Los Angeles-based Houlihan Lokey has agreed to acquire Freeman, which specialises in M&A, to expand footprint in investment banking services to asset and wealth management companies
Image: Constellation Place, the global headquarters of Houlihan Lokey. Photo: Courtesy of Minnaert/Wikipedia.org.
Los Angeles-based investment bank and financial services company Houlihan Lokey has agreed to acquire independent advisory firm Freeman & Co for an undisclosed amount.
Founded in 1991 by its chairman Jim Freeman, the New York-based advisory firm focuses exclusively on the financial services sector, offering advisory on mergers and acquisitions, capital raising and other investment banking advisory services.
The advisory firm claims to have represented domestic and international clients and completed more than 100 M&A and private placement transactions throughout the financial services sector.
Some of the recent transactions that were advised by Freeman include the ETC’s acquisition by PEAK6, Petsky Prunier’s acquisition by Canaccord Genuity, Janney’s acquisition of FIG Partners, and Mercury Capital Advisors’ announced acquisition by Investcorp.
The deal is expected to add substantial coverage of broker-dealers and expand Houlihan Lokey’s footprint in offering investment banking services for asset and wealth management companies and other related financial services sectors. The transaction is expected to close before this calendar year-end following regulatory approval.
Houlihan Lokey co-president and corporate finance co-head Scott Adelson said: “Freeman has an exceptional track record of advising clients across the spectrum of financial services.
“In addition to their deep expertise and history of success, they possess a reputation for integrity and a single-minded, solutions-oriented client philosophy that align perfectly with Houlihan Lokey’s corporate culture, which we view as a critical element of any successful acquisition. We’re delighted that they have joined the firm.”
Freeman will become part of Houlihan Lokey’s global Financial Institutions Group (FIG)
With the deal, Freeman investment banking team will become part of Houlihan Lokey’s global Financial Institutions Group (FIG), with Gagan Sawhney and Eric Weber joining as managing directors, and Jim Freeman as a senior advisor.
Sawhney said: “This transaction allows us to provide our clients with access to Houlihan Lokey’s global network and suite of products and services while continuing to deliver fiercely independent advice, which is an essential element of our service offering across the sector.”
The acquisition is expected to strengthen Freeman’s ability to serve both broker-dealers and traditional asset and wealth managers, while adding to Houlihan Lokey’s existing coverage efforts in speciality finance, where it has been in a leading position for more than 20 years, among other sectors.
With the addition, the company’s FIG team will now have more than 60 bankers located across four offices around the world.