– Supports Continued Duff & Phelps
Expansion Under Permira Funds’ Committed Ownership –
– Marks Permira Funds’ First Financial Services
Investment in the U.S. and Eighth Globally –
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171101005634/en/
For Permira:Noémie de Andia, +44 (0) 207 632 1159Global
Head of CommunicationsorSard Verbinnen & Co.Brooke Gordon/Devin
Broda/Julie Rudnick+1 212 687-8080orFor Duff &
Phelps:Marty Dauer, +1-212-871-2116Chief Marketing and
Communications OfficerorFor Carlyle:Elizabeth Gill,
+1-202-729-5385Elizabeth.gill@carlyle.comorFor University of
California’s Office of the Chief Investment Officer of the
Regents:Dianne Klein,
+1-510-987-9200Dianne.Klein@ucop.eduorFor Neuberger
Berman:Alexander Samuelson, +1-212-476-5392Head of Media
RelationsAlexander.Samuelson@nb.com
Carlyle (NASDAQ:CG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Carlyle (NASDAQ:CG)
Historical Stock Chart
From Jul 2023 to Jul 2024