Gordon Brothers Group’s valuation and advisory services division and AccuVal-LiquiTec have merged to form Gordon Brothers-AccuVal, an asset appraisal firm with 25 offices serving 18 countries.
Financial details of the merger weren’t disclosed. Together, the two companies conduct over $60 billion in appraisals annually. Ken Frieze, chief executive officer of Gordon Brothers Group, said AccuVal’s expertise in the commercial and industrial sectors is “the perfect complement to Gordon Brothers’ longstanding dominance in the retail and consumer industries.”
“Our combined capabilities are unmatched in terms of scale and expertise,” said Rick Schmitt, the co-founder of AccuVal who’s been named president of Grodon Brothers-AccuVal. “With Gordon Brothers’ $10 billion of annual dispositions backing us up, there is no equal.”
Ann Merrill and Frank Grimaldi, previously with the Gordon Brothers’ unit, become chief operating officer and national sales manager, respectively, of the new entity, which, they noted, has experience in sectors including textiles, retail, energy, technology and food processing.
Debt financing will be available through Gordon Brothers Finance Co., the company said.
Gordon Brothers-AccuVal will be headquartered in Gordon Brothers’ Boston office.