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Houlihan Lokey

#1575

Rank

$11.18B

Marketcap

US United States

Country

Houlihan Lokey
Leadership team

Mr. Irwin N. Gold (Exec. Chairman)

Mr. Scott Lee Beiser (CEO & Director)

Mr. David A. Preiser (Co-Pres, Sr. MD of Financial Restructuring Group & Director)

Products/ Services
Banking, Finance, Financial Services, Impact Investing
Number of Employees
1,000 - 20,000
Headquarters
Los Angeles, California, United States
Established
1972
Company Registration
SEC CIK number: 0001302215
Net Income
100M - 500M
Revenue
Above - 1B
Traded as
HLI
Social Media
Overview
Location
Summary
Houlihan Lokey, Inc., an investment banking company, provides merger and acquisition (M&A), capital market, financial restructuring, and financial and valuation advisory services worldwide. It operates in three segments: Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory. The Corporate Finance segment offers general financial advisory services; and advises public and private institutions on buy-side and sell-side transactions, leveraged loans, private mezzanine debt, high-yield debt, initial public offerings, follow-ons, convertibles, equity private placements, private equity, and liability management transactions, as well as advise financial sponsors on various transactions. The Financial Restructuring segment advises debtors, creditors, and other parties-in-interest related to recapitalization/deleveraging transactions. It also provides a range of advisory services, including structuring, negotiation, and confirmation of plans of reorganization; structuring and analysis of exchange offers; corporate viability assessment; dispute resolution and expert testimony; and procuring debtor-in-possession financing. The Financial and Valuation Advisory segment offers valuations of various assets, such as companies, illiquid debt and equity securities, and intellectual property. It also provides fairness opinions in connection with M&A and other transactions, and solvency opinions in connection with corporate spin-offs and dividend recapitalizations; and other types of financial opinions. In addition, this segment offers dispute resolution services. It serves corporations, institutions, and governments. The company was incorporated in 1972 and is headquartered in Los Angeles, California with offices in the United States, Europe, the Middle East, and the Asia-Pacific region.
History

1970s

Houlihan Lokey, previously known as Houlihan Lokey Howard & Zukin, was co-founded in Los Angeles in 1972 by Richard Houlihanand O. Kit Lokey, both of whom left PricewaterhouseCoopers to start the company. Co-founders Robert "Bob" F. Howard joined the company in 1974, followed by James H. Zukin in 1976. The company started as a provider of general business advisory services to privately held companies.

The 1974 passage of the Employee Retirement Income Security Act launched the firm’s valuation business by creating demand for independent valuations of private businesses, particularly those that had formed employee stock ownership programs.

1980s

In 1986, Kenneth Friedman founded and became President of Houlihan Lokey’s investment banking broker dealer to provide M&A advisory services and to raise debt and equity financing. Friedman formed the investment bank to provide Wall Street level expertise to the expanding investment banking demands of Houlihan Lokey’s clients and other middle market companies. By 1987, many of the highly leveraged transactions completed earlier in the decade were starting to exhibit signs of financial distress. Accordingly, a market was developing for financial restructuring advisory services. To position itself to serve this market, the investment banking broker-dealer purchased Cheviot Capital Corporation in 1987 and, led by Jeff Werbalowsky and Irwin Gold, began assembling what would become an active, dominant, worldwide financial restructuring group.

With the surge of mergers, acquisitions, and leveraged buyouts, Wall Street’s large investment banking firms began calling on Houlihan Lokey for independent valuation expertise in fairness, solvency, and employee stock ownership plan opinions. The firm advised on transactions valued at more than $100 billion during this period. The firm also started to offer estate planning valuation services. In addition, the firm opened several offices in the 1980s in New York City, San Francisco, and Chicago.

1990s

Houlihan Lokey opened eight offices across the U.S. in the 1980s and 1990s as it expanded. In 1995, to grow its information services division, Houlihan Lokey acquired Mergerstat, a publishing company with a 30-year history in analytical M&A research, from Merrill Lynch.

2000s

In 2001, Houlihan Lokey launched its first non-U.S. office by expanding into London. It also expanded its industry group platform and private equity coverage program in keeping with investment banking trends.

In 2002, Houlihan Lokey advised the official creditors committees in three large bankruptcies: WorldCom, Enron, and Conseco.

In 2005, the firm opened a Paris office.

In 2006, the firm opened a Frankfurt office. Also in 2006, Houlihan Lokey agreed to merge with Orix USA, the U.S. corporate lending operations of ORIX Corp. of Japan, to address the growing international demand for middle-market investment banking services.

In 2007, Houlihan Lokey expanded into Asia, opening offices in Hong Kong and Tokyo. Within the next three years, the firm also opened an office in Beijing.

In 2008, Houlihan Lokey advised the creditors of Lehman Brothers.

2010s

In 2010, Houlihan Lokey bought a sizable minority stake in Avista Advisory Group, giving the firm offices in both Mumbai and Singapore.In 2013, Houlihan Lokey expanded its Financial Institutions Group through the acquisition of Milestone Advisors. The firm also launched the Illiquid Financial Assets practice to advise on the sales of assets such as stakes in loan pools, life settlements, minority positions, pharmaceutical royalties, and operating leases.In 2014, Houlihan Lokey acquired ArchPoint Partners.In 2015, Houlihan Lokey acquired management consulting firm Bridge Strategy Group, digital media and entertainment focused investment bank MESA Securities, London-based consumer-focused firm McQueen Ltd., and operations of the Continental European investment bank Leonardo & Co. Also in 2015, Houlihan Lokey acquired the investment banking operations of Leonardo & Co. NV in Germany, the Netherlands, and Spain, and became a minority partner in a joint venture with the management team of Leonardo in respect to Leonardo’s investment banking operations in Italy. This gave the firm offices in both Rome and Milan. On August 13, 2015, Houlihan Lokey completed its initial public offering, beginning trading as HLI on the NYSE.In January 2017, Houlihan Lokey acquired Black Stone IP, a leader in Tech+IP advisory work.In January 2018, Houlihan Lokey acquired Quayle Munro Limited, an independent advisory firm focused on providing corporate finance advisory services to companies in the data & analytics sector. In May 2018, the firm acquired BearTooth Advisors, an independent advisory firm that provided strategic advisory and placement agency services to alternative investment managers.

2020s

In 2021, Houlihan Lokey acquired GCA Corporation, a top technology advisory firm.

Mission
We help our clients achieve superior outcomes by providing thoughtful, caring advice while acting with honor and integrity. We are strategic in our approach to growth and are committed to creating lasting value for our shareholders. We maintain an intellectually stimulating, fair, and fun place to work. We seek to improve our local and global communities through the responsible and direct actions of our firm and its people.
Vision
Our vision is to be the leading global independent advisor to companies and other stakeholders facing complex financial, strategic, and transaction-related challenges.
Key Team

Mr. Scott Joseph Adelson (Co-Pres, Sr. MD of Corp. Fin. Group & Director)

Mr. J. Lindsey Alley (MD & CFO)

Mr. Matthew Mazzucchi (Financial Restructuring MD and Co-Head of Power & Utilities Group)

Mr. Michael Boone (Director of Financial Restructuring Group)

Mr. Arik Rashkes (Managing Director of Financial Institutions Group)

Mr. Faiz Vahidy (VP)

Mr. Jason Abt (Managing Director of Investment Banking)

Recognition and Awards
Houlihan Lokey has been named the No. 1 M&A advisor in the United States and globally for three out of the last four years, and been awarded numerous industry accolades including 'Investment Bank of the Year' for four consecutive years by The Global M&A Atlas.
References
Houlihan Lokey
Leadership team

Mr. Irwin N. Gold (Exec. Chairman)

Mr. Scott Lee Beiser (CEO & Director)

Mr. David A. Preiser (Co-Pres, Sr. MD of Financial Restructuring Group & Director)

Products/ Services
Banking, Finance, Financial Services, Impact Investing
Number of Employees
1,000 - 20,000
Headquarters
Los Angeles, California, United States
Established
1972
Company Registration
SEC CIK number: 0001302215
Net Income
100M - 500M
Revenue
Above - 1B
Traded as
HLI
Social Media