BrazilDuff & Phelps doubles team in Spain with acquisition of Forest Partners
Within two weeks of announcing the acquisition of Prime Clerk in the US, Duff & Phelps has completed the purchase of Forest Partners. The deal sees over 50 professionals operating from offices in Madrid, Barcelona and Bilbao join the Spanish arm of the global professional services firm.
Founded in 2007, Forest Partners is a Spanish consultancy specialised in financial and economic advisory, M&A and transactions support, and turnaround and restructuring, Recent projects the firm completed include advising on the sale of transport provider Maitours to Asla, the Spanish subsidiary of the UK-based National Express Group (valuation services to the seller), and assisting B&B Trends, a Spanish manufacturer of small household appliances based in Catalonia, in its purchase of BSH Home Appliances Group. the ironing business unit of Bosch in Spain.
The Madrid-headquartered company also supports clients in major disputes in Spain and Latin America under Spanish and international arbitration courts with forensic & litigation services, as an expert advisor or as an insolvency administrator. The firm for instance was recently appointed administrator of a large Spanish retail group for domestic appliances and consumer electronics, following its collapse, and as part of its insolvency work with stakeholders and the new owner, Forest Partners managed to ‘rescue’ nearly 500 jobs in Spain’s high street.
Commenting on the acquisition, Javier Zoido, Managing Director and Head of Duff & Phelps’ Valuation Advisory Services practice in Spain, said: “Forest Partners’ market leading expertise greatly enhances our ability to assist clients in their most complex situations. Their addition to Duff & Phelps expands our Spanish footprint to bring best-in-class services to our clients in Spain and globally.”
With 25 offices across Europe, Duff & Phelps is one of the continent’s larger consultancies focused on corporate advisory, restructuring and forensic and litigation support. Three of the firm’s offices are based in Spain (Madrid, Barcelona and Bilbao), with the takeover doubling the local team to approximately 100 professionals.
As part of the integration, the founder of Forest Partners, Vicente Estrada, will lead Duff & Phelps’ Governance, Risk, Investigations and Disputes practice in Spain. The new partner at Duff & Phelps, who previously spent two decades with KPMG in Spain, latterly as a partner in the Big Four’s corporate finance arm, will report into Carl Jenkins, who leads the firm’s global Governance, Risk, Investigations and Disputes wing.
According to Estrada, the joining of forces builds on a base of “shared value values of excellence in professionalism, experience and effectiveness” and a complementary service portfolio. “Becoming part of Duff & Phelps provides us with the opportunity to leverage a global network and resources to continue to provide added value for our clients.”
The move comes at a time when Spain’s consulting industry is on a healthy growth trajectory. According to analyst firm Source Global Research, the market has enjoyed five successive years of growth, and is currently valued at around €1.4 billion.
