Restructuring firm MCR has been taken over by US listed financial advice company Duff & Phelps Corporation.
The New York Stock Exchange-lised firm has taken over MCR, which has an office on Newhall Street, Birmingham, and turned over £21 million last year.
Duff & Phelps said the acquisition “significantly expands” its presence in Europe and enhances the firm’s global restructuring advisory practice.
The terms of the deal for MCR, which has a total of 150 employees, including offices in London and Manchester, were not disclosed.
Noah Gottdiener, chief executive officer at Duff & Phelps, said: “For more than ten years, MCR has maximised recovery for stakeholders in insolvent businesses by generating innovative solutions to business problems.
“Our new colleagues bring enormous credibility, strong relationships and impressive scale to a key part of the European market where Duff & Phelps has long been pursuing strategic expansion. Further, the MCR team will work collaboratively with Duff & Phelps’ existing team in Europe to deliver a more robust offering of technical expertise and sound advice to clients.”
Andrew Stoneman, managing partner at MCR, said: “All of us at MCR are excited about the prospect of building the business with Duff & Phelps, as this allows us to offer a more dynamic and broader range of services to our clients.
“It’s an exciting time to take advantage of the synergies between our two like-minded organisations, as restructuring advisory services are needed across the United States and Europe. Acting together, we are also well-positioned to assist with cross-border situations and to help clients navigate business environments that span multiple industries, geographies and regulatory systems.”