Thu, Nov 1, 2007
Duff & Phelps Announces Acquisition of Rash & Associates
Duff & Phelps Corporation (NYSE: DUF), a leading independent financial advisory and investment banking firm, today announced that it has acquired Rash & Associates, L.P., a nationwide provider of property tax management services. The acquisition, which complements Duff & Phelps' existing property tax consulting business, will make the firm one of the leading full-service property tax providers in the nation. Financial terms of the transaction were not disclosed.
Noah Gottdiener, Chief Executive Officer of Duff & Phelps, said, "We are delighted with this acquisition, which is consistent with our strategy of expanding and strengthening our State and Local Tax services to our clients, an area of high growth potential that we have targeted. Importantly, Rash & Associates is a firm with a highly complementary culture, and shares our commitment to providing service of exceptional quality, integrity and objectivity."
Headquartered in Plano, Texas, with offices in Atlanta, GA and Houston, TX, Rash & Associates provides property tax management services including compliance, value negotiations, tax bill processing, audit support, and tailored management reporting. The company, which was founded in 1972, employs over 70 professionals dedicated specifically to providing leading property tax services to clients nationwide across multiple industries.
Gerry Creagh, President of Duff & Phelps, said, "The addition of Rash will continue to strengthen our position as a leader in the property tax marketplace. This acquisition further demonstrates our commitment to protecting, recovering and maximizing value for our clients. The professionals joining us bring with them meaningful client relationships that will benefit from all of our service offerings."
Robert Rash, President and CEO of Rash & Associates, said "By joining a financial advisory services firm with a strong reputation and an integrated service offering, we will be able to leverage the expertise of both companies to provide our clients with the full suite of services they require. We look forward to joining Duff & Phelps and ensuring a rapid and seamless integration."
About Duff & Phelps
Duff & Phelps Corporation (NYSE: DUF) is a leading provider of independent financial advisory and investment banking services, supporting client needs principally in the areas of valuation, transactions, financial restructurings and disputes. Founded in 1932, the company's mission is to protect, recover and maximize value for its clients, by providing independent and unbiased advice on issues related to highly technical and complex assessments of value. Services include financial reporting valuation, tax services, real estate and fixed asset services, corporate finance consulting, fairness and solvency opinions, restructuring advisory, and dispute and legal management consulting. Investment banking services are provided by Duff & Phelps Securities, LLC. With nearly 1,000 employees serving clients worldwide through offices located in the United States, Europe and Asia, Duff & Phelps is committed to delivering insightful advice and service of exceptional quality, integrity and objectivity. For more information, visit www.duffandphelps.com.
About Rash & Associate, L.P.
Rash & Associates is a recognized leader in the property tax industry, serving hundreds of clients nationwide for 35 years. Headquartered in Plano, Texas, the firm provides a comprehensive range of property tax services. Representing billions of dollars in client property, the company serves clients by reducing their property tax liability, producing gains in administrative efficiency and improving their profits.
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