Webcast: Impact of U.S. Tax Reform on Tangible Assets. April 25, 2018
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1 Webcast: Impact of U.S. Tax Reform on Tangible Assets April 25, 2018
2 DUFF & PHELPS Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues. M O R E T H A N 1 3, E N G A G E M E N T S P E R F O R M E D I N , C L I E N T S I N C L U D I N G O V E R 40% O F T H E S & P ,500+ T O T A L P R O F E S S I O N A L S G L O B A L L Y T H E A M E R I C A S 1, P R O F E S S I O N A L S E U R O P E A N D M I D D L E E A S T 750+ P R O F E S S I O N A L S A S I A P A C I F I C 250+ P R O F E S S I O N A L S Duff & Phelps 2
3 ONE COMPANY with more than 70 offices O F F I C E S W O R L D W I D E T H E A M E R I C A S E U R O P E A N D M I D D L E E A S T A S I A PA C I F I C Addison Atlanta Austin Boston Cayman Islands Chicago Dallas Denver Detroit Houston Los Angeles Mexico City Miami Milwaukee Minneapolis Morristown New York Philadelphia Princeton St. Louis San Francisco São Paulo Seattle Silicon Valley Stamford Toronto Washington, DC Abu Dhabi Agrate Brianza Amsterdam Athens Barcelona Berlin Bilbao Birmingham Channel Islands Dublin Frankfurt Lisbon London Longford Luxembourg Madrid Manchester Milan Munich Padua Paris Pesaro Porto Rome Turin Warsaw Bangalore Beijing Guangzhou Hanoi Ho Chi Minh City Hong Kong Mumbai New Delhi Shanghai Shenzhen Singapore Sydney Taipei Tokyo Duff & Phelps 3
4 ENHANCING VALUE Across a Range of Expertise V A L U A T I O N A D V I S O R Y C O R P O R A T E F I N A N C E D I S P U T E S A N D I N V E S T I G A T I O N S A N D L E G A L MA N A G E ME N T C O N S U L T I N G C O M P L I A N C E A N D R E G U L A T O R Y C O N S U L T I N G Valuation and consulting for financial reporting, tax, investment and risk management purposes Objective guidance to management teams and stakeholders throughout restructuring, financing and M&A transactions, including independent transaction opinions Investigative support, forensic and valuation analysis and expert testimony in the context of commercial, cyber security, white collar or regulatory disputes and restructuring situations. Expert guidance in data risk and legal management. Helping financial services firms navigate the compliance and regulatory landscape, mitigating risk throughout the business lifecycle Duff & Phelps 4
5 Today s Presenters Nate Levin James Whitmire Matthew Jaimes Greg Burkart Duff & Phelps 5
6 Agenda Background and Overview Deal Structuring and Purchase Price Allocations Cost Segregation Opportunities Fixed Asset Management Site Selection and Incentives Opportunities Duff & Phelps 6
7 1 Background and Overview
8 Tangible Assets and the 2017 Tax Cuts and Jobs Act The 2017 Tax Cuts and Jobs Act (the 2017 Act ) became effective on December 22, 2017 The provisions of the 2017 Act impact not only U.S. companies and their foreign operations, but also non-u.s. companies conducting business in the U.S. Companies will be able to deduct 100 percent of certain capital expenditures through calendar year 2022, with a declining percentage thereafter The 2017 Act provides incentives for companies to locate plant and equipment in the U.S. Duff & Phelps 8
9 Recent Notable Announcements of Increased Capital Investment in the U.S. Apple ExxonMobil Comcast Foxconn UPS Toyota & Mazda Fiat Chrysler Volvo Samsung Pledged investment of $350 billion within next 5 years Announced an investment of $50 billion over next 5 years Planning to invest $50 billion in new infrastructure Planning to invest $10 billion in a new plant in Wisconsin Will invest $7 billion in Smart Logistics Network Announced a new $1.6 billion auto plant to be built in Alabama Investing over $1 billion to modernize truck manufacturing plant Announced a $600 million plant expansion in South Carolina Announced that it will invest $380 million in an appliance plant Duff & Phelps 9
10 2 Deal Structuring and Purchase Price Allocations
11 Temporary 100% Expensing for Certain Business Assets Applicable Percentage* 100% 80% 60% 40% 20% AP Longer Production Period* 100% 80% 60% 40% 20% * Also applies to used property (Property that was not used by the taxpayer any time prior to the acquisition) Capital expenditures of qualified property placed in service: On or prior to Sept. 27, 2017: depreciated under prior law After Sept. 27, 2017 through Dec. 31, 2022: 100% bonus depreciation After Dec. 31, 2022: portion not qualified for bonus depreciation (not immediately expensed) reverts back to prior law Evaluate state income tax regulations to assess conformity with the 2017 Act Duff & Phelps 11
12 Temporary 100% Expensing for Certain Business Assets Does new Section 168(k) stimulate spending? Prior Law: For corporate entities, under prior law, 50% of newly purchased property was eligible for bonus depreciation in the year of purchase, with the remaining 50% deductible over the life of the entity. Year Deduction* $571 $122.5 $87.5 $62.5 $44.7 $44.7 $44.7 $22.3 Value (at 35% federal corporate tax rate) $200 $43 $31 $22 $16 $16 $16 $8 *Assumes half-year convention and 7-year property. Current Law: For corporate entities, under current law, 100% of newly purchased property is generally deductible in the year of purchase (generating $21 of tax benefits for every $100 spent), with zero tax benefits arising after year 1. Year Deduction* $1,000 Value (at 21% federal corporate tax rate) $210 Duff & Phelps 12
13 Temporary 100% Expensing for Certain Business Assets Section 168(k): Qualified Property Generally, most fixed assets qualify for the allowance for bonus depreciation, including: Property with a recovery period of 20 years or less, Computer software, Water utility property, or Certain artistic productions. Additionally, certain longer lived assets may qualify for immediate expensing. Section 168(k)(2)(B). Real property, including buildings with a useful life in excess of 20 years, will not qualify for immediate expensing. Consequences of Depreciation Allowance: Reduction in tax basis. Recapture on disposition. Impact of new net operating loss limitations on choice to take bonus depreciation. Duff & Phelps 13
14 Temporary 100% Expensing for Certain Business Assets Section 168(k): Mergers & Acquisitions Inclusion Bonus depreciation formerly available only for original use property. New Section 168(k) eliminates this requirement for most acquisitions, as long as the taxpayer did not use the equipment prior to acquisition. Bonus depreciation accelerates the benefit of an asset vs. stock acquisition Can significantly increase an acquired loss corporation s Section 382 limitation. Example: Assume a purchase of a $100mm corporation with $50mm of accumulated net operating losses; base Section 382 limitation is approximately $2mm per year. The corporation s base Section 382 limitation may be increased during the first five years for any Recognized Built-In Gain (RBIG). Notice allows loss corporations to utilize the Section 338 method to include in RBIG excess cost recovery amounts. If LossCo holds $50mm worth of fixed assets, even if there is no built-in gain with respect to such assets, the Section 338 method will free up net operating losses equal to the excess of $50mm over the first year depreciation with respect to the fixed assets. Acquisitions of partnership interests: Application to Section 743 adjustments? Application to Section 704(c) allocations? Duff & Phelps 14
15 Temporary 100% Expensing for Certain Business Assets Section 168(k): Purchase Price Allocations for Asset Purchases from Pass-Through Entities New Section 168(k), together with new Section 199A, can substantially alter the negotiating positions of the parties with respect to purchase price allocations in asset sales by pass-through entities. Under old law: Seller paid tax on purchase price allocated to depreciable tangible assets (to the extent of original cost) at 39.6%; and Buyer received depreciation deductions for purchase price allocated to depreciable tangible assets over the useful life of the property, based on MACRS methodology. Result: Buyers generally indifferent to allocation of value to depreciable assets. Under new law: Seller pays tax on purchase price allocated to depreciable tangible assets (to the extent of original cost) at rates as low as 29.6% (37% top marginal rate applicable to individuals, less 20% maximum deduction available for pass-through income under Section 199A); and Buyer receives 100% deductions in the year of acquisition to the extent purchase price is allocated to depreciable tangible assets. Result: Buyers benefit from a higher valuation of depreciable tangible assets. The changes to Section 168(k) and Section 199A will heighten the conflict between Buyer and Seller in negotiating purchase price allocations of businesses with material tangible assets. Duff & Phelps 15
16 3 Cost Segregation Opportunities
17 What is a Cost Segregation Study? When a taxpayer builds or acquires real property, it is treated as 39 or 27.5-year property for tax depreciation purposes. Often, however, there are certain components included in the building basis that may qualify as shorter-lived property and, therefore, may be depreciated over 5 or 7-year lives or as site improvements that may be depreciated over a 15-year recovery period. A cost segregation study is a detailed cost analysis of building construction costs and related fees to identify shorter-lived assets embedded in the building basis. The effect of the analysis is an increase in the taxpayer s depreciation expense and decrease to its taxable income. Cost Segregation Specialists Sort Project Costs into Appropriate MACRS Cost Recovery Periods Owner Costs Architect / Engineer Fees General Contractor Construction Costs Change Orders Other Project Related Expenditures (+) Expensed Costs (+) 5-Year Property (+) 7-Year Property (+) 15-Year Property (+) 39 or Year Property (=) Total Construction Cost Duff & Phelps 17
18 Overview of Cost Segregation Studies Newly Constructed Assets Typically includes analysis of actual construction documents, interviews with project personnel, as well as quantity and cost estimates from construction drawings and site inspection of completed building. Acquired Assets Generally requires more on-site cost estimating from walk through of facility and review of existing drawings to complete the analysis. Original cost documentation typically is not available, therefore, requires more cost estimating. Assets Acquired During Acquisition of a Company During the purchase price allocation process a cost segregation study can be performed on the values allocated to company owned buildings and leasehold improvements. Duff & Phelps 18
19 Overview of Cost Segregation Studies Look Back Cost Segregation Analysis When a taxpayer constructs or acquires a building but did not perform a cost segregation study, an analysis can be performed retroactively allowing the taxpayer to pick up depreciation they would have claimed if the analysis was performed at the original in service date. REITs While REITs do not realize the same tax benefits, the cost segregation analysis can be a means to help manage their dividend. An increase in depreciation will lower taxable income and, therefore, the minimum amount they must pay out in dividends. Allocation of Building Basis When a building is acquired we can perform an allocation of the building basis into the Eight Units of Property as defined by IRS repair regs. Duff & Phelps 19
20 Tax Reform and Cost Segregation No change in lives to commercial and residential buildings. They remain at 39 and years with the exception of a new 30-year ADS life for residential properties. Bonus depreciation previously existed for newly constructed assets where components with a life of 20-years or less qualified for 50% bonus depreciation. Under new law, building components with a life of 20-years or less constructed or acquired after September 27, 2017 will qualify for 100% bonus depreciation. Bonus depreciation of acquired property is a major difference from previous tax rules. Duff & Phelps 20
21 Tax Reform and Cost Segregation Eliminates Qualified Improvement Property (QIP), Qualified Restaurant Property and Qualified Retail Property definitions but creates new Qualified Improvement Property: Any improvement to an interior portion of a building that is non-residential real property Improvement was placed in service after date that building was placed in service (was previously 3-years after building was placed in service) Does not include improvements to enlarge building, elevator or escalator costs or internal structural frame of the building It was the intent of new law that QIP would have a 15-year life and, therefore, be eligible for 100% bonus depreciation. The final language, however, removed QIP from the definition from Qualified Property that would have been 100% bonus depreciation eligible and have a 15-year recovery period. QIP must now be treated as 39-year property and is not bonus depreciation eligible. Duff & Phelps 21
22 Typical Benefits of a Cost Segregation Study The benefits of classifying assets into shorter recovery periods that are 100% bonus depreciation eligible can be significant: For every $1,000 reclassified from 39-year to shorter-lived, 100% bonus eligible property is approximately $186 +/-* For every $1,000 reclassified from 27.5-year to shorter-lived, 100% bonus eligible property is approximately $179 +/-* Typically, a cost segregation analysis can reclassify anywhere from 10% to 80% of the total building basis into shorter recovery periods. The results of the analysis will vary based on the type of facility and particular features: Typical Manufacturing Facility Results % of Basis Recovery Period 25% - 70% 100% Bonus 25% - 75% 39-Year Typical Data Center Results % of Basis Recovery Period 50% - 80% 100% Bonus 20% - 50% 39-Year Typical Hotel Results % of Basis Recovery Period 20-40% 100% Bonus 60% - 80% 39-Year Typical Retail Facility Results % of Basis Recovery Period 10% - 50% 100% Bonus 50% - 90% 39-Year Typical Office Building Results % of Basis Recovery Period 15% - 40% 100% Bonus 60% - 85% 39-Year Typical Apartment Results % of Basis Recovery Period 20-50% 100% Bonus 50% - 80% 27.5-Year * Assumes a composite 25% tax rate and 10% discount rate Duff & Phelps 22
23 5 Fixed Asset Management
24 Fixed Assets Overview Represents the long-term tangible assets that an organization utilizes to produce and deliver its products or services and manage the operations (useful life greater than one year) Typically, fixed assets fall into the following broad categories: Land Land improvements Buildings Machinery & equipment (vehicles, furniture, plant equipment, computer equipment, etc.) Construction-in-progress Typically the largest line item on the balance sheet Expect more scrutiny by IRS and auditors given 100 percent bonus depreciation Duff & Phelps 24
25 Fixed Asset Inventory: Opportunities and Benefits Tax and Financial Reporting Fixed Asset Analyses Identifies: Unrecorded and partial retirements (ghost assets) Unrecorded additions or fully depreciated assets at a physical location but not on asset listing (omitted property) Transferred equipment (Move-ins or move-outs) which determine the physical location of the asset Depending on the scope of work performed, the fixed asset inventory may identify Idle equipment Intangibles or other tax exempt property/assets Property Tax Impacts Benefits personal property rendition preparation by removing errors in the asset listing Benefits personal property tax valuation analysis by identifying potential value reduction issues Removing ghost assets reduces prospective taxable basis for property taxes and possibly generates tax refunds of prior year property taxes Identifies potential exposure issues on omitted property on non-reported or fully book depreciated assets Identifies potential exempt assets, e.g., software, pollution control facilities, intangible assets and consumables Duff & Phelps 25
26 Other Considerations Sale-Leaseback Transactions Allows buyer of used capital equipment 100% bonus depreciation Allows seller to raise cash, pay off debt and avoid interest expense limitation in exchange for making tax deductible lease payments Need to meet tests to verify transaction was for a business purpose Likely more IRS scrutiny of valuations Like Kind exchanges under IRC Section 1031 now limited to real estate Valuation of real property vs. personal property Structure foreign acquisitions as asset deals to minimize GILTI tax Duff & Phelps 26
27 4 Site Selection and Incentives Opportunities
28 Strategy 1: Defer Capital Gains Source: CDFI Fund, Opportunity Zone Resources found at: Qualified Opportunity Zones: The new provision allows taxpayers to defer the short- term or long-term capital gains tax due upon a sale or disposition of property if the capital gain portion of the sale or disposition is reinvested within 180 days in a qualified opportunity fund. If the investment is maintained in the qualified opportunity fund for five years, the taxpayer will receive a step-up in tax basis equal to 10 percent of the original gain. If the investment is maintained in the qualified opportunity fund for seven years, the taxpayer will receive an additional five percent step-up in tax basis. A recognition event will occur on Dec. 31, 2026, in the amount of the lesser of (i) the remaining deferred gain (accounting for earned basis step-ups) or (ii) the fair market value of the investment in the qualified opportunity fund. Source: Qualified Opportunity Zones and Tax Credit Incentives under the Tax Cuts and Jobs Act GT Advisory (January 2018) Duff & Phelps 28
29 Strategy 2: Locate in Low Tax State Site Selection: If investing in new facilities or consolidating older facilities, now is the time to select a location with low effective state and local tax rates. Source: Tax Foundation, 2018 State Business Tax Climate Index, found at: Duff & Phelps 29
30 Strategy 3: Negotiate long-term economic development incentives National Average - Types of Incentives, % 0.07% Incentive Negotiation: 0.20% 0.39% 0.64% Economic development incentives can lower operating costs associated with public sector, e.g. utilities, state and local property taxes, and offset up to 25% of capital costs. Custom Training Program Job Creation Tax Credits Property Tax Abatement Investment Tax Credits R&D Tax Credits Source: Timothy J. Bartik, W.E. Upjohn Institute for Employment Research, A New Panel Database on Business Incentives for Economic Development Offered by State and Local Governments in the US (February 2017) Duff & Phelps 30
31 Opportunity Triggers Capital Investment: $10 million Job Creation: 50 new jobs Average Wages: At or above county prevailing wages But For: Negotiate packages before committing or announcing a project. Duff & Phelps 31
32 Case Study: Auto Supplier (GA) Silo Approach Holistic Approach $9.2 million Incentives 33% $12.2 million Incentives $12.20 $ 1.50 $ 9.20 $ 1.00 $1.00 $ 2.50 $ 2.50 $ 2.40 $ 2.40 $ 1.90 $ 1.90 $ 1.40 $ 1.40 Sales Tax Inc Tax Prop Tax Training Cash Total Total Lease Cash Training Prop Tax Prop Tax Sales Tax Holistic Solutions Create 33% of Additional Value: Property Tax Abatement Income Tax Credits Cash Grants Favorable Lease Duff & Phelps 32
33 Case Study: Compressor Manufacturer (LA) Silo Approach $5.8 million Incentives 26% Holistic Approach $7.3 million Incentives $ 7.30 $ 1.50 $ 5.80 $ 2.80 $ 2.80 $ 1.25 $ 1.25 $ 1.25 $ 1.25 $ 0.50 $ 0.50 EZ Prog Ret & Mod Training ITE Total Total NMTC ITE Training Ret & Mod EZ Prog Holistic Solutions Create 26% of Additional Value: Property Tax Abatement Income Tax Credits Cash Grants Tax Credit Equity / Cash Subsidy Duff & Phelps 33
34 Questions? Contact Us Duff & Phelps 34
35 Nathan Levin Managing Director, Valuation Advisory Services Nate Levin is a managing director in the Boston office, part of the Valuation Advisory Services business unit, and the global leader of the tax valuation service line. He has 24 years of experience and focuses on consumer and industrial product companies. Nate's areas of expertise include the valuation of business enterprises, debt and equity securities, intangible assets, intellectual property and options and warrants for purposes of financial and tax reporting, intercompany transfer pricing, mergers and acquisitions planning, reorganizations and restructurings, joint venture planning, financing and stockholder litigation. Nate has testified on valuation matters in New York State Supreme Court, Commonwealth of Massachusetts' Trial Court, U.S. District Court in New Hampshire and Superior Court of Justice, Ontario, Canada and served as a valuation arbitrator in minority shareholder disputes. Duff & Phelps, LLC Boston Nathan.Levin@duffandphelps.com Prior to Duff & Phelps, Nate was a managing director at Standard & Poor's Corporate Value Consulting (CVC), the predecessor firm to Duff & Phelps. Prior to S&P, Nate was a partner in PricewaterhouseCoopers' CVC practice. Nate received his M.B.A. in finance, with high honors, from Boston University's Graduate School of Management, his B.S. in finance and accounting, magna cum laude, from Boston University and attended Northwestern University, where he majored in anthropology. He is also a Chartered Financial Analyst ("CFA") charterholder, an accredited member of the American Society of Appraisers ("ASA"), certified in business valuation and a member of the Boston Security Analysts Society. Duff & Phelps 35
36 James Whitmire Transaction Advisory Services James Whitmire is located in Denver, Colorado and has nearly twenty years of experience as a tax specialist and attorney, primarily in the areas of partnership taxation, mergers & acquisitions structuring, formation transactions, refinancings and domestic tax planning. James has advised on over 100 merger and acquisition transactions in the middle market space for companies engaged in a variety of industries, including real estate consumer products, technology, manufacturing, retail, services, health care, chemical, logistics and the food industry. He has advised private start-ups, public companies, private equity firms and venture capital firms on many tax issues ranging from tax structuring, executive compensation structuring, as well as on many additional transaction tax issues. He has assisted numerous clients with fund formation issues in the partnership context, assisting with structuring complex waterfalls and analyzing Section 704(c) allocation tiers and methodology choices. Duff & Phelps, LLC Denver James.Whitmire@duffandphelps.com James is a co-author of the 4th Edition of the leading treatise on partnership taxation: Federal Taxation of Partnerships and Partners, as well as the author of the Partnership Formation volume of Thomson Reuters Tax Advisors Planning System, and a contributing author of Bittker & Eustice s Federal Taxation of Corporations and Shareholders. James also serves as an adjunct professor for the University of Denver s Graduate Tax Program, where he teaches Partnership Taxation. Prior to joining Duff & Phelps LLC, James was a partner with the Denver office of the law firm of Bartlit Beck Herman Palenchar & Scott, LLP, where he specialized in partnership taxation, merger and acquisition structuring, and advising clients on a wide variety of other federal income tax matters, including fund formations, alternative energy tax credit monetization transactions, tax shelter promoter audits, and golden parachute issues. James received his J.D. from the University of Virginia School of Law and his B.A. from the University of Pennsylvania. Duff & Phelps
37 Matthew Jaimes Director, Real Estate Advisory Group Matthew Jaimes is a director in the Detroit office and is part of the Real Estate Services Group in charge of the firm's cost segregation services. He has more than 19 years of cost segregation and construction cost consulting experience. Matthew has extensive experience analyzing a wide variety of building types and has successfully completed and defended cost segregation analyses ranging in project costs of $500,000 to $2.75 billion. His experience includes analyses of casinos, hotels and resorts, office buildings, light and heavy manufacturing facilities, biopharmaceutical facilities, corporate headquarters, banks, restaurants, assisted living and nursing homes, retail outlets and malls, sports and recreation facilities, warehouse distribution facilities, golf courses, hospitals and medical office buildings. He has also served as an expert witness in construction related disputes. Duff & Phelps, LLC Detroit Matthew.Jaimes@duffandphelps.com Matthew's engagement highlights include providing support for Internal Revenue Service inquiries and audits of cost segregation analyses of hotels, casinos, manufacturing and office facilities ranging in costs of up to $500 million; conducting cost segregation analyses to support depreciation method changes under Rev. Proc and its predecessors; managing research and development embedded cost analyses where certain construction costs were identified and expensed as IRC Section 174 R&E expenditures; and conducting several due diligence and cost audits of construction costs up to $1 billion. Prior to working in the cost segregation field, Matthew worked as a project architect and construction supervisor with a design/build firm and as a construction manager with a real estate developer. Matthew received his M.B.A. in real estate finance from the University of Southern California and his B.S. in architecture from the University of Michigan. He represented Duff & Phelps as a founding member of the American Society of Cost Segregation Professionals. He is also a member of the National Trust for Historic Preservation. Duff & Phelps 37
38 Gregory Burkart Managing Director, Tax Services Greg Burkart is a managing director in the Detroit office and is the leader of the Site Selection and Incentives Advisory Practice. Greg specializes in structuring and negotiating government-sponsored economic development incentives packages on behalf of his clients. Over the past few years, Greg has managed projects with capital investment exceeding $10.1 billion for which he has obtained $3.2 billion of incentives for his clients. Greg received his B.S. in economics, with honors, from Spring Hill College in Mobile, Alabama and his J.D. from St. Louis University. He also has been a visiting adjunct professor at Michigan State University's Land Policy Institute in East Lansing, Michigan where he participated in the study, "Changing the Past or Investing in Our Future." Greg is a distinguished member of Area Development magazine's Editorial Advisory board. In addition, he has advised four governors about their transition plans and economic development policies as well as testified in front of joint sessions of the Texas and Michigan Legislatures. Engagement Highlights: Duff & Phelps, LLC Detroit Gregory.Burkart@duffandphelps.com After conducting a 26-state site search, our team negotiated an incentive package for a manufacturer. The project created 1,200 jobs and entailed new capital investment of $750 million. The state and local community offered incentives valued at $195 million of which $85 million was cash grants and cash-equivalents. After a site search involving 20 states, our team negotiated an incentive package for a manufacturer. The project created 700 new jobs and entailed a capital investment of $440 million. The state and local community offered incentives valued at $120 million of which $55 million was cash grants and cash-equivalents. Our team assisted a large manufacturer of lithium ion batteries. The project created 400 jobs and entailed a capital investment of $290 million. Our team helped the company negotiate state incentives of $125 million which served as leverage for an additional $145 million of grant dollars from federal sources. Duff & Phelps 38
39 For more information about our global locations and services, please visit: About Duff & Phelps Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues. Our clients include publicly traded and privately held companies, law firms, government entities and investment organizations such as private equity firms and hedge funds. We also advise the world s leading standard-setting bodies on valuation and governance best practices. The firm s nearly 2,500 professionals are located in over 70 offices in 20 countries around the world Duff & Phelps, LLC. All rights reserved. DP M&A advisory, capital raising and secondary market advisory services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory, capital raising and secondary market advisory services in the United Kingdom are provided by Duff & Phelps Securities Ltd. (DPSL), which is authorized and regulated by the Financial Conduct Authority. M&A advisory and capital raising services in Germany are provided by Duff & Phelps GmbH, which is a Tied Agent of DPSL. Valuation Advisory Services in India are provided by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the Securities and Exchange Board of India.
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