Houlihan Lokey to Acquire Triago, Creating a Worldwide Private Equity Services Powerhouse

NEW YORK, December 21, 2023 (Newswire.com) - Leading private equity advisory firm Triago signed a definitive agreement on December 20, 2023 to be acquired by Houlihan Lokey, Inc. (NYSE: HLI), the global investment bank. The deal is expected to close in the first half of 2024, following customary regulatory approvals.

Founded in Paris in 1992 as one of the world’s first private equity placement agents, and with a 50-person staff operating from offices in New York, San Diego, London, Paris and Dubai, Triago will join with Houlihan Lokey’s Private Funds Group (“PFG”), creating a fully integrated global operation and the market-leading private capital advisory platform.

Antoine Drean, Triago founder and Chairman, will become Chairman Emeritus in the expanded Houlihan Lokey Private Funds Group while Triago’s Global CEO, Matt Swain, will become Head of Direct Placements and Secondaries in the PFG unit. Following the completion of the transaction, the merged private equity advisory activities will operate under the Houlihan Lokey name.

“Everything that this acquisition achieves for both parties boils down to providing better client service,” said Drean. “That’s the best way to ensure the long-term expansion of our already fast-growing private equity advisory teams.” “Merging with Houlihan Lokey means we can offer every conceivable financial service that a private equity fund manager or an investor might need or could desire,” said Swain. “Like us, Houlihan Lokey has an entrepreneurial culture and they operate in our sweet spot in terms of deal size.”

Founded in Los Angeles, California in 1972, Houlihan Lokey is a leader in corporate finance, financial restructuring, and valuation services. In 2022, the firm ranked as the #1 investment banking advisor for all global M&A transactions under US$1 billion. Houlihan Lokey also has established itself as a premier advisor to the financial sponsor and alternative assets community, with a dedicated Financial Sponsors coverage team, global private Capital Markets group, Private Funds Group, and valuation and other services dedicated to serving hundreds of financial sponsors, hedge funds, credit managers, and others in the alternative capital space.

“We could not be more excited to bring the Triago team on board, allowing us to deliver a truly comprehensive suite of world-class services to both general and limited Partners. With PFG’s newly expanded capabilities alongside our outstanding Capital Markets advisory team, our deep Financial Sponsors coverage group, and other partners across the firm, allied with the client-centric focus of our firm, we are now better-positioned than ever to serve Private Capital clients, and are now among the absolute best advisors in this increasingly important asset class,” said Scott Adelson, Co-President and Co-Head of Corporate Finance at Houlihan Lokey.

“As a result of this consolidation, we will be the only fully-integrated advisory platform offering clients Primary, Secondary, Directs and GP Advisory services on a global basis,” said Andy Lund, Co-Head of Houlihan Lokey’s Private Funds Group. “Of particular note, we’re integrating Triago’s private equity Directs team, the largest of its kind in the world, in what’s widely considered the fastest growing space in private equity.” Direct private equity transactions focus on an identified asset and are organized outside of traditional blind-pool funds or co-investment programs. They typically offer greater influence and agency to investors than traditional funds or more passively structured co-investments.

In the past five years, Triago has grown across all its business lines, which include capital raising for funds and directs; private equity secondary transactions (both sales of limited partner-owned stakes and general partner-led deals); and strategic advisory (mostly manager M&A or other forms of capital raising against management company equity). 

About Triago - With offices in New York, London, Paris, Dubai and San Diego, Triago provides capital raising services, secondary transaction advisory, and strategic solutions for general partners and limited partners seeking to optimize success in the global private equity market. Founded in 1992 as one of the first PE fund placement agents, Triago has completed over 200 fundraisings and over 30 direct financings on six continents. Triago has advised on the transfer of more than 3,500 PE fund stakes on the secondary market on behalf of some 200 clients across the world. The group has also undertaken more than 50 strategic advisory mandates for general partners and limited partners looking to launch, boost or restructure PE operations. Triago’s fastest growing and largest business today is private equity directs. http://www.triago.com

About Houlihan Lokey - Houlihan Lokey Inc, (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and financial and valuation advisory. Houlihan Lokey serves corporations, institutions, and governments worldwide with offices in the Americas, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. The firm is the No. 1 investment bank for global M&A transactions under $1 billion, the No. 1 M&A advisor for the past eight consecutive years in the U.S., the No. 1 global restructuring advisor for the past nine consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 25 years, all based on number of transactions and according to data provided by Refinitiv. 

Triago Advisors

Financial - Keefe, Bruyette & Woods, a Stifel Company

Legal – Willkie Farr & Gallagher; Mayer Brown

Source: Triago