Duff & Phelps has agreed to acquire New York-based Prime Clerk, a claims and noticing administrator. No financial terms were disclosed. The deal is expected to close during the first quarter of 2019. UBS Investment Bank and Goldman Sachs served as financial advisers to Duff & Phelps on the transaction. Prime Clerk is backed by Carlyle.
NEW YORK–(BUSINESS WIRE)–Duff & Phelps, the global advisor that protects, restores and maximizes value for clients, today announced it has signed a definitive agreement to acquire Prime Clerk, a claims and noticing administrator based in New York. The transaction, terms of which were not disclosed, is expected to close during the first quarter of 2019, subject to customary closing conditions and regulatory approval.
Prime Clerk provides claims administration services through its proprietary software and industry-leading team. The company’s suite of services includes case filing preparation, noticing solutions, claims administration, balloting and tabulation, securities noticing and balloting, corporate events (including rights offerings, tender offerings and treatment elections), secure disbursements, strategic communications and call center support, and case-specific websites.
Prime Clerk was founded in 2013 to bring a technologically advanced, professional and cost-effective claims management solution to the claims administration industry. Following the acquisition, Shai Waisman, Chief Executive Officer of Prime Clerk, will remain in his current position and head the Prime Clerk business unit of Duff & Phelps. Waisman will report directly to Jacob Silverman, President of Duff & Phelps.
Noah Gottdiener, Chief Executive Officer of Duff & Phelps, commented: “Prime Clerk is the undisputed leader in its industry, and I am thrilled to welcome this talented and accomplished group of professionals to Duff & Phelps. This acquisition, along with the addition of Kroll last year, creates a world-class suite of dispute, investigation and claims administration services for the legal channel. I share Shai’s vision for building the business, and I am confident that together we can accelerate growth in this vibrant arena.”
“Prime Clerk has a legacy of delivering superb client service leveraging the most respected professional staff and unmatched industry technology. Duff & Phelps has built a global and diversified franchise that helps clients protect and enhance their value through this shared philosophy. I am excited to bring our market-leading business into partnership with this outstanding group of professionals. I look forward to expanding the services we can offer to our clients and continuing our growth. All of us at Prime Clerk are excited about this new chapter for our firm,” said Waisman.
Shary Moalemzadeh, Co-Head of Carlyle Strategic Partners, said, “The combination of Duff & Phelps and Prime Clerk will benefit current and prospective clients of both companies. We are pleased with Prime Clerk’s growth and success during our investment and are excited to be investing in this transaction and to be a stakeholder in Duff & Phelps going forward as it adds the Prime Clerk platform to its business. I am confident the combined company will continue to innovate and be a key strategic partner to companies throughout the U.S. and globally.”
UBS Investment Bank and Goldman Sachs acted as financial advisors to Duff & Phelps and provided committed financing in support of the transaction. Kirkland & Ellis and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Duff & Phelps and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Prime Clerk and The Carlyle Group.
About Duff & Phelps
Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas of valuation, corporate finance, investigations, disputes, cyber security, compliance and regulatory matters, and other governance-related issues. We work with clients across diverse sectors, mitigating risk to assets, operations and people. With Kroll, a division of Duff & Phelps since 2018, our firm has nearly 3,500 professionals in 28 countries around the world. For more information, visit www.duffandphelps.com.
About Prime Clerk
Prime Clerk, a claims and noticing agent founded in 2013 and based in New York, was established by veteran attorneys and consultants to bring next generation technology, leading professionalism and reliable service into a stagnant industry. Prime Clerk delivers tailored, practical and client-collaborative solutions to claims administration. www.primeclerk.com
About The Carlyle Group
The Carlyle Group (NASDAQ:CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. 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 Credit 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, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents. www.carlyle.com