HOULIHAN LOKEY Business Summary

Houlihan Lokey (HLI) operates as a premier global investment bank specializing in mergers and acquisitions, capital markets, financial restructuring, and valuation advisory. The firm generates revenue primarily through transaction-based success fees earned upon the completion of M&A deals or restructuring mandates, supplemented by fixed retainer fees and hourly charges for valuation and fairness opinion services. Its business is structured into three primary segments: Corporate Finance, which focuses on mid-market M&A; Financial Restructuring, where it holds the perennial #1 global ranking; and Financial and Valuation Advisory, providing independent technical valuations and financial opinions. In the competitive landscape, Houlihan Lokey competes directly with Lazard, Evercore, Moelis & Company, and PJT Partners. The firm maintains a unique market position as the dominant leader in the global mid-market segment, consistently ranking as the top M&A advisor for transactions under $1 billion while rivaling bulge-bracket firms in restructuring volume. Founded in 1970 by Richard Houlihan and Kit Lokey, the firm is currently led by Chief Executive Officer Scott Adelson, who transitioned into the role in 2024 after decades of leading the firm’s Corporate Finance division. The leadership team includes Co-Chairmen Scott Beiser and Irwin Gold, both of whom were instrumental in the firm’s 2015 public listing and its evolution into a global powerhouse. Lindsey Alley serves as the Chief Financial Officer, overseeing global financial operations and strategic acquisitions. The firm’s governance is supported by a board of directors featuring industry veterans like David Preiser and independent members such as Andrea Wing. Houlihan Lokey’s ownership structure is characterized by significant institutional backing from major asset managers including The Vanguard Group and BlackRock, reflecting market confidence in its specialized advisory model and counter-cyclical restructuring expertise.