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.