Acquisition Substantially Enhances Firm’s Coverage Capabilities in Insurance and Wealth Management Sectors, Doubling Size of Financial Services Group

Houlihan Lokey, Inc. (NYSE:HLI), the global investment bank, has agreed to acquire Waller Helms Advisors (Waller Helms), an independent advisory firm that provides investment banking services to clients in the insurance and wealth management sectors. The transaction, signed on August 6, 2024, confirms Houlihan Lokey as the premier investment banking advisor in these sectors and underlines the firm’s leadership across the global financial services sector. The deal is expected to be completed before December 31, 2024, following regulatory approvals.

Founded in 2014, Chicago-based Waller Helms provides advisory services in connection with mergers and acquisitions, private capital raising, and valuation services, advising clients primarily in the insurance and wealth management sectors. Since its founding, the firm has advised on more than 230 transactions with over $40 billion of aggregate value. Recent notable transactions include the sale of Century Equity Partners’ portfolio company, DOXA Insurance, to Goldman Sachs Asset Management; The Mather Group’s recapitalization by The Vistria Group; and BenefitMall’s sale to Truist Financial Corporation (NYSE:TFC) on behalf of the Carlyle Group (NASDAQ:CG).

Waller Helms’ nearly 50 financial professionals, including 13 Managing Directors, will join Houlihan Lokey’s Financial Services Group. James Anderson, Chief Executive Officer of Waller Helms, will join as a Managing Director and Global Co-Head of the Financial Services Group alongside Jeffrey Levine, Global Head of Financial Services. In addition, John Waller and David Helms, Co-Founders of Waller Helms, will also join as Managing Directors to further support and enhance the firm’s coverage efforts for its clients across the financial services sector. The acquisition adds financial professionals in Chicago, New York, Miami, and the greater Atlanta area.

“The addition of this talented group of bankers is highly complementary to our Financial Services platform, adding meaningfully to our current coverage capabilities across numerous subsectors within insurance and wealth management. On a combined basis, the Group is now the number one advisor to clients in the insurance and wealth management sectors. We are delighted that the Waller Helms team is joining Houlihan Lokey and I look forward to partnering with James to lead the new team, now comprising nearly one hundred financial professionals,” said Mr. Levine.

On a pro forma basis, and according to data from LSEG, the new combined group now ranks as the No. 1 advisor for all global M&A transactions in 2023 in the insurance sector; the asset management sector, including wealth management; and the financial services sector, excluding depositories.

“As we discussed a possible combination, it became clear that Houlihan Lokey shares our dedication to deep sector expertise and more importantly, a fierce dedication to client success,” said Mr. Anderson. “It is this cultural compatibility and client-first ethos that makes this combination so compelling, and we’re excited to work with our new colleagues at Houlihan Lokey and continue delivering superior outcomes to clients.”

“The addition of the Waller Helms team is exemplary of our desire to provide our clients with the greatest depth of sector expertise in the midcap space, alongside our market-leading private capital expertise, extensive relationships among financial sponsors, and other services,” said Larry DeAngelo, Global Co-Head of Corporate Finance.

“Over the past ten years, we have built a talented and passionate team and have had the honor to assist incredible, best-in-class clients on industry-leading transactions. Houlihan Lokey is the ideal home for our team and clients to thrive for years to come,” said Mr. Waller.

“The strength of Houlihan Lokey’s global platform and our shared philosophies on collaboration and attracting and developing the best talent in the industry has us truly excited about our collective opportunity,” said Mr. Helms.

“We have known the Waller Helms team for many years, and their long track record of success in financial services advisory is truly impressive. We look forward to introducing our new partners to our global client base as we continue to grow and enhance our service offering in Corporate Finance,” said Jay Novak, Global Co-Head of Corporate Finance.

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 all global M&A transactions, the No. 1 M&A advisor for the past nine consecutive years in the U.S., the No. 1 global restructuring advisor for the past ten 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 LSEG (formerly Refinitiv).

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