Houlihan Lokey Expands Energy Sector Footprint with Intrepid Acquisition — Houlihan Lokey, Inc.

Event summary

Houlihan Lokey (NYSE:HLI) to acquire Intrepid Financial Partners for energy sector advisory expansion, closing expected by September 30, 2026.
Intrepid's 34 financial professionals will join Houlihan Lokey’s Oil & Gas Group, bringing total team size to over 70 globally.
Combined entity advised on 23 U.S. Energy and Power M&A transactions in 2025 (per LSEG data).
Intrepid's founders Skip McGee and Chris Winchenbaugh will take senior roles in Houlihan Lokey’s Oil & Gas leadership.

The big picture

This acquisition strengthens Houlihan Lokey's position as a comprehensive energy advisor, particularly in upstream, midstream, and alternative energy sectors. The deal comes amid a seller's market characterized by volatility and significant capital deployment, suggesting strategic timing to capture market opportunities. The combined entity aims to offer superior capabilities across the entire oil and gas industry spectrum.

What we're watching

Market Timing: Whether Houlihan Lokey can capitalize on current energy sector volatility and pricing dislocations through this acquisition.
Integration Risk: The pace at which Intrepid's team and capabilities will be fully integrated into Houlihan Lokey’s existing operations.
Competitive Positioning: How this acquisition affects Houlihan Lokey’s standing against other energy-focused investment banks in the M&A advisory space.