Duff & Phelps sold in £1.3bn deal
Corporate finance firm Duff & Phelps has been bought for $1.75bn (£1.3bn) by global investor Permira.
The firm has three UK offices, in London, Manchester and Birmingham, which forms part of its worldwide network of 70 offices. It employs around 2,000 people worldwide.
Investors who are exiting include The Carlyle Group, Neuberger Berman, the University of California’s Office of the Chief Investment Officer of the Regents, and Pictet & Cie. The transaction is expected to close in the first quarter of 2018.
Noah Gottdiener, chief executive of Duff & Phelps, believes the backing of London-based Permira will be particularly beneficial as it looks to grow further in Europe and Asia. Permira plans to “leverage its international footprint” to support Duff & Phelps’ growth organically and through strategic acquisitions.
He said: “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.”
The acquisition of Duff & Phelps is the Permira funds’ eighth investment in the financial services industry, and brings the total invested to $3.8bn. One of its investments was the creation of Tilney Group through the merger of Tilney, Bestinvest and Towry.
Nic Volpi, partner at Permira, said: “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.”
The existing Duff & Phelps management team will maintain a significant equity stake in the firm and will continue to lead the company in their current roles, Permira confirmed.
