Duff & Phelps to acquire American Appraisal

Duff & Phelps has entered into an agreement to acquire Wisconsin-based rival American Appraisal Associates, a global full-service valuation and fixed asset management adviser. Financial terms of the transaction, expected to close in the next two months, were not disclosed.

New York-based American Appraisal provides valuation and related advisory services for business, financial, legal or tax purposes across all asset classes and serves 85 percent of the Fortune 500, according to Duff & Phelps. The transaction will bolster Duff & Phelps’ valuation team and expand its presence in Europe and Asia with the addition of professionals in 50 offices globally.

The deal adds to a string of acquisitions made by Duff & Phelps over the past five years. Most recently, the adviser agreed to buy professional services firm Kinetic Partners in December, creating a financial regulatory and compliance practice based on Kinetic Partners' services, including audit and assurance, tax advisory and corporate recovery.

“The American Appraisal acquisition represents an important milestone for Duff & Phelps. We are bringing together firms that, collectively, possess more than two centuries of experience providing superior client service and insight to boards of directors, senior management teams and finance professionals around the world,” said Duff chief executive Noah Gottdiener in a statement.

Also included in the transaction is American Appraisal’s Real Estate Advisory Group, a real estate adviser with principal operations in Europe. Kirkland & Ellis acted as legal advisor to Duff & Phelps and Foley & Lardner acted as legal advisor to American Appraisal.