DBRS Ltd., the Toronto-based ratings firm, has hired Perella Weinberg Partners LP to explore strategic alternatives including a sale of the company, according to a person with direct knowledge of the matter.
Owner Walter Schroeder, who founded the company in 1976 and is now in his 70s, is seeking a sale or a partner for DBRS as part of estate planning, the person said today. Private equity firms are among potential bidders, said the person, who asked not to be identified as the matter hasn’t been made public.
DBRS has offices in Toronto, Chicago, New York and London and employs about 400 people. It has a 2 percent share in the credit ratings market dominated by Moody’s Investors Service and Standard & Poor’s.
Stephen Bernard, a spokesman for DBRS in New York, declined to comment on a potential sale, first reported by Reuters earlier today. Perella Weinberg spokeswoman Kara Findlay declined to comment.