Duff & Phelps Corp. has taken over the restructuring and insolvency division of Dublin advisory firm RSM Farrell Grant Sparks.
The group provides turnaround, corporate recovery and property asset management services to local, regional and global businesses. RSM partners Declan Taite, Pearse Farrell and Anne O'Dwyer will lead Duff & Phelps restructuring practice in Ireland. RSM's other Ireland offices are located in Langford and Belfast. Terms of the deal were not disclosed.
The deal, which includes the addition of 56 RSM professionals, gives Duff & Phelps' restructuring practice more than 200 professionals across Europe, the U.S. and Canada.
Duff & Phelps, headquartered in New York, provides valuation, financial advice and restructuring services. The firm has more than 1,000 employees. In April 2013, Duff & Phelps was acquired by a consortium of buyers, including PE firm the Carlyle Group (Nasdaq: CG), Stone Point Capital LLC and others in a $665.5 million deal. Before that, Duff & Phelps picked up Growth Capital Partners in 2011.
In another restructuring transaction, KPMG LLP picked up most of the assets of restructuring firm BBK in May.
For more on consolidation in the financial services sector, see the February 2014 cover story "Teeming With Targets."