US-based investment bank Houlihan Lokey has signed an agreement to buy Freeman & Co, an independent advisory firm headquartered in New York, for an undisclosed amount.
With this acquisition, Houlihan Lokey will be able to serve broker-dealers and traditional asset and wealth managers.
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The deal is expected to close by the end of this year, subject to regulatory nod.
Freeman focuses on the financial services industry. It offers a range of services including advice on mergers and acquisitions, capital raising along with other advisory services in investment banking.
The company has represented domestic and international clients in over 100 M&A and private placement transactions since its inception in 1991.
Upon deal completion, the Freeman investment banking team will integrate with the global Financial Institutions Group (FIG) of Houlihan Lokey.
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By GlobalDataGagan Sawhney and Eric Weber will assume the role of managing directors. Freeman founder Jim Freeman will become a senior adviser as part of the deal.
The Houlihan Lokey FIG team will have a banker headcount of over 60 spread out across four locations after the acquisition.
Houlihan Lokey co-president and corporate finance co-head Scott Adelson said: “Freeman has an exceptional track record of advising clients across the spectrum of financial services.
“In addition to their deep expertise and history of success, they possess a reputation for integrity and a single-minded, solutions-oriented client philosophy that align perfectly with Houlihan Lokey’s corporate culture, which we view as a critical element of any successful acquisition.”
In May last year, Houlihan Lokey took over BearTooth Advisors, an independent advisory firm based in the UK.
