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Houlihan Lokey

From Alfawiki
Houlihan Lokey, Inc.
Company typePublic
IndustryInvestment banking, Financial services
PredecessorHoulihan Lokey Howard & Zukin
Founded1972; 54 years ago (1972)
FounderRichard Houlihan, O. Kit Lokey
Headquarters
Century City, Los Angeles
,
United States
Area served
Worldwide
ProductsMergers and acquisitions advisory, capital raising, restructuring and distressed M&A advisory, fairness opinions, financial and valuation consulting
OwnerPublic shareholders
Number of employees
2,700+ (2024)
Websitewww.hl.com

Houlihan Lokey, Inc. stands as a globally recognized, independent investment bank and financial services firm based in the United States. Established in 1972, its headquarters are located at Constellation Place in Century City, Los Angeles, California. The company offers advisory services to publicly traded entities, privately owned businesses, institutions, and governmental bodies. Its principal offerings encompass mergers and acquisitions, capital raising solutions, restructuring and distressed M&A advisory, fairness opinions, as well as financial and valuation consulting. By December 2024, Houlihan Lokey's workforce comprised more than 2,700 professionals around the globe.

1970s

Founded initially as Houlihan Lokey Howard & Zukin in Los Angeles in 1972, the firm was created by Richard Houlihan and O. Kit Lokey, both formerly with PricewaterhouseCoopers. Robert "Bob" F. Howard joined the partnership in 1974, followed by James H. Zukin two years later. At its inception, the company focused on providing broad business advisory services primarily to privately held enterprises.

The enactment of the Employee Retirement Income Security Act (ERISA) in 1974 significantly increased the need for independent valuations of private firms, especially those with employee stock ownership plans (ESOPs). This development was instrumental in establishing Houlihan Lokey’s valuation practice.

1980s

In 1986, Kenneth Friedman launched and assumed the presidency of Houlihan Lokey’s investment banking broker-dealer division to deliver M&A advisory and capital raising services focused on middle-market clients. By 1987, the rise of financial distress linked to leveraged transactions created demand for restructuring advisory services. The firm acquired Cheviot Capital Corporation and under the leadership of Jeff Werbalowsky and Irwin Gold developed a top-tier global financial restructuring practice.

During the wave of mergers and leveraged buyouts in this period, prominent Wall Street firms sought Houlihan Lokey’s independent valuation expertise for fairness opinions, solvency assessments, and ESOP valuations. The firm advised on deals surpassing $100 billion and expanded its valuation services to include estate planning. New offices were established in New York City, San Francisco, and Chicago throughout this decade.

1990s

Throughout the late 1980s and into the 1990s, Houlihan Lokey broadened its footprint across the United States by opening eight additional offices. In 1995, it enhanced its information services division through acquiring Mergerstat, a publishing company specializing in three decades of M&A research.

2000s

The firm inaugurated its first overseas office in London in 2001 while simultaneously expanding its industry group platform and private equity coverage to align with evolving investment banking trends. In 2002, it played an advisory role for creditors during significant bankruptcies including WorldCom, Enron, and Conseco.

Further expansion into Europe saw new offices opened in Paris (2005) and Frankfurt (2006). To address growing international demand for middle-market investment banking services, Houlihan Lokey merged with Orix USA in 2006. Its entrance into Asian markets came with offices launched in Hong Kong and Tokyo in 2007, soon followed by Beijing.

The firm notably advised Lehman Brothers’ creditors amidst its high-profile bankruptcy proceedings in 2008.

2010s

In 2010, Houlihan Lokey acquired a minority interest in Avista Advisory Group and established offices in Mumbai and Singapore to deepen its presence across Asia.

The acquisition of Milestone Advisors in 2013 strengthened its Financial Institutions Group while launching an Illiquid Financial Assets practice broadened advisory capabilities into specialized asset disposition.

Between 2014 and 2015, the firm completed several acquisitions: ArchPoint Partners; consulting firm Bridge Strategy Group; MESA Securities focusing on digital media; London-based McQueen Ltd.; and Continental European investment bank Leonardo & Co., which added locations in Rome and Milan.

A significant milestone occurred with Houlihan Lokey’s initial public offering on the NYSE under the ticker HLI in August 2015, marking a pivotal point in its corporate evolution and financial trajectory.

Subsequent acquisitions included Black Stone IP (2017), Quayle Munro Limited (2018) which specializes in data and analytics advisory, and BearTooth Advisors (2018), enhancing strategic advisory services tailored for alternative investment managers.

Toward the end of 2019, Houlihan Lokey further extended its European presence by acquiring Spain’s Fidentiis Capital along with Freeman & Co., thereby reinforcing its corporate finance and financial institution advisory practices respectively.

2020s

In August 2020, Houlihan Lokey enhanced its advisory services through the acquisition of MVP Capital. The firm further broadened its consumer sector expertise by purchasing the boutique advisory firm Baylor Klein in July 2021. Subsequently, in October 2021, Houlihan Lokey strengthened its foothold in Asia and Europe by acquiring GCA Corporation, a prominent technology advisory company.

February 2023 marked the addition of Oakley Advisory to Houlihan Lokey’s portfolio. Later that year, in December 2023, the firm expanded its IT services and Business Services Group with the acquisition of 7 Mile Advisors. In May 2024, the purchase of Triago augmented the Capital Solutions Group and private capital advisory offerings.

Expansion continued in October 2024 with the integration of Prytania Solutions Ltd. (PSL), which enhanced both the Financial and Valuation Advisory practices and extended European operations. By December 2024, Houlihan Lokey further diversified its advisory expertise and increased market penetration through acquiring Waller Helms Advisors alongside Park Sutton Advisors.

Industries

Houlihan Lokey serves a wide array of sectors including Business Services, Consumer, Energy, Financial Services, Healthcare, Industrials, Real Estate, Lodging and Leisure, as well as Technology.

Recognition

As of 2024, Houlihan Lokey holds the position as the leading investment bank for global M&A deals and has maintained its status as the foremost M&A advisor within the United States for ten consecutive years. The firm also ranks number one worldwide for restructuring advisory over an eleven-year span and has led in M&A fairness opinions for twenty-five years. It consistently ranks among the Top 10 Most Active Global M&A Advisors according to LSEG and PitchBook.

Office locations

See also

External links

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