NEW YORK -- Investment firm Duff & Phelps Corp. on Tuesday said it has acquired Growth Capital Partners, a Houston-based investment bank, for an undisclosed amount.
Duff & Phelps, based in New York, said the deal helps it to expand its operations in the Southwest. The company specifically cited Growth Capital's experience in energy and oilfield services as a key part of its appeal.
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Growth Capital Partners was founded in 1982. In addition to its main office in Houston, it operates in Austin, Texas, Dallas and Greenwich, Conn. It has about 20 staffers.
John T. McNabb II, a founder and the chairman of Growth Capital Partners, will join Duff & Phelps as vice chairman of its investment banking practice. Growth Capital President and CEO David W. Sargent, who was also a founder, will lead the combined firms' investment banking activity in the Southwest.
Duff & Phelps in recent months has added individuals in several key areas and made a few acquisitions, including buying New York-based Dynamic Credit Partners U.S. business and Houston-based June Consulting Group in December.
The company earned $16.8 million, or 60 cents per share, in 2010, up 45 percent from 2009.
In morning trading, Duff & Phelps shares slipped 18 cents, or 1.4 percent, to $12.80. The stock has traded between $9.92 and $17.69 in the past 52 weeks.