DUFF & PHELPS acquired by PERMIRA
Context
Duff & Phelps has been acquired by a vehicle of the Permira funds. The transaction was announced in December 2017 and is subject to customary closing conditions, with completion expected in the first quarter of 2018. Existing shareholders, including The Carlyle Group, Neuberger Berman, the University of California’s Office of the Chief Investment Officer of the Regents and Pictet & Cie, will divest their holdings, while the current management team will retain a significant equity position and continue in their operational roles. The acquisition follows a multi‑year process involving exclusive financial advisers and legal counsel on both sides. Permira is pursuing the acquisition to augment its portfolio of financial‑services businesses and to leverage Duff & Phelps’ global advisory platform. The firm views the target’s extensive client relationships, scale of professional staff, and presence in the Americas, Europe and Asia as assets that complement its investment thesis of supporting high‑growth, knowledge‑intensive companies. Permira’s prior investments in Alter Domus, Tricor and other financial‑services firms provide a framework for value creation, and its international network and sector expertise are expected to facilitate organic expansion and bolt‑on acquisitions for Duff & Phelps. Post‑closing, Duff & Phelps is expected to integrate Permira’s capital resources and strategic guidance to broaden its service offering, accelerate entry into under‑penetrated markets, and enhance cross‑sell opportunities with other portfolio companies. The combined entity aims to increase its capacity to serve corporations, private‑equity sponsors, law firms and hedge funds with valuation, dispute, and regulatory advisory work, thereby strengthening its market position and generating incremental fee revenue. The transaction also positions Duff & Phelps to capitalize on heightened regulatory scrutiny and demand for independent valuation across jurisdictions, supporting its ambition to increase headcount and develop digital analytics tools.
It is worth noting that the fund The Carlyle Group / Stone Point Capital / Pictet & Cie took control of Duff & Phelps through an LBO in 2013.
DUFF & PHELPS, which reported an EBITDA margin of in 2016, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Business Services sector (11.4x).
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Target
Duff & Phelps was founded in the early 1990s and has evolved into a global advisory firm that delivers valuation, corporate finance, dispute resolution, compliance, regulatory consulting, real estate, restructuring and related governance services. The firm employs approximately 2,000 client service professionals who operate from offices across the Americas, Europe and Asia. Its client base spans more than half of the companies listed in the S&P 500 as well as a majority of top‑tier private‑equity firms, major law firms and hedge funds. The business model is fee‑based, with project‑specific engagements that combine technical expertise, independent judgment and industry‑specific knowledge. Service delivery relies on a combination of on‑site teams and centralized analytical platforms that produce fair‑value assessments, transaction support and forensic investigations. Over the years the firm has built long‑standing relationships that enable cross‑selling of complementary services across corporate, financial and regulatory domains. Geographic expansion has been supported by organic growth and selective acquisitions that extend its footprint in Europe and Asia. The firm maintains a diversified revenue stream derived from advisory, litigation support, compliance consulting and transaction advisory work.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (USD)
Other operations with DUFF & PHELPS
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2020 | STONE POINT CAPITAL | DUFF & PHELPS | UNITED STATES | Consulting & Audit |
| 01/2013 | THE CARLYLE GROUP / STONE POINT CAPITAL / PICTET & CIE | DUFF & PHELPS | UNITED STATES | Consulting & Audit |
REFERENCES
Valuation range: EV 1b - 4b USD
EBITDA range: 100M - 200M USD
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: duff & phelps
Acquirer: permira