Houlihan Lokey Mounts European Offensive with Key Hires for Distribution M&A

FRANKFURT, Germany – February 03, 2026 – Global investment bank Houlihan Lokey has made a decisive move to capture a larger share of Europe's burgeoning specialty distribution market, hiring a veteran team from competitor Baird to establish a new, dedicated practice in Frankfurt. The appointments of Philipp Widmann as Managing Director and Henning Stoltze as Director signal an aggressive expansion of the firm's industrials group and a strategic bet on a sector fueled by e-commerce, automation, and intense consolidation pressure.

Widmann and Stoltze, who both join from Baird where they spent over a decade focused on business-to-business distribution deals, will be tasked with building out Houlihan Lokey's European coverage. Their arrival is a clear statement of intent, designed to link the firm's market-leading U.S. distribution advisory with a new European hub, creating a powerful transatlantic platform for cross-border M&A.

A Strategic Play for a Growing Market

This expansion is not happening in a vacuum. It represents a calculated step in Houlihan Lokey's broader strategy to deepen its European footprint and sector-specific expertise. The move follows other recent high-profile additions, including Géraud Estrangin in Paris to cover aerospace and defense, underscoring a concerted effort to build out its European Industrials Group.

By targeting specialty distribution, the firm is tapping into a dynamic and resilient segment of the economy. The European logistics market is forecast to grow by nearly $50 billion by 2029, while the global industrial distribution market is projected to exceed $11.5 trillion by 2031. This growth is driven by powerful tailwinds, including the explosive expansion of B2B e-commerce, which is expected to reach over €1.7 trillion in Europe by 2025, and increasing investment in factory automation.

In the press announcement, Houlihan Lokey's leadership framed the hires as a direct response to this opportunity. Bill Peluchiwski, Global Head of Industrials, called the appointments an “important milestone,” adding that they are “indicative of our belief in the continued growth of the European specialty distribution market.”

The decision to establish the team in Frankfurt is also highly strategic. As the industrial heart of Europe's largest economy, Germany provides a critical vantage point over a dense ecosystem of privately owned and mid-market distribution businesses—many of which are facing generational succession challenges or the need to scale up to compete in a digital-first world. These are precisely the conditions that fuel a vibrant M&A market.

Frank Merkel, Co-Head of Industrials, Europe, emphasized this point, stating, “Hiring seasoned advisors of their profile materially enhances our expertise in specialty distribution, at a time of sustained momentum in Europe.”

The Talent Wars in Niche Finance

The recruitment of an established team from a direct competitor highlights a critical trend in modern investment banking: the 'war for talent' is increasingly fought on the battlefield of niche expertise. In a complex market, generalist advice is no longer sufficient. Clients demand advisors with deep, granular knowledge of their specific sector, its unique drivers, and its key players.

Widmann and Stoltze bring exactly that. Having spent the majority of their careers focused on this one area at Baird, they possess the kind of specialized experience and network of relationships that can take years, or even decades, to build. Their departure represents a significant blow to Baird's European distribution practice and a major coup for Houlihan Lokey.

This focus on specialized talent is a core part of Houlihan Lokey's identity. The firm has built its reputation on providing deep subsector expertise, a strategy that has helped it become the top-ranked M&A advisor for global industrials transactions under $5 billion, having advised on 71 deals in 2025 alone.

As Mr. Widmann himself noted in his official statement, the firm's “unmatched depth of sector expertise, global reach, and collaborative culture provide a unique platform to deliver best-in-class solutions for clients.”

Unlocking Value in a Fragmented Landscape

The European specialty distribution sector is ripe for advisory work. Unlike more consolidated industries, it remains highly fragmented, with countless family-owned businesses, regional champions, and niche players. This fragmentation creates a fertile environment for the buy-and-build strategies favored by private equity firms, which have become increasingly active in the space.

These financial sponsors are drawn to the sector's resilient cash flows, pricing power, and the opportunity to drive value through professionalization, digitalization, and strategic acquisitions. To execute these strategies, they need advisors who understand the nuances of valuing and integrating distribution businesses. Houlihan Lokey's new team is positioned to serve this exact need.

Furthermore, the pressures of digitalization, supply chain resilience, and sustainability are forcing companies to rethink their operations, often leading to strategic divestitures or a search for partners with greater scale. This creates a steady flow of M&A opportunities that require sophisticated, cross-border advisory.

By establishing a dedicated team, Houlihan Lokey is building a bridge between North American and European markets. Reed Anderson, the firm's Co-Head of Specialty Distribution, commented on the ambition to establish “a global platform that delivers enhanced advisory expertise and access across both continents.” For a U.S. company looking to enter the European market, or a European family business seeking a global partner, a firm with dedicated, on-the-ground teams on both sides of the Atlantic offers a compelling advantage.

This integrated approach aims to unlock opportunities that might otherwise be missed, providing clients with a wider pool of potential buyers, sellers, and strategic partners. As the global economy continues to navigate geopolitical shifts and supply chain transformations, the ability to provide seamless cross-border advice in critical industrial sectors is becoming an increasingly powerful differentiator for investment banks. The firm's strategic investment in talent and geographic presence demonstrates a clear plan to lead the advisory field in this evolving market.