Buyout at Duff & Phelps: The management...

Buyout at Duff & Phelps: The management of Duff & Phelps, an investment research firm, has purchased the Chicago company from its employee stock ownership plan for $128.5 million in cash. Freeman Spogli & Co., a Los Angeles merchant banking concern, participated in the deal, company officials said Wednesday. No changes are expected to be made in the company’s management or operations, according to Kenneth Bodenstein, senior vice president. Duff & Phelps, which has offices in Los Angeles, Chicago, Cleveland and Washington, reported $36 million in revenue last year.