Deloitte Corporate Finance LLC (DCF) is a registered broker
dealer that offers investment banking advisory services to large
and midsized companies. It specializes in sales and
divestitures; acquisitions, joint ventures and alliances; capital
raising; and corporate development advisory. DCF serves
clients across numerous major industries, including aerospace and
defense, automotive, business services, consumer business,
financial services, food and beverage, general industrials, life
sciences and health care, manufacturing, metals, plastic, paper and
packaging, and retail.
DCF is a wholly owned subsidiary of Deloitte Financial Advisory
Services LLP (FAS), which is a subsidiary of Deloitte LLP, the
American member firm of Deloitte Touche Tohmatsu-a global
accounting and consulting network with operations in over 140
countries. The U.S. member firm has offices in 80 cities
nationwide. Other units of FAS are valuation services,
reorganization services, and forensic and dispute services.
FAS contributes approximately 5 percent of Deloitte's overall
revenue. That leaves FAS behind Deloitte's audit, tax and
consulting businesses, but DCF has carved out its own niches.
The corporate finance unit's specialty is the middle market,
focusing on deals worth $25 million to $500 million.
Although Deloitte is a giant-it's not called the Big Four for
nothing-DCF operates as a boutique within the conglomerate.
At the same time, DCF can draw on Deloitte's extensive resources,
including Deloitte Tax, Deloitte Consulting, FAS and the Chinese
Services Group of Deloitte & Touche USA (which assists on
China-related cross-border deals). DCF national managing
director Bob Coury also holds the position of principal at Deloitte
& Touche, and sits on the FAS executive committee. There
are five DCF offices in the U.S. (Detroit headquarters, plus New
York, Chicago, Dallas and Los Angeles).
William and George
The Deloitte behemoth was born in 1849, when Great Western Railway,
a British joint stock firm, hired local accountant William Welch
Deloitte to conduct an audit of its business. This was a
novel idea at the time, but soon other public companies followed
Great Western's lead. George A. Touche opened his own audit
and accounting firm in London in 1898, moving his office to New
York two years later. There, Touche and partner John Niven
built up their business, taking advantage of America's new business
regulations and income tax laws.
By the end of the 1960s, Touche, Niven became Touche Ross, and
William Deloitte's eponymous firm was operating as Deloitte Haskins
Sells. The two firms merged in 1989, creating Deloitte &
Touche, a full-service firm that offered consulting and advisory as
well as accounting services. In 1993, Deloitte & Touche
realigned itself as a Swiss verein, a membership organization in
which each member firm operates as a separate, independent legal
entity. Deloitte Touche Tohmatsu (DTT) became the
international umbrella name for Deloitte member firms around the
world-a nod to Tohmatsu & Company, which had become part of
Touche Ross in 1975.