Press Release

HOULIHAN LOKEY ANNOUNCES OFFICER-LEVEL PROMOTIONS

2012-05-16T00:00:00-04:00

Press Release

LOS ANGELES – May 16, 2012 – Houlihan Lokey, an international investment bank, today announced the following promotions:

Managing Director

Gijs de Reuver – Financial Restructuring
William Hood – Corporate Finance
Gavin Kagan – Financial Restructuring
Manuel Martinez-Fidalgo – Financial Restructuring
Reid Snellenbarger – Financial Restructuring
Todd Strassman – Financial Advisory Services

Director
Oscar Aarts – Financial Advisory Services
Michael Boone – Financial Restructuring
Helen Cheng – Financial Advisory Services
Michael Coster – Corporate Finance
Luca Crenna – Corporate Finance
Christopher Foley – Financial Restructuring
Daniel Hoverman – Corporate Finance
Ranon Kent – Corporate Finance
Geoffrey Ligibel – Corporate Finance
Andrew Proctor – Financial Advisory Services
Thomas Seward – Financial Restructuring
John Song – Corporate Finance
Craig Tessimond – Corporate Finance
Terry Treemarcki – Financial Advisory Services
Dimitar Voukadinov – Financial Restructuring
David Wang – Corporate Finance
Malte Wulfetange – Financial Restructuring

Senior Vice President
Michael Bett – Financial Advisory Services
Matthew Bowersox – Corporate Finance
Hal Byer – Financial Sponsors Coverage
Nathan Court – Financial Restructuring
Dennis Kawachi – Corporate Finance
Timothy Larsen – Corporate Finance
Jeffrey Lewis – Financial Restructuring
Dan O’Donnell – Financial Advisory Services
Alexey Raskin – Financial Restructuring
Arun Reddy – Financial Restructuring
Jan Reichenbach – Financial Advisory Services

Vice President
Randolph Chao – Corporate Finance
Stephan Chischportich – Financial Restructuring
Geoffrey Coutts – Financial Restructuring
Anne Davey – Financial Restructuring
Greg Demory – Corporate Finance
Jason Feintuch – Financial Restructuring
Karan Garg – Corporate Finance
Christopher Glad – Financial Advisory Services
Benjamin Gurvitz – Financial Restructuring
Michael Hoagberg – Corporate Finance
Yuka Itami – Financial Advisory Services
Harry Kang – Corporate Finance
Douglas Keller – Corporate Finance
Michael Leyba – Financial Advisory Services
Jorge Villen – Financial Restructuring
Michael Repka – Corporate Finance
Javier Restrepo – Financial Restructuring
Austin Smith – Financial Advisory Services
Elisabeth Wadsworth – Financial Restructuring

Administrative
Michael Sharp – Vice President
Synthia Rios – Administrative Vice President

“Please join me in congratulating our colleagues on these well-deserved promotions,” said Scott Beiser, Co-Chief Executive Officer of Houlihan Lokey. “They have all distinguished themselves in personally enhancing our franchise value through their hard work and stellar performance.”

Houlihan Lokey Hires Growth Equity Expert Joshua Tanzer to Help Extend Investor Relationship Universe for Private Companies

2012-05-02T00:00:00-04:00

Press Release

LOS ANGELES – May 2, 2012—Houlihan Lokey, an international investment bank, today announced that Joshua Tanzer has joined the firm as Managing Director and Head of the Private Growth Equity Capital practice. In this capacity, he will help raise growth capital for private companies in mid-stage to late-stage (mezzanine), profitable or near-term profitable, as well as pre-IPO rounds. In the span of his 25-plus year career, Mr. Tanzer has produced more than $5 billion of venture gains for investors from transactions he has agented.

“Equity markets have begun to show some signs of improvement in the first quarter of 2012 with investors demonstrating a renewed sense of confidence,” said Scott Adelson, Senior Managing Director and Global Co-Head of Corporate Finance. “Josh brings a wealth of experience working with fund managers and institutional investors in raising growth equity for private companies. We’re delighted to welcome him to the team as we continue to expand our investor relationship universe for clients across all industries and sectors.”

“Houlihan Lokey has a proven track record of engineering and executing financings in a variety of market conditions,” commented Mr. Tanzer. “I look forward to leveraging my expertise in growth equity transactions to provide clients with creative and innovative solutions that help them achieve their strategic and financial objectives.”

Previously, Mr. Tanzer served as a managing director in Morgan Keegan’s Technology Group, where he advised on more than $200 million in growth equity transactions. Prior, he was a managing director at Lazard Freres & Co., where he raised $175 million of private equity capital for Virgin America, the largest amount of private equity raised for a de novo airline. Before joining Lazard, he founded and operated Principia Capital Group, focused on clients in the technology and digital media industries. Principia was responsible for raising Vonage Holdings’ private equity capital and also sold the wireless data division of Vivendi Universal, Moviso. Prior to forming Principia, he was global head of Private Equity for CSFB's Technology Group (formerly DMG Tech Group). The group completed 85 transactions and raised approximately $5.4 billion.

Mr. Tanzer is a Certified Management Accountant and received a B.S. in accounting from the University of Denver. He currently serves on the Board of P.S. Arts, an arts education program for Title 1 schools in Los Angeles.

HOULIHAN LOKEY ACTS AS FINANCIAL ADVISOR TO APPLIED EXTRUSION TECHNOLOGIES, INC.

2012-04-05T00:00:00-04:00

Press Release

Houlihan Lokey was recently announced as financial advisor to Applied Extrusion Technologies, Inc. (AET Films) in their agreement to be acquired by Taghleef Industries.

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HOULIHAN LOKEY ANNOUNCED AS FINANCIAL ADVISOR IN CONNECTION WITH THE ACQUISITION OF AIRBORNE, INC.

2012-04-02T00:00:00-04:00

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Houlihan Lokey was recently announced as financial advisor to Schiff Nutrition International, Inc. in their recent strategic acquisition.

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HOULIHAN LOKEY ANNOUNCED AS FINANCIAL ADVISOR TO JPS INDUSTRIES, INC.

2012-03-16T00:00:00-04:00

Press Release

Houlihan Lokey was recently announced as financial advisor to JPS Industries, Inc., engaged to help explore potential strategic alternatives for the company.

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Houlihan Lokey Continues Expansion of Industrials Group with Timothy Steffen

2012-03-07T00:00:00-05:00

Press Release

Bolsters Industrials with Extensive Experience in the Building Materials and Forest Products Sectors

NEW YORK – March 7, 2012—Houlihan Lokey, an international investment bank, today announced that Timothy Steffen has joined as a Managing Director within its global Industrials Group. Mr. Steffen, previously co-head of the Americas Industrials Practice as well as the European Industrials Practice at Nomura Securities in New York and London, will help bolster the firm’s efforts in the Building Materials and Forest Products sectors.

“Tim has a proven track record of building lasting relationships globally and his extensive experience in M&A, capital raising and restructuring will be a great addition,” said Bill Peluchiwski, Senior Managing Director and Co-Head of the Industrials Group. “Our Industrials Group is one of the largest and most active in the market and Tim’s appointment reinforces our growth trajectory.”

Commenting on the hire Jim Lavelle, Managing Director and Co-Head of the Industrials Group said, “Tim is a seasoned banker with excellent market knowledge and insights in these sectors. Financial sponsors and corporate clients are delighted with his strategic thinking and range of transaction experience. We are pleased to add another banker of Tim’s caliber to our team as we increase our capabilities in this area.”

Prior to his position at Nomura, Mr. Steffen was a Managing Director at Lehman Brothers, Inc. in London and New York. “I’m excited to join Houlihan Lokey and further help develop and manage relationships with a broad-based set of companies that are important to the firm’s global Industrials franchise,” said Mr. Steffen. “I look forward to working closely with Bill and Jim to provide the firm’s corporate and financial sponsor clients with comprehensive capital raising and financial advisory services.”

Mr. Steffen began his investment banking career in the early 1990s and has held varying positions at Merrill Lynch & Co., Warburg Dillon Read LLC, and Morgan Stanley & Co., among others. He holds a B.A. in economics and English literature and an MBA from the University of Michigan.

Houlihan Lokey’s continued expansion of the Industrial Group includes the recent addition of Aaron Dannenberg, a Director in Capital Markets in the New York office. Mr. Dannenberg has more than 15 years experience–largely in the Industrials space–raising capital in support of corporate acquisitions, restructurings and refinancings, as well as sponsor-led leveraged buyouts. He spent most of his prior career at Citibank.

Houlihan Lokey’s Industrials Group has been ranked No. 1 for all U.S. industrials transactions for the past four years running by Thomson Reuters, including 2011. The group has more than 30 dedicated professionals located in New York, Chicago, Los Angeles, London, Frankfurt, Beijing, Hong Kong and Tokyo and is hosting its 7th Annual Global Industrials Conference in New York on May 10, 2012.

Houlihan Lokey Expands No. 1 Ranked Aerospace•Defense•Government Group; Hires Ryan O’Toole

2012-03-05T00:00:00-05:00

Press Release

LOS ANGELES — March 5, 2012 — Houlihan Lokey, an international investment bank, today announced that Ryan O’Toole has joined the firm as a Director in the Aerospace•Defense•Government (ADG) Group. Mr. O’Toole, formerly of Lazard, will be based in the firm’s Los Angeles office and report to Anita Antenucci, Senior Managing Director and Head of the ADG Group.

"Ryan’s track record of success is impressive. He has 12 years of focused experience in aerospace and defense and has long-standing relationships with leading aerospace companies. He has worked with privately-held entrepreneurs, leading private equity firms and publicly-listed companies such as industry giants Boeing Co. and Northrop Grumman Corp.,” commented Ms. Antenucci. “Houlihan Lokey has by far the deepest bench of seasoned bankers in the aerospace, defense and government sectors, and Ryan is an exceptional addition to the expertise and thought leadership we offer our clients.”

“I’m very excited to join Houlihan Lokey and look forward to being a part of one of the largest and most active dedicated group of aerospace and defense talent of any investment bank,” said Mr. O’Toole. “I hope to draw on my transactional experience and to build upon our leadership position in this vital segment of the global economy.”

Mr. O’Toole was most recently a director at Lazard Frères & Co. LLC. Before that, he spent seven years at Jefferies Quarterdeck, including multiple years as part of a team that included Ms. Antenucci and Warren Romine, a Director in Houlihan Lokey’s ADG Group. Throughout his investment banking career, Mr. O’Toole has advised on more than 40 deals, advising such clients as AmSafe, Decrane Aerospace, Remec, Primus International, and EaglePicher.

Prior, Mr. O’Toole played minor league in the Cincinnati Reds organization. He received his B.A. in economics from the University of California, Los Angeles.

Houlihan Lokey’s Aerospace•Defense•Government (ADG) Group has announced over 30 transactions in the past two years with an aggregate value of more than $5 billion. In 2011, Thomson Reuters ranked us the No. 1 M&A advisor for all U.S. aerospace, defense and government transactions. The group’s more recent selected transactions include the $1.88 billion sale of SRA International, Inc., for which the team was awarded the “Information Technology Deal of the Year” from the M&A Advisor; the sale of Heath Tecna to Zodiac Aerospace, S.A.; and the sale of DS3, a subsidiary of EADS North America, among others. The group is hosting its 10th Annual Aerospace•Defense•Government Conference “Opportunities in a Post-Election Environment” on November 8, 2012, in Washington, D.C.

STEPHEN WINNINGHAM JOINS HOULIHAN LOKEY AS CO-HEAD OF EUROPEAN CORPORATE FINANCE

2012-02-28T00:00:00-05:00

Press Release

LONDON – February 28, 2012 - Houlihan Lokey, an international investment bank, announced today that Stephen Winningham has joined as Managing Director and Co-Head of European Corporate Finance in the firm’s London office.

Mr. Winningham, formerly with Lloyds Banking Group, will work alongside Brian McKay, Managing Director and fellow Co-Head of European Corporate Finance, and will focus on further developing the firm’s European M&A and financing business. He will report to Scott Adelson and Robert Hotz, Senior Managing Directors and Global Co-Heads of the firm’s Corporate Finance business.

Mr. Winningham was recently head of Major Corporates at Lloyds Banking Group, overseeing the group’s coverage of U.K. and U.S. investment grade corporate clients. Prior to this, he was global head of Lloyds Banking Group’s Financial Institutions business.

“Stephen’s extensive international experience and proven track record in building client relationships will be instrumental in further enhancing our European and cross-border coverage,” said Scott Adelson. “Stephen’s appointment underlines our commitment to provide fully-integrated client focused advisory services to our corporate clients. He will be working closely with our sector and product specialists to build on the strong presence Houlihan Lokey has already created in the region,” added Robert Hotz.

“I’m delighted to join the firm at a time when there is an increasing need for independent strategic advice in the marketplace, which is something that Houlihan Lokey specializes in,” said Stephen Winningham. “I look forward to contributing to our growth strategy and further enhancing our client offering.”

Mr. Winningham brings with him three decades of experience in investment banking and commercial banking. Prior to Lloyds Banking Group, he was group head of the Asia Industrials and M&A groups at Salomon Brothers/Citigroup in Hong Kong. He also held leadership roles at Paine Webber Inc. and Kidder Peabody & Co. in New York (both now part of the UBS Group). He started his investment banking career at Drexel Burnham Lambert. Mr. Winningham holds a MBA from Columbia University and a bachelor’s degree from Colgate University in New York. He undertook additional graduate level studies in economics at New York University.

Houlihan Lokey Announces Closing of the Sale of Alacer Corp. to Pfizer Inc.

2012-02-27T00:00:00-05:00

Press Release

Serves as Exclusive Financial Advisor to Alacer

NEW YORK – February 27, 2012—Houlihan Lokey, an international investment bank, today announced the closing of the sale of Alacer Corp. to Pfizer Inc. Houlihan Lokey served as the exclusive financial advisor to Alacer, assisting with structuring and negotiating the transaction on their behalf. The sale will help expand Alacer’s accessibility to the global market, further building its leading dietary supplement business.

Alacer, headquartered in Foothill Ranch, Calif., is the manufacturer and marketer of Emergen-C, a health and wellness lifestyle brand that is well-known for its high quality, excellent tasting, naturally flavored and sweetened, nutritionally enhanced effervescent drink mixes. The Emergen-C brand is sold in the vitamin, mineral and supplement aisle at all leading U.S. retailers in the FDM and Health & Natural channels, including Walmart, Target, CVS, Walgreens, Whole Foods and Trader Joe’s, as well as in select retailers in Canada.

“We are excited to have advised Alacer on this particular business venture, assisting with developing, formulating and executing an appropriate strategy for the company,” said William Hood, Director, Consumer, Food & Retail Group in New York. “Houlihan Lokey continues to use its extensive experience, in-depth industry knowledge and relationships, as well as global reach to assist clients in achieving their strategic objectives.”

“Today marks the beginning of an exciting new chapter for Alacer and the Emergen-C health and wellness brand. It is a unique opportunity to join one of the world's top performing consumer healthcare businesses,” said Ron Fugate, President and CEO of Alacer. “By becoming part of Pfizer, we can access the resources and reach that will help us support healthy, active lifestyles across the globe.”

The transaction closed on February 27, 2012. Rutan & Tucker, LLP served as the legal advisor to Alacer.

Houlihan Lokey has a strong track record in the consumer, food and retail space and was ranked No. 1 for all U.S. Consumer, Food & Retail transactions in 2011 by Thomson Reuters.

HOULIHAN LOKEY FURTHER EXPANDS ITS TRANSACTION ADVISORY SERVICES PRACTICE

2012-01-24T00:00:00-05:00

Press Release

NEW YORK – January 24, 2012—Houlihan Lokey, an international investment bank, today announced that Sean Windsor has joined the firm as a Director in the New York office and is the latest hire into the Transaction Advisory Services (TAS) practice as part of its ongoing global expansion.

Mr. Windsor has more than 25 years of experience providing financial and operating transaction support and due diligence services to private equity firms, corporations, and financial institutions in connection with mergers and acquisitions and other transactions. He was previously a senior managing director in FTI Consulting’s Transaction Services practice. Prior to that, he was a director at PricewaterhouseCoopers LLP in their Transaction Services practice. In addition, during his career, Mr. Windsor has been an investment banker, an accounting manager in private industry and an auditor.

Commenting on the hire, Sam W. Clark, IV, Managing Director and Global Head of Houlihan Lokey’s TAS practice said, “Sean is a seasoned advisor with an extensive background in due diligence, identifying value drivers, and helping resolve potential obstacles critical to investment decisions. We are pleased to add him to our team as we continue to bolster our capabilities in this area.”

Mr. Windsor added, “Houlihan Lokey offers transaction advisory services from a unique platform and I’ve been extremely impressed with the rapid growth of their financial and tax due diligence practice over the past few years. I look forward to contributing to their continued expansion while helping a growing roster of clients to execute more successful acquisitions and investments.”

Houlihan Lokey’s recent senior hires into TAS include Jerry Schwartzman, who joined the firm from Duff & Phelps in June 2011 as a Director in the New York office and Head of M&A Tax Due Diligence Services as well as Andrew Deren and Bryan Walker who joined the practice in 2011 as Senior Vice Presidents in the Chicago and Washington, D.C. offices, respectively.

Steven Tishman Joins Houlihan Lokey as Global Head of the Mergers & Acquisitions Group

2012-01-10T00:00:00-05:00

Press Release

NEW YORK – January 10, 2012 – Houlihan Lokey, an international investment bank, announced today that Steven Tishman has joined as Global Head of the Mergers & Acquisitions Group. Mr. Tishman, formerly with Rothschild, Inc., will help spearhead Houlihan Lokey’s ongoing domestic and international expansion in Corporate Finance.

Mr. Tishman brings more than 25 years of experience to the position, including the past nine years as co-head of U.S. M&A at Rothschild. Prior to that, he held senior-level roles at Robertson Stephens, Inc., and Bear, Stearns & Co., Inc.

“Steven is clearly a seasoned investment banker who brings a strong set of M&A skills to our growing Corporate Finance business,” said Robert Hotz, Senior Managing Director and Co-Chairman of Houlihan Lokey. “He has a tremendous board-room presence and will serve our clients well as we continue to integrate and expand our domestic and global operations.”

Houlihan Lokey, a leading M&A advisor across numerous industries, launched its international expansion a decade ago in London, and has since established offices in Paris, Frankfurt, Hong Kong, Tokyo and Beijing. Since 2009, the firm has added more than 30 senior-level bankers to its domestic and international offices.

“Given the increasingly global nature of the M&A business, I am excited to join Houlihan Lokey’s strong international franchise,” Mr. Tishman said. “As we head into a new year, I look forward to ensuring that our clients continue to receive the full range of expertise and high-quality independent advice that they have come to expect from Houlihan Lokey over the past 40 years.”

Mr. Tishman holds an MBA in finance and an M.S. in accounting from New York University’s Graduate School of Business Administration, and an A.B. in history from Princeton University. He is a board member of Cedar Fair Entertainment Co. and previously served on the boards of Nautica, Claire’s Stores, and Odimo.

John Bautista Joins Houlihan Lokey’s Tax and Financial Reporting Valuation Practice

2011-12-01T00:00:00-05:00

Press Release

NEW YORK – December 1, 2011 – Houlihan Lokey, an international investment bank, announced today that John Bautista has joined the firm as a Director and Co-Head of Tax and Financial Reporting Valuation (TFR) for the U.S. Northeast region. Mr. Bautista, formerly with Ernst & Young, joins at a time when Houlihan Lokey is adding senior executives in key areas across the firm.

Mr. Bautista has more than 19 years of experience in corporate finance with an emphasis on the valuation of businesses, securities and intangible assets for tax and financial reporting purposes. Based in New York alongside Co-Head Oscar Aarts, Mr. Bautista will focus on the continued growth of Houlihan Lokey’s TFR practice among public companies, private companies and private equity firms across the Northeastern states.

“We are excited to add another key player to our tax and financial reporting valuation team,” said Managing Director Sam Clark, Co-Head of the firm’s TFR practice and Head of Transaction Advisory Services (TAS). “John’s expertise and experience strengthens our position as a leader in the valuation of tangible and intangible assets, and we are excited to provide clients with further dedicated resources to help meet their valuation needs from our unique investment banking platform.”

So far in 2011, Houlihan Lokey has hired senior executives in several growing business areas, including: Weimin Chen, Managing Director and Head of China operations; Jeffrey Altman, Managing Director in the Real Estate Strategic Advisory Group; Jerome M. Schwartzman, Director and Head of M&A Tax Due Diligence Services; and Oliver d’Oelsnitz, Managing Director and Head of the Financial Advisory Services group’s European Financial Institutions Coverage.

Mr. Bautista brings a broad range of experience in advisory services associated with mergers and acquisitions, including purchase price allocations, asset impairments, fairness opinions, carve-outs and divestitures, private equity and restructuring transactions.

Prior to joining Houlihan Lokey, Mr. Bautista was an executive director of Ernst & Young’s Transaction Advisory Services practice where he focused on technology, asset management, hospitality, retail, industrial products, telecom and other service sectors. He also held positions with GE Private Equity, Arthur Andersen and Panda Restaurant Group.

Mr. Bautista earned a B.S. in business administration with an emphasis in finance from the University of Southern California. He earned an MBA and graduated with honors from Columbia Business School. He holds the designation of Accredited Senior Appraiser with the American Society of Appraisers and is a Chartered Financial Analyst level III candidate.

HOULIHAN LOKEY LAUNCHES THIRD ANNUAL EUROPEAN GOODWILL IMPAIRMENT STUDY

2011-10-11T00:00:00-04:00

Press Release

Goodwill Impairment Write-Downs Are at Lowest Levels in Five Years—Is this Expected to Change in 2011?

Frankfurt and London - October 11, 2011: Houlihan Lokey, an international investment bank, today launched its annual European Goodwill Impairment Study for 2011-2012. The study shows that while the economic outlook across Europe remains distinctly uncertain, many companies have been reporting increasing profits, while others are still struggling with the repercussions of the financial crisis, yet their goodwill impairment levels remain surprisingly low. Of particular note is the fact that booked goodwill impairments for 2010 are at their lowest levels in five years.

Does this indicate a longer term change in goodwill impairment reporting practices? If so, how should it be viewed by those in the industries affected? Is the practice of maintaining market values below book values now considered acceptable to investors and other stakeholders in these industries? If this is not considered a long-term development, then how long is it anticipated to last, given the increasingly uncertain business environment that prevails across the region?

Houlihan Lokey’s European Goodwill Impairment Study 2011-2012 provides insight into goodwill impairment developments by industry and the issues that are contributing toward current goodwill impairment reporting practices.

Key findings:

STOXX Europe 600 Index companies spent a total of Euro 1.9 trillion on acquisitions (based on the purchase price paid during 2006 to 2010), which equals approximately 25% of their market capitalization as of December 2010.

While a total of Euro 187 billion was booked as goodwill impairment during the period 2006 to 2010, only Euro 14 billion was booked in 2010—the lowest we have ever observed.

In 2010, approximately 22% of the 600 companies analyzed still showed a high impairment risk (versus 24% in 2009). This is in contrast to the pre-crisis years of 2006 when only 7% of companies showed such an impairment risk.

Almost 60% of the goodwill impairment in 2010 was booked by just three industries: Banks, Energy, and Telecommunications. The latter two industries have faced their own specific challenges, resulting in high goodwill impairments.

As evidenced in Houlihan Lokey’s two preceding studies, five industries continue to show less than optimal impairment risk ratios, which were those closely connected to the financial crisis: Automotive, Banks, Insurance, Financial Institutions – Other, and Real Estate, Lodging and Leisure. The impairment risk for Banks worsened over the past year, which appears to indicate that maintaining market values below book values may now be considered acceptable.

Dr. Marc Hayn, Managing Director, Financial Advisory Services, and co-author of the study said, “Based on the total amount of goodwill impairments made in 2010, it could be concluded that most European corporates believe the impact of the recent financial crisis is now properly reflected in their accounts. However, around 22% of companies reviewed still show a book value of equity close to or above their market capitalization, which now seems to be an acceptable practice to them. But do investors agree? Would companies with higher impairment risks be viewed as an acceptable investment prospect to them? With this precedent now established, goodwill impairment tests could become more contentious.”

Sandy Purcell, Senior Managing Director, Financial Advisory Services, and co-author of the study, added, “It’s interesting to note that impairments are at their lowest levels in five years despite an overall downward movement in market capitalization levels. It’s also apparent that the issue of whether or not to make goodwill write-downs is closely connected to the individual decisions of the chief executives, and these executives are not keen on communicating goodwill impairments during a time of increasing uncertainty, even if their market capitalization is also in decline. This will present a growing challenge for them to manage in the longer term.”

Methodology and purpose of the study:

The European Goodwill Impairment Study 2011-2012 analyzes acquisition histories and goodwill impairment recorded by the 600 largest European companies listed on the STOXX Europe 600 Index between 2006 and 2010. The study’s findings provide insight into goodwill impairment developments across 18 major industries, and show the extent to which goodwill impairments are being recognized across each industry. It also provides executives with the ability to benchmark their companies against peers, as well as compare their industry against other industries’ results.

To access the full report, please click here.

Contact:

Dr. Marc Hayn, Houlihan Lokey: +49 69 256 246 128; MHayn@HL.com
Andrea Hewitt, Houlihan Lokey: +44 207 747 2744; AHewitt@HL.com
Dennis Moore, Houlihan Lokey: +1 310 788 5364

Oliver d’Oelsnitz joins Houlihan Lokey as Head of Financial Advisory’s European Financial Institutions Coverage

2011-09-08T00:00:00-04:00

Press Release

LONDON – September 8, 2011 – Houlihan Lokey, an international investment bank, today announced that Oliver d’Oelsnitz has joined as a Managing Director and Head of Financial Advisory’s European Financial Institutions Coverage. Mr. d’Oelsnitz will be a key member of the Financial Advisory Services business in London, advising financial institutions on asset valuation, regulatory risk management, liquidity, and asset and liability management issues.

Mr. d’Oelsnitz brings close to 30 years of investment banking and commercial banking experience to his new role, including senior-level positions at financial institutions throughout the United States and Europe. Most recently, he was a managing director at Pan American Financial Resources, the financial advisory subsidiary of a family office, where he was responsible for establishing a portfolio of funds in the real estate, infrastructure and debt sectors. He also advised, structured and arranged the capital structure for various corporate finance and large-scale infrastructure project finance transactions for the group and its partners.

Prior to this, he was a managing director and global head of Corporate Finance at WestLB AG in London. Mr. d’Oelsnitz previously spent 14 years in various leadership roles at DZ Bank in New York and Frankfurt.

“Financial institutions in Europe are facing greater challenges today than ever before. Consequently, as they re-think their business models, the need for understanding asset values and the different structuring solutions available to deal with current market dynamics and regulatory pressure is growing rapidly,” said E.W. (Sandy) Purcell, Senior Managing Director and Head of Houlihan Lokey’s international Financial Advisory Services business. “Oliver’s deep experience and knowledge of the European market will strengthen our team in Europe and significantly add to our global capabilities. We welcome him to the firm.”

“I am excited to be joining Houlihan Lokey during a time of growth and global expansion at the firm,” Mr. d’Oelsnitz said. “I look forward to providing both our existing and future financial institutions clients in Europe with the trusted advice and unique expertise that has come to be expected from this firm over the past 40 years.”

Mr. d’Oelsnitz spent the early years of his career at Salomon Brothers and Deutsche Bank. He earned an MBA from the University of Pennsylvania’s Wharton School of Business, as well as an M.A. in international studies. He received his B.A. in economics from the University of North Carolina, Chapel Hill. He is fluent in English, German and French.

Weimin Chen Joins Houlihan Lokey as Head of Investment Banking in China

2011-09-05T00:00:00-04:00

Press Release

BEIJING and HONG KONG – September 5, 2011 – Houlihan Lokey, an international investment bank, today announced that Weimin Chen has joined as a Managing Director and Head of China for the firm. Mr. Chen will be responsible for overseeing the firm’s investment banking business in the mainland China market. His role will include responsibility for the further development of the firm’s corporate finance, financial advisory and financial restructuring businesses. Previously, Mr. Chen was with Lazard China for more than four years, where he was general manager and director of Lazard’s Beijing office, responsible for the firm’s coverage efforts in China.

“Weimin’s appointment is a significant step in strengthening our China business,” said David Putnam, Managing Director and Head of Asia for Houlihan Lokey. “China is increasingly engaging in international M&A and capital raising transactions and Weimin’s arrival helps us better support our China clients in leveraging Houlihan Lokey’s platform globally as well as domestically, and he will significantly increase our ability to identify Chinese opportunities for our international clients.”

Mr. Chen added: “I am delighted to be joining Houlihan Lokey at a time when the firm is actively growing its presence in the Asia-Pacific region. I look forward to expanding the firm’s client base in China and I welcome both the challenge and opportunity to play such a key role in a global business with market leading positions across its focused investment banking service categories.”

During the past two decades, Mr. Chen has held senior roles at international and Chinese organizations. Prior to Lazard, he was the chief financial officer of Trina Solar Limited, an integrated solar panel manufacturer based in China, where he successfully managed the transition period from a privately owned company to a U.S.-listed public company. Previously, Mr. Chen worked at DBS Bank in Hong Kong, where he was responsible for leading the bank’s M&A business in China. He has also worked for ABN Amro Corporate Finance in Hong Kong and Barclays Capital in London. Mr. Chen started his career at Sinochem, a leading Chinese state-owned conglomerate, where he worked for seven years, primarily in its London office. Mr. Chen holds an MBA from London Business School and a bachelor’s degree in economics from the University of International Business and Economics in Beijing.

Houlihan Lokey launched its Asia presence in Hong Kong and since has expanded by establishing offices in Tokyo and Beijing. In July 2010, Houlihan Lokey established an on-the-ground presence in India and Singapore through a strategic minority investment in Avista Advisory Group, a 30-person investment banking firm headquartered in Mumbai. Houlihan Lokey offers a globally-integrated platform of investment banking services to clients located throughout Asia, the United States and Europe.

Jeffrey Altman Joins Houlihan Lokey’s Real Estate Strategic Advisory Group

2011-07-13T00:00:00-04:00

Press Release

July 13, 2011 – Houlihan Lokey, an international investment bank, announced today that Jeffrey Altman has joined the firm as a Managing Director in the newly formed Real Estate Strategic Advisory Group.

Mr. Altman, who spent the past 13 years at Lazard Ltd., will focus on merger and acquisition advisory, capital raising and other strategic advisory mandates for public and private real estate companies, lenders and investors.

“Jeff has a tremendous track record of exceptional client service in complex real estate transactions,” said Matthew Niemann, Managing Director and Head of Houlihan Lokey’s Real Estate Strategic Advisory Group. “As deal activity continues to pick up in both healthy and distressed real estate, Jeff’s expertise will be a valuable addition to our already strong team of advisors.”

Houlihan Lokey is the No. 1 M&A advisor for all U.S. real estate, lodging and leisure transactions, as well as the No. 1 investment banking restructuring advisor globally, according to 2010 rankings by Thomson Reuters. Houlihan Lokey’s board recently combined all of the firm’s real estate advisory services into one group, led by Mr. Niemann.

“We have strengthened our transactional real estate talent and combined them into one group to provide a broader array of services to our clients in the ever fluid area of real estate mergers, acquisitions, finance and restructurings,” said Robert Hotz, Senior Managing Director, Global Co-Head Corporate Finance and Co-Chairman of Houlihan Lokey.

Prior to joining Houlihan Lokey, Mr. Altman worked on more than $50 billion of real estate and lodging-related transactions, most recently advising Extended Stay Hotels and Highland Hospitality in their merger, acquisition and restructuring transactions. He has also advised Centro Properties, Starwood Hotels & Resorts, Mack-Cali Realty, Town and Country Trust and JDN Realty Corporation, among others.

“I am excited to be joining Houlihan Lokey at a time when the firm is expanding around the world,” said Mr. Altman. “My experience fits perfectly into the firm’s market-leading Real Estate Strategic Advisory Group and I look forward to growing the business.”

Mr. Altman joined Lazard in 1998. Prior to that, he was an associate in Arthur Andersen’s Corporate Finance Group. Mr. Altman is a member of the New York Hospitality Council, the National Association of Real Estate Investment Trusts and the International Council of Shopping Centers. He is a frequent speaker at real estate and lodging conferences. Mr. Altman earned a bachelor’s degree with honors and an MBA with highest honors from Washington University in St. Louis.

HOULIHAN LOKEY EXPANDS ITS TRANSACTION ADVISORY SERVICES PRACTICE

2011-06-15T00:00:00-04:00

Press Release

NEW YORK and CHICAGO – June 15, 2011 – Houlihan Lokey, an international investment bank, today announced that Jerome M. Schwartzman and Andrew Deren have joined the firm’s Transaction Advisory Services (TAS) practice as part of the group’s on-going expansion.

Mr. Schwartzman is a transactional attorney with a broad range of domestic, foreign and cross-border tax due diligence and tax structuring experience for both private equity and corporate clients. He joins the New York office as a Director and Head of M&A Tax Due Diligence Services. Previously, he initiated and led the M&A Tax Services Group at Duff & Phelps, where he managed due diligence teams and worked closely with corporate and tax counsel to resolve acquisition structure and deal issues.

Mr. Deren joins the Chicago office as a Senior Vice President, where he will focus on expanding Houlihan Lokey’s TAS efforts. Prior to joining Houlihan Lokey, Mr. Deren was a senior vice president in Mesirow Financial Consulting’s Corporate Recovery practice, specializing in distressed M&A. Prior to joining Mesirow Financial Consulting, he was a senior manager at Deloitte & Touche LLP in their M&A Transaction Advisory Services Group. He has extensive experience providing operational and financial due diligence, accounting structuring, evaluating carve out issues, human capital, systems and financial reporting aspects of transactions.

“We’re pleased to have Jerry and Andy join our team,” said Sam W. Clark, IV, Managing Director and Global Head of Houlihan Lokey’s Transaction Advisory Services practice. “The addition of these two seasoned transaction advisory professionals to our growing due diligence platform allows us to better serve our corporate and private equity clients across the globe. In particular, Jerry’s expertise in tax due diligence and structuring will prove especially valuable to clients as they struggle with complex tax issues related to potential buy- and sell-side transactions.”

“Houlihan Lokey has earned a strong international reputation as a leading investment banking, valuation and financial advisory firm,” Mr. Schwartzman said. “I’m excited to join the firm during a time of significant growth, and look forward to contributing to the expansion of the Transaction Advisory Services practice.” Mr. Deren added: “The combination of Houlihan Lokey’s dedicated industry model, transaction expertise and relationships with the private equity community allows the firm to offer a unique value proposition for advising on due diligence matters. I’m happy to be a part of the team.”

In addition to these new hires, David Sarfas, Senior Vice President, has transferred to Houlihan Lokey’s London office to support the firm’s TAS initiative for clients located across Europe as well as those making cross-border investments in European countries.

Houlihan Lokey to Host 6th Annual Global Industrials Conference in New York

2011-05-10T00:00:00-04:00

Press Release

May 19 Event Will Focus on Global Opportunities in a Revitalized Marketplace

NEW YORK – May 10, 2011 – Houlihan Lokey, an international investment bank, will hold its 6th Annual Global Industrials Conference on Thursday, May 19, 2011, at the Grand Hyatt Hotel in New York City.

This year’s event, hosted in partnership with Knight Capital Group, Inc. and Sidoti & Company, LLC will highlight global opportunities in a revitalized marketplace. Executives from high-performing industrial companies—both public and private—will showcase their businesses to an audience of more than 800 prospective financial, institutional and strategic investors.

The conference also will include two panel discussions—one dedicated to Mergers & Acquisitions and the other dedicated to Capital Markets. Panel discussions and public company presentations will be open to the press.

“Houlihan Lokey’s Global Industrials Conference is an excellent forum to build relationships, expand contacts and gain insight into successful growth strategies across several key industries,” said Bill Peluchiwski, Senior Managing Director and Co-Head of the Industrials Group at Houlihan Lokey. “The event provides a highly effective, one-day venue for capital providers and companies alike to meet and explore options.”

“Since last year’s conference, M&A activity has picked up and the capital markets have continued to rebound, so we have more positive, value creating developments to talk about now than we’ve had in quite a while,” said Jim Lavelle, Managing Director and Co-Head of the Industrials Group. “We expect the panel discussions to be particularly compelling in this environment.”

Houlihan Lokey’s Industrials Group is a leader in the financial services industry, ascending the league tables for the past several years. The group had a record year again in 2010 and was ranked the No. 1 M&A advisor for all U.S. industrial transactions by Thomson Reuters.

For more information about the conference, registration and presenting companies, please visit our Website at:

http://www.hl.com/conference/gic2011/registration/overview.asp

Houlihan Lokey and Alvarez & Marsal to Present Case Study ‘Restructuring the Troubled Municipality’ in Los Angeles, New York and Chicago

2011-05-26T00:00:00-04:00

Press Release

June Events to Focus on Challenges Facing Financially Distressed Local Governments

May 26, 2011 – Houlihan Lokey, an international investment bank, will unveil a new case study titled “Restructuring the Troubled Municipality” in a series of presentations next month in Los Angeles (June 2), New York (June 23) and Chicago (June 28). Houlihan Lokey representatives will be accompanied by co-presenters from Alvarez & Marsal, a global professional services firm, and by prominent finance and restructuring attorneys.

The case study explores the largely uncharted waters of municipal restructuring and offers a guide for successfully navigating through the inherently confrontational process involving civic officials, employee unions, bondholders, retirees, tax-paying citizens and other affected parties.

“Much has been written recently about the potential for government defaults, here and abroad, particularly for U.S. states and cities,” said Stephen Spencer, a Managing Director in Houlihan Lokey’s Financial Restructuring Group. “We are observing substantial municipal distress on both cost and revenue fronts across the country and, over the next decade, the odds are that we will encounter municipal defaults at levels greater than the astonishingly infrequent historical average.”

Kelly Stapleton, a Managing Director and a leader of the Fiduciary practice at Alvarez & Marsal, added: "The many elements of public distress we are seeing today are challenging traditional notions of what government can and must provide, and how embattled municipalities deal with these issues – and they all will need to – will require a combination of both financial and political discipline.”

Mr. Spencer will lead the case study presentations along with Houlihan Lokey Co-CEO Jeff Werbalowsky, in all three cities, delving into the contentious bankruptcy case of a fictional city, Portent Falls. Houlihan Lokey will be accompanied by co-presenters Bill Roberti, Managing Director and Head of the Public Sector Group at Alvarez & Marsal and Ms. Stapleton.

Joining Houlihan Lokey and Alvarez & Marsal will be attorneys from leading law firms in each location. Los Angeles and New York legal presenters will be Marc A. Levinson and John H. Knox from Orrick Herrington & Sutcliffe, LLP. Chicago legal presenters will be Matthew A. Clemente and Peter L. Canzano from Sidley Austin, LLP.

Houlihan Lokey is the No. 1 global investment banking restructuring advisor, according to the latest industry rankings by Thomson Reuters. The firm has advised clients in many of the largest, most complex restructuring deals of all time, including four of the five largest: Lehman Brothers, WorldCom, General Motors and CIT Group.

Alvarez & Marsal’s Public Sector Group provides specialized services to local, state and federal government agencies and education departments including: financial and operational performance improvement, turnaround management, grants management, program management, agency transformation, financial management, real estate and asset management, supply chain management and IT strategy/planning, among others.

For more information or to register for one of the presentations, please click on the link below. Attendance is complimentary and the events are open to the press.

Restructuring the Troubled Municipality – A Case Study
http://www.hl.com/register/municipalrestructuring2011

About Alvarez & Marsal

Alvarez & Marsal (A&M) is a global professional services firm specializing in turnaround and interim management, performance improvement, tax and business advisory services. A&M delivers specialist consulting, operational and industry expertise to management and investors seeking to overcome challenges, accelerate performance, and maximize value across the corporate and investment life cycles. Founded in 1983, A&M is known for its distinctive restructuring heritage, hands-on approach and relentless focus on execution and results.

Press Release

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HOULIHAN LOKEY FURTHER EXPANDS ITS TRANSACTION ADVISORY SERVICES PRACTICE

Steven Tishman Joins Houlihan Lokey as Global Head of the Mergers & Acquisitions Group

John Bautista Joins Houlihan Lokey’s Tax and Financial Reporting Valuation Practice

HOULIHAN LOKEY LAUNCHES THIRD ANNUAL EUROPEAN GOODWILL IMPAIRMENT STUDY

Oliver d’Oelsnitz joins Houlihan Lokey as Head of Financial Advisory’s European Financial Institutions Coverage

Weimin Chen Joins Houlihan Lokey as Head of Investment Banking in China

Jeffrey Altman Joins Houlihan Lokey’s Real Estate Strategic Advisory Group

HOULIHAN LOKEY EXPANDS ITS TRANSACTION ADVISORY SERVICES PRACTICE

Houlihan Lokey to Host 6th Annual Global Industrials Conference in New York

Houlihan Lokey and Alvarez & Marsal to Present Case Study ‘Restructuring the Troubled Municipality’ in Los Angeles, New York and Chicago

Houlihan Lokey Expands No. 1 Ranked Aerospace•Defense•Government Group; Hires Ryan O’Toole