segmented rod concept and develop models of ATF / EnCore fuel beha

BRIC HOLDING Offers Aimedis – ICO: Germany’s Leading eHealth Platform Goes Public25.5.2018 06:00Pressemelding

Since Wednesday, May 16, investors finally have a chance to claim their share of a unique success story, the international market roll-out of Aimedis, by purchasing AIM tokens: AIM tokens are now available with a 20% presale bonus PLUS a 5% early bird-premium only at the Czech investment house BRIC INVEST https://www.bric-holding.com/home_en.html! Aimedis aims to shape the future of healthcare by providing an advanced and fully operational platform, secured by blockchain and supported by AI, that enables patients to take control, secure the exchange of their medical data, access the best healthcare providers, get advice, prescriptions, personal health upgrades and to become part of the health revolution. And we are not talking about the future: The revolutionary Aimedis platform is already deployed as a live working system and is already in use in major hospital groups in Germany! By issuing 300 million AIM tokens at a nominal value of 0,12 USD each, the Aimedis consortium will raise c