Kroll

Duff & Phelps was an American financial advisory firm established in Chicago in 1932 by William Duff and George Phelps to provide investment research. Over subsequent decades, it expanded into investment management, corporate finance, valuation, restructuring, disputes and litigation support, and credit-related activities. The company’s history includes several changes in ownership and periods as both a public and private enterprise. Its investment-management operation became Duff & Phelps Investment Management Co. and was separated from the main advisory business in 2009. The former credit-rating operation was spun off in 1994 and later acquired by Fitch Group in 2000. The advisory firm pursued an acquisition-led expansion strategy from the 2000s onward. It combined with Stone Ridge Partners in 2004, acquired valuation, restructuring, property-tax, regulatory, corporate-finance and specialist consulting businesses, and broadened its geographical reach across North America, Europe and Asia. Important acquisitions included Standard & Poor’s Corporate Value Consulting business, Valuemetrics, Chanin Capital Partners, Cole & Partners, Growth Capital Partners, the restructuring and insolvency division of RSM Farrell Grant Sparks, Kinetic Partners, American Appraisal and Corporate Finance Ireland. These transactions strengthened the firm’s capabilities in valuation, fixed assets, real estate, financial regulation, restructuring, disputes and middle-market investment banking. Duff & Phelps was taken private in 1989, listed on the New York Stock Exchange in 1992, taken private again in 2004, and returned to public markets through a 2007 initial public offering. It was subsequently taken private in a transaction announced in 2012 by a consortium including Carlyle, Stone Point Capital, Pictet and Edmond de Rothschild. Permira acquired the company in 2017, while chief executive Noah Gottdiener and president Jacob Silverman retained significant ownership. In 2020, the firm announced another proposed change of control involving Stone Point Capital and Further Global. The defining corporate event in the brand’s later history was the acquisition of Kroll Inc. on June 4, 2018. Kroll had originated in 1972 as an investigations and corporate-intelligence consultancy founded by Jules Kroll and had developed capabilities in investigations, background screening, forensic accounting, cyber, security and risk consulting. After the acquisition, Duff & Phelps combined its advisory platform with Kroll’s investigations and risk businesses. In February 2021, the company announced that its operations would be unified under the Kroll brand. The rebranding process was completed in February 2022, and the Duff & Phelps name ceased to be the principal commercial identity of the combined firm. Kroll now provides valuation, transaction, restructuring, compliance, investigations, cyber, disputes and risk advisory services under a single global brand.

Duff & Phelps began in Chicago in 1932, when William Duff and George Phelps established an investment-research firm. Its original activities later developed into a broader financial-services platform covering corporate finance, investment management and credit ratings. In 1979, the company entered investment management through a business that ultimately became Duff & Phelps Investment Management Co.; that operation was separated from the principal firm in 2009. An attempted 1984 sale to Security Pacific was abandoned after Federal Reserve restrictions created obstacles to the company’s credit-rating activities. A management buyout in 1989 marked the first major leveraged transition in the company’s ownership history. Duff & Phelps returned to public markets through a 1992 New York Stock Exchange listing. During the 1990s it concentrated more closely on investment management, financial advisory and corporate finance. Its credit-rating unit was spun off in 1994 and later acquired by Fitch Group. In 2000, Fitch discontinued the Duff & Phelps name for that rating business. The next phase was shaped by private-equity ownership and acquisitions. Lovell Minnick Partners sponsored a 2004 management buyout, during which Duff & Phelps merged with Stone Ridge Partners. In 2005, Vestar Capital Partners invested in the company and supported purchases including Standard & Poor’s Corporate Value Consulting business and Valuemetrics. Chanin Capital Partners followed in 2006, strengthening restructuring expertise. Duff & Phelps completed a second public offering in 2007, raising $133 million according to the referenced historical account, and listed its shares again on the New York Stock Exchange. The company also formed a strategic alliance with Shinsei Bank and continued purchasing specialist firms in property-tax services, financial consulting, disputes, fixed-income analysis and valuation. The firm returned to private ownership in 2012 when a consortium led by affiliates or funds associated with Carlyle, Stone Point Capital, Pictet and Edmond de Rothschild agreed to acquire it. In 2015, the University of California’s investment office made a significant minority investment, while some earlier investors exited. Permira announced an acquisition in 2017, with chief executive Noah Gottdiener and president Jacob Silverman retaining meaningful stakes and continuing with the business. In 2020, Duff & Phelps announced an agreement to be acquired by a consortium led by Stone Point Capital and Further Global. During this period, acquisitions expanded the platform internationally and across professional-service disciplines. The purchase of Cole & Partners established a stronger Canadian presence. The RSM Farrell Grant Sparks restructuring division broadened European insolvency capabilities. Kinetic Partners added financial-regulatory consulting, while American Appraisal substantially enlarged valuation, fixed-asset, insurance and real-estate advisory services. Corporate Finance Ireland strengthened the firm’s Irish corporate-finance practice. Duff & Phelps acquired the original Kroll company in 2018. Founded by Jules Kroll in 1972, Kroll had become known for corporate investigations, intelligence, forensic accounting, background screening, data recovery, cyber and security consulting. The combination created a firm spanning valuation and transaction advice as well as investigations, governance, compliance, cyber and risk work. Prime Clerk was acquired in 2019, adding capabilities supporting restructuring and insolvency proceedings. In 2021, Duff & Phelps announced that the combined organization would operate under the Kroll identity. The transition concluded in February 2022. The Duff & Phelps brand therefore represents the historical and corporate predecessor of the current Kroll organization rather than a separately marketed global firm. Kroll’s present service portfolio includes valuation, transaction advisory, disputes, restructuring, governance, risk, investigations, compliance, cyber and related professional services.

1. 2022Rebrand completed

   The combined organization completes its transition to the Kroll brand.

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2. 2021Kroll rebranding announced

   Duff & Phelps announces plans to unify its businesses under the Kroll name.

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3. 2018Kroll acquisition

   Duff & Phelps purchases Kroll Inc., combining financial advisory and risk-advisory operations.

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4. 2017Permira acquisition

   Permira announces the acquisition of Duff & Phelps from its existing investor group.

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5. 2015American Appraisal and Kinetic Partners acquisitions

   The firm adds major valuation, fixed-asset, real-estate, regulatory and compliance capabilities.

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6. 2012Take-private transaction

   A consortium including Carlyle and Stone Point Capital agrees to acquire Duff & Phelps.

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7. 2007Return to public markets

   Duff & Phelps completes a second initial public offering and resumes trading on the New York Stock Exchange.

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8. 2004Second leveraged buyout

   Lovell Minnick Partners sponsors a buyout and the firm merges with Stone Ridge Partners.

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9. 1994Credit-rating business spun off

   Duff & Phelps Credit Rating Co. is separated from the main company and listed independently.

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10. 1992First public listing

    Duff & Phelps conducts an initial public offering and lists on the New York Stock Exchange.

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11. 1989Management buyout

    The company is acquired in a leveraged management buyout backed by Freeman, Spogli & Co.

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12. 1979Expansion into investment management

    Duff & Phelps enters investment management, creating the business that later becomes Duff & Phelps Investment Management Co.

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13. 1932Duff & Phelps is founded

    William Duff and George Phelps establish the firm in Chicago as an investment-research business.

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High-end global financial advisory and risk-management services

• Valuation AdvisoryFinancial advisory

  Valuation work for businesses, securities, intangible assets, fixed assets, real estate, tax purposes, financial reporting, insurance and transactions. The capability was expanded through acquisitions including Valuemetrics and American Appraisal and became one of Duff & Phelps’s central advisory offerings.

• Corporate Finance AdvisoryCorporate finance

  Advice concerning mergers and acquisitions, financing, strategic alternatives and middle-market transactions. Duff & Phelps developed this practice organically and through acquisitions such as Stone Ridge Partners, Growth Capital Partners and Corporate Finance Ireland.

• Restructuring and Insolvency AdvisoryRestructuring

  Advisory services for companies, creditors and stakeholders dealing with financial distress, insolvency, bankruptcy administration and operational restructuring. The business expanded through Chanin Capital Partners, the RSM Farrell Grant Sparks division and Prime Clerk.

• Disputes and Litigation ConsultingProfessional services

  Financial analysis, expert testimony, forensic accounting, damages analysis and intellectual-property dispute support for litigation, arbitration and investigations. Acquisitions such as Lumin Expert Group broadened the firm’s specialist disputes capabilities.

• Regulatory and Compliance AdvisoryRisk and compliance2015

  Consulting for financial regulation, compliance programs, governance and related risk issues. The acquisition of Kinetic Partners in 2015 provided the foundation for a dedicated financial-regulatory and compliance practice.

• Investigations and Risk AdvisoryRisk management2018

  Following the acquisition of Kroll, the combined organization offered corporate investigations, intelligence, background screening, security, cyber and governance services alongside its traditional financial advisory work.

• 2021Unify operations under KrollStrategy

  The combined Duff & Phelps and Kroll businesses operated with related but separate identities after the 2018 acquisition.

  What changed. Duff & Phelps announced a company-wide transition to the Kroll brand.

  Aftermath. The rebranding was completed in February 2022, making Kroll the principal identity of the combined organization.

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• 2019Acquire Prime ClerkM&A

  Duff & Phelps continued building its restructuring and insolvency-services platform.

  What changed. The company acquired Prime Clerk, a provider supporting complex restructuring and bankruptcy proceedings.

  Aftermath. Prime Clerk became part of the expanded Kroll restructuring and administration offering.

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• 2018Acquire Kroll Inc.M&A

  Duff & Phelps sought to combine its valuation and financial-advisory platform with Kroll’s investigations, intelligence, security and risk capabilities.

  What changed. The company completed the purchase of the original Kroll company on June 4, 2018.

  Aftermath. The acquisition created a broader financial and risk-advisory organization and ultimately led to adoption of the Kroll name.

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• 2020Rangers administration prosecution disputeControversy

  In proceedings before Scotland’s Court of Session, the Lord Advocate accepted that the prosecution of Duff & Phelps administrators Paul Clark and David Whitehouse following Rangers Football Club’s 2012 administration had been malicious and undertaken without probable cause. The court ordered an interim payment of costs, while the administrators pursued damages claims against the Crown Office and Police Scotland.

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• 2022Kroll brand transition completed

  The rebranding of Duff & Phelps and the combined businesses under Kroll was completed.

  Leadership change
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• 2021Duff & Phelps announces unified Kroll branding

  The company announced that its businesses would be brought together under the Kroll name.

  M&ALeadership change
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• 2019Duff & Phelps agrees to acquire Prime Clerk

  The firm expanded its restructuring and bankruptcy-administration capabilities through the acquisition of Prime Clerk.

  M&A
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• 2018Duff & Phelps acquires Kroll Inc.

  Duff & Phelps purchased the original Kroll company, combining financial advisory capabilities with investigations and risk services.

  M&A
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1. Kroll Inc.