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Beginnings 1972-1982
How it Began
O. Kit Lokey and Richard Houlihan form
Houlihan & Lokey, Inc.
Robert F. Howard joins to form Houlihan Lokey
& Howard, Inc.
James H. Zukin joins to form Houlihan Lokey Howard & Zukin, Inc.
The firm launches the Valuation Study Group; the first topic is ESOPs.
The firm begins to market its valuation services in the Estate
Planning arena, specifically estate freezes.
Era of Emergence
1982-1992
Expansion
San Francisco office opens
The firm advises on more than
$100 billion in transactions.
The firm pioneers the market for Solvency Opinions.
Investment banking division is established to
provide Corporate Finance services.
Houlihan Lokey begins assembling its
Financial Restructuring Group.
New York office established  
Financial Valuation: Businesses and Business Interests, a
leading textbook for financial professionals is published.
Expanding Role
1992-2002
Achievements
Advises on $4.35 billion in deals making first
appearance on Top 20 M&A advisory rankings*
The firm acquires Mergerstat, a publishing company with a 30-year
history as the analytical leader in M&A research, from Merrill Lynch.
No. 1 M&A Fairness Opinion Advisor in the U.S.**
No. 1 M&A Advisor for Transactions Under $100 Million*
The firm advises the official creditors’ committees in the then three
largest bankruptcies of all time: WorldCom, Enron and Conseco.
Growth & Leadership
Joining Forces
2002-2012
 International expansion
begins
No. 1 M&A Advisor for U.S.
Transactions Under $1 Billion*
The Financial Sponsors
Coverage Group is established. 
The Board of Directors elects Scott L. Beiser and
Jeffrey I. Werbalowsky as Co-CEOs and appoints
Robert Hotz as Head of Investment Banking.
Sovereign Advisory Services Group is launched,
focusing on debt management and restructuring, and
other advisory services to sovereigns.
Irwin Gold and Robert Hotz are appointed as
Co-Chairmen of the firm.
The firm enhances its ability to provide debt financing solutions with the addition of Libra Securities.
No. 1 Global Investment Banking
Restructuring Advisor*
The firm acquires Red Pine Advisors,
strengthening its capabilities in the valuation
of complex illiquid securities.
 The Real Estate Strategic Advisory Group is formed
to address deal activity in healthy and distressed
real estate.
 Houlihan Lokey presents “Restructuring
the Troubled Municipality”
No. 1 M&A Advisor for U.S.
Transactions Under $3 Billion*
No. 1 Global M&A Fairness Opinion
Advisor Over the Past 10 Years*
The firm expands into India and
Singapore through a strategic minority
investment in Avista Advisory.
2011 Awards
No. 1 M&A Advisor for U.S.
Transactions Under $1 Billion*

No. 1 Global M&A Fairness Opinion
Advisor Over the Past 10 Years*

No. 1 Global Investment Banking
Restructuring Advisor*

The firm launches a Private Growth Equity
Capital practice.
 
Houlihan Lokey significantly expands its financial services coverage with the acquisition of Milestone Advisors.   
2012 Awards
No. 1 M&A Advisor for U.S.
Transactions Under $3 Billion*
No. 1 Global M&A Fairness Opinion Advisor
Over the Past 10 Years*
No. 1 Global Investment Banking
Restructuring Advisor*
QUICKNAV

Sources: *Thomson Reuters; **Mergers & Acquisitions Journal.

*Some rankings noted above were awarded by Securities Data Corp. and Thomson Financial, now known as Thomson Reuters.

1972-1982 How it Began

Houlihan & Lokey, Inc. is founded in Los Angeles in 1972 with the purpose of providing independent ideas and trusted advice. For more than four decades, we’ve depended on these core values and strengths to chart our course of steady growth.

Our clients have come to rely on our leadership, expertise, integrity and resolve to develop opportunities in all financial climates.

1972

Houlihan Lokey opens its doors in 1972 to provide valuation, accounting and financial services to privately-held companies, including financially distressed companies.

Two years later the U.S. Congress passes the Employee Retirement Income Security Act (ERISA) setting the stage for Employee Stock Ownership Plans (ESOPs)—creating a new market within the valuation field in which the firm quickly becomes a pioneer.

1982-1992 Expansion

The firm begins to expand into additional geographies and services, while remaining committed to a set of principles that ultimately serve as the keys to its success:

  • Maintain the independent nature of the firm’s
    opinions and never “sell a number”;
  • Remain specialized;
  • Identify new services before they exist; and
  • Create an employee-owned organization that
    provides shared responsibility, mutual respect,
    and helps foster thoughtful, caring advice to
    clients while acting with honor and integrity.
 
1983

With the firm's increasing success, Houlihan Lokey opens a San Francisco office, its first expansion from Southern California.

Mid-1980s

Wall Street’s largest investment banking firms call on Houlihan Lokey’s independent valuation expertise in fairness, solvency and ESOP opinions during the surge of merger, acquisition and leveraged buyout transaction activity.

1988

Houlihan Lokey establishes its New York office, expanding its network into the heart of the world’s financial center.

1992-2002 Achievements

As Houlihan Lokey advances into investment banking and financial restructuring it begins to work on some of the largest transactions of all time. The firm is recognised for its achievements and its rankings begin to climb.

2002-2012 Joining Forces

Mid-2000 Houlihan Lokey agrees to join forces with ORIX Corp., a leading integrated financial services group headquartered in Tokyo, in a move that will expand Houlihan Lokey’s financing strength and global capabilities. The firm continues to operate under its name and existing management.

Throughout this decade, Houlihan Lokey accelerates its growth through a variety of strategic acquisitions and hires, expanding its offerings and securing its position as one of the world’s leading investment banks.

2002

Houlihan Lokey begins its international expansion by opening an office in London (2002) and follows with the establishment of the Paris (2005) and Frankfurt (2006) offices. And in 2007, the firm establishes a presence in Asia with offices in Hong Kong and Tokyo.

2002

The Financial Sponsors Coverage Group, focused on private equity, hedge funds, and pension services, is established, offering clients high-quality deal flow, financial advice, private market financing and restructuring capabilities as well as unique access to key partners.

2011

Observing deal activity pick up in both healthy and distressed real estate, the firm forms the Real Estate Strategic Advisory Group to focus on merger and acquisition advisory, capital raising and other strategic advisory mandates for public and private real estate companies, lenders and investors.

2011

Recognizing substantial municipal distress on both cost and revenue fronts across the U.S., Houlihan Lokey develops and presents a case study titled "Restructuring the Troubled Municipality" in various markets, including Los Angeles, New York, and Chicago, focusing on the challenges facing financially distressed local governments.

2011 Awards

  • No. 1 Overall Employee Satisfaction — Vault
  • Investment Banking Firm of the Year — M&A Advisor’s International Awards
  • Valuation Firm of the Year — M&A Advisor’s International Awards
  • Global Restructuring Adviser of the Year — International Financing Review
  • EMEA Restructuring Adviser of the Year — International Financing Review

2011 Awards & Rankings

  • No. 1 Overall Employee Satisfaction — Vault
  • Investment Banking Firm of the Year — M&A Advisor’s International Awards
  • Valuation Firm of the Year — M&A Advisor’s International Awards
  • Restructuring Adviser of the Year — International Financing Review
  • EMEA Restructuring Adviser of the Year — International Financing Review

Milestone Acquisition

More Than Triples Firm’s Financial Institutions Coverage Capabilities

Founded in 2001, Milestone exclusively focused on financial services clients across the depository institution, specialty finance (including mortgage, commercial and consumer finance), distressed real estate, and financial technology sectors. Milestone has been ranked the No. 1 advisor for all U.S. specialty finance M&A transactions in 2012, according to SNL Financial. Read the press release.  

2012 Awards

  • No. 1 Satisfaction — Vault
  • Best Loan Restructuring House — EuroWeek
  • Investment Banking Firm of the Year — The M&A Advisor’s International Awards
  • Industrial Goods and Basic Resources Deal of the Year – Acquisition of Ferretti S.p.A. by Weichai Group Holdings Limited — The M&A Advisor’s International Awards
  • EMEA Restructuring Deal of the Year for eircom — International Financing Review
  • Best Global Corporate Restructuring House — Euromoney
  • Americas Restructuring Deal of the Year - Capmark Financial Group’s $21 Billion Recapitalization — The Banker’s Deals of the Year Awards 2012
  • Asia-Pacific Restructuring Deal of the Year - Centro Retail Group—The Banker’s Deals of the Year Awards 2012