Corporate-finance adviser Duff & Phelps has agreed to acquire investigations firm Kroll Inc. in a move to expand its portfolio of services and global reach.
The combined organization will have nearly 3,500 employees located in 28 countries around the world, offering services in valuation, corporate finance, compliance, investigations, security, and cyber solutions.
Kroll is currently owned by Corporate Risk Holdings, the successor company to Altegrity. Terms of the deal were not disclosed.
“Bringing together these two world-class organizations will significantly expand our global scale, broaden our client offerings and create great opportunities for our colleagues,” Duff & Phelps CEO Noah Gottdiener said in a news release.
Duff & Phelps itself agreed in November to be acquired by private-equity firm Permira for $1.75 billion. In recent years, it has boosted revenues through a series of acquisitions, snapping up such companies as Campbell Valuations Partners, Corporate Finance Ireland, Tregin Solutions, American Appraisal, and Kinetic Partners.
The company said the acquisition of Kroll would “significantly expand” its global scale, most notably in Europe and Latin America.
Altegrity acquired Kroll from Marsh & McLennan Companies for $1.13 billion in 2010. After filing for bankruptcy in 2015, it emerged as Corporate Risk Holdings, which also owns background screening company HireRight.
“Duff & Phelps and Kroll nicely complement one another,” David Fontaine, Kroll’s chief executive, said. “Both companies have a rich and time-tested history of helping clients manage risk and make confident choices. Our respective clients will benefit from the combined organization’s expanded geographic footprint and broadened service offerings.”
Kroll was founded in 1972 by Jules Kroll and, in the 1980s, became known as “Wall Street’s private eye.” Jules Kroll, who left the company in 2008, tried to buy it back from Marsh & McLennan.
Carlyle Group-owned LDiscovery purchased Kroll Ontrack, which specializes in data recovery, from Corporate Risk Holdings for $410 million in October 2016.