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
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Axilum Robotics Announces U.S. FDA 510(k) Clearance for TMS-Cobot21.2.2019 20:00:00 | Tiedote
Axilum Robotics, specializing in the development of medical robots, announces that, 2 weeks after the CE mark, the Company has received 510(k) clearance from the U.S. Food and Drug Administration to market the TMS-Cobot TS MV, indicated for the spatial positioning and orientation of the treatment coil of the MagVenture TMS Therapy system. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190221005667/en/ Axilum Robotics TMS-Cobot (Photo: Business Wire) After having successfully developed and launched outside of the United States (OUS) the TMS-Robot, the first robot designed to assist health care professionals in delivering Transcranial Magnetic Stimulation (TMS), based on an invention of ICube laboratory in Strasbourg, Axilum Robotics has reinforced its expertise in medical robotics with the development of a new platform based on collaborative robot technology. TMS-Cobot, the first medical device built on this platform, allows
myPOS Presented with Best POS Innovation Award by the Merchant Payment Ecosystem21.2.2019 17:57:00 | Tiedote
myPOS, one of the fastest growing European payment providers was handed the Best POS Innovation/POS Software Payment Applications award for 2019 by the Merchant Payment Ecosystem (MPE) at a Gala Dinner ceremony in Berlin last night. Being known for offering instant settlement and no-monthly-fees model to SMEs across Europe, myPOS provides a range of innovative features on its payment devices, some of which include Tipping, Payment Request, Top-up and GiftCards. In addition, myPOS merchants are entitled to a whole range of subscription-free, value-added services such as Virtual MO/TO, PayLinks and PayButtons, Checkout module with the most popular shopping carts and more. myPOS clients are also given the opportunity to manage their funds with a free online account and a unique banking platform. The company got nominated in two categories: Best POS Innovation and Best Acquirer of the year, but ultimately won the Best POS Innovation award. "We accept this award with gratitude and appreciat
New Release Crea Records: "ABBA We Love You Forever"21.2.2019 17:44:00 | Tiedote
Not many people on this earth can say that they have never heard of ABBA. In addition to the wonderful voices of Agnetha Fältskog and Anni-Fried Lyngstad, the musicians, Björn Ulvaeus and Benny Andersson have written the most wonderful songs, not only composed with charm and elegance, but also so breathtakingly beautiful and unforgettable that they will always resonate. For the Danish singer, BILLBOARD Hot 100 artist, composer and lyricist, Lecia Jonsson, ABBA has been much more than an inspiration. Lecia shared the same melodic universe as ABBA, making her mark with many records as part of duo LECIA & LUCIENNE. Later, as part of another duo, LABAN, Lecia entered BILLBOARD HOT 100 in the United States, had releases in 48 countries worldwide, and sold more than 1.5 million albums. Lecia’s identity is formed by her pure voice and her great sense for writing unique songs filled with a great melodic substance. If anyone should write a song to honour ABBA’s music, Lecia is definitely the pe
Ultivue Expands Global Presence with Opening of European Subsidiary, Ultivue EMEA Srl21.2.2019 17:30:00 | Tiedote
Ultivue, a developer of tissue biomarker identification and quantification assays for pathology and translational research labs, today announced that it has expanded its commercial footprint with a wholly-owned European subsidiary and appointed Luigi Pirovano as General Manager. Mr. Pirovano is an international executive with significant experience managing European Diagnostics and Life Science operations and will be responsible for managing the new subsidiary, Ultivue EMEA Srl, located in Milan, Italy. “The establishment of a European subsidiary provides an excellent structure to support Ultivue’s expanded commercial activities across Europe and engage deeply and efficiently with the biomedical community,” said Philippe Mourere, Ultivue’s Senior Vice President of Commercial Operations. “Ultivue will capitalize on Luigi’s demonstrated success leading both Life Science and Diagnostics activities to continue driving strong execution of its business plan.” Luigi Pirovano has more than 30
NTT DATA Launches Advanced 3D Digital Map Package for 5G Network Planning21.2.2019 17:00:00 | Tiedote
NTT DATA (TOKYO:9613), a leading IT services provider, announced today its launch of “AW3D Telecom for 5G,” an advanced 3D digital map package that leverages high-quality satellite imagery for the planning of fifth-generation (5G) wireless networks, effective immediately. AW3D for 5G is expected to be used by telecom carriers, network vendors and IoT companies engaged in businesses involving 5G networks. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190221005320/en/ Images of AW3D Telecom for 5G (Graphic: Business Wire) Commercial 5G services via fixed wireless access networks launched in the USA in 2018 and will begin operating in Japan, South Korea, the UK and Australia in 2019. Accurate 3D models are crucial for designing 5G networks, which use millimeter-spectrum waves that are highly sensitive to interference from natural and manmade objects. Buildings, trees, bridges, flyover roads, etc. need to be expressed precisely
Seoul Semiconductor Made Global Distributor Stop Selling Everlight Product in Japan21.2.2019 17:00:00 | Tiedote
Seoul Semiconductor Co., Ltd. (KOSDAQ 046890) (“Seoul”), a leading global innovator of LED products and technology, announced that it has concluded a patent infringement lawsuit seeking an injunction on the sales of certain LED product sold by Mouser Electronics (“Mouser”). The accused LED product was manufactured by Everlight Electronics Co., Ltd. (“Everlight”). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190221005040/en/ Seoul Semiconductor's Headquarters in Korea (Photo: Business Wire) In February 2018, Seoul filed a patent infringement lawsuit with the Tokyo District Court, accusing the LED product manufactured by Everlight and sold by Mouser of infringing an LED patent of Seoul’s affiliate. Mouser agreed not to export the accused Everlight LED product in Japan, and Seoul therefore agreed to withdraw the lawsuit. The patented technology involved in this litigation serves to efficiently extract light emitted from the i
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme