Duff & Phelps to be Acquired by the Permira Funds for $1.75 Billion
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.
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.
Noémie de Andia, +44 (0) 207 632 1159
Global Head of Communications
Sard Verbinnen & Co.
Brooke Gordon/Devin Broda/Julie Rudnick
+1 212 687-8080
For Duff & Phelps:
Marty Dauer, +1-212-871-2116
Chief Marketing and Communications Officer
Elizabeth Gill, +1-202-729-5385
For University of California’s Office of the Chief Investment Officer of the Regents:
Dianne Klein, +1-510-987-9200
For Neuberger Berman:
Alexander Samuelson, +1-212-476-5392
Head of Media Relations
Om Business Wire
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
Tan Delta: New Oil Condition Monitoring Kit for Gas Engine Operators Reduces Daily Operating Costs, Improves Equipment Efficiency and Extends Equipment Life.23.11.2017 13:38 | Pressemelding
The new Gas Engine oil condition monitoring kit from Tan Delta Systems can be quickly and easily fitted to any gas engine and enables the oil to be monitored and tracked continuously in real time enabling significantly reduced maintenance costs, increased equipment efficiency and extended equipment life. Operators can expect their investment returned in under four months followed by many years of net financial and operational benefits. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171123005177/en/ Gas Engine Oil Condition Monitoring (Photo: Business Wire) The kit includes everything needed for quick and easy installation on any gas engine operating in any environment. No more need for expensive laboratory oil testing. Reduce daily operating costs by optimising maintenance schedules. Protect a
Making Institut Curie a Reference for Technology Transfer in Oncology23.11.2017 13:00 | Pressemelding
Institut Curie has adopted an ambitious strategy for technology transfer and partnerships with innovative companies. This new dynamic, initiated within the framework of the 2015-2020 MC21 strategic plan (Marie Curie in the 21 st century), aims at positioning the Institut Curie as a reference for technology transfer in oncology. The strategy ambition to better accompany Institut Curie researchers and physicians in the protection, development and commercialization of their inventions, and reinforces support for the setting-up of collaborations with innovative companies. "The objective is to optimize the identification, promotion and transfer of all the scientific, technological and medical resources of the Institute in an open innovative approach" says Amaury Martin, Executive Director of Institut Curie Technology Transfer
Wealth Dynamix (WDX) Ranks No.18 in the 2017 Tech Track 100 by the Sunday Times and 19th Fastest Growing Technology Company in the UK in the 2017 Deloitte Technology Fast 5023.11.2017 08:00 | Pressemelding
WDX ranks No.18 in the 17th annual Sunday Times Hiscox Tech Track 100 league table league which consisted of the top 100 private technology, media and telecoms (TMT) companies in Britain. WDX recorded a 155% average annual sales growth per year over the last 3 years with sales reaching £6.4M in September 2016 and £9m by end of September 2017. More recently, in November 2017, WDX also announces ranking No.19 in the 2017 Deloitte UK Technology Fast 50, a ranking of the 50 fastest growing technology companies in the UK. Rankings are based on percentage revenue growth over the last four years of which, WDX grew 1,563% during this period. WDX attributed this revenue growth to the team’s hard work and the positive change in attitude toward technology in the Wealth and Investment Management industry. WDX’s CEO, Gary Linieres credits the team with the company’s revenue growth. He sa
Mobidiag Signs Agreement with Interlux for the Distribution of Amplidiag® Diagnostic Tests and Instruments in Estonia23.11.2017 07:00 | Pressemelding
Mobidiag Ltd, a Finnish molecular diagnostics company, today announced a distribution agreement with Interlux OÜ, supplier of technologies for medicine, science and biotechnology industry. Under this agreement, Interlux becomes the exclusive distributor of the Amplidiag® product line in Estonia, in vitro diagnostic tests and compatible instrument for the detection of gastrointestinal infections. “Thanks to a large distribution network, our Amplidiag product line is now accessible in most Western European countries. This new distribution agreement allows us to introduce the Amplidiag product line to the Baltic region starting with Estonia. We are then very happy to start this new partnership with Interlux to support us in this new market”, said Miquel Vernet, CCO at Mobidiag. “Cooperation with Mobidiag offers the customers of Interlux high-quality diagnostic results. I believ
OCP Announces Date of 2017 Third Quarter and Nine Month Results22.11.2017 16:59 | Pressemelding
OCP S.A., a global leader in the fertilizer industry, will release its third quarter and nine month 2017 results on Thursday, November 30, 2017. The results will be available to holders of the Company’s bonds, qualified institutional buyers, securities analysts and market makers on the OCP Intralinks portal at 9 a.m. EDT and 2 p.m. Morocco/London time. OCP senior management will host a conference call to discuss 2017 third quarter/nine month results at 10 a.m. EDT and 3 p.m. Morocco/London time on Thursday, November 30, 2017 for holders of the Company’s bonds, qualified institutional buyers, securities analysts and market makers. Eligible parties that have not already registered for access to the Intralinks portal may do so by contacting the Investor Relations Department by emailing email@example.com. About OCP OCP is a global leader in the fert
Tata Motors Charts Out 'Connecting Aspirations' As Its New Corporate Brand Identity in Global Markets22.11.2017 14:46 | Pressemelding
As part of the company’s transformation journey undertaken in 2016, Tata Motors commenced a comprehensive project to articulate its corporate branding. Basis a thorough analysis of the existing and the desired future state of the Company, Tata Motors has defined its new brand identity as ‘Connecting Aspirations’ across 46 markets, internationally. ‘Connecting Aspirations’, as the new defining maxim, represents the personality of the brand as an interconnected system of mobility solutions, that are intelligent, perceptive, warm and expressive. It’s a symbolic tagline that represents the company’s past, present and future. It is humble yet bold, a statement as well as a challenge. It will define the way Tata Motors communicates with its internal as well as external stakeholders, and work as an all-encompassing guiding principle across business units.” Speaking on the
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom