HL Press Feed

HOULIHAN LOKEY FURTHER EXPANDS ITS TRANSACTION ADVISORY SERVICES PRACTICE

Press Release

NEW YORK – January 24, 2012—Houlihan Lokey, an international investment bank, today announced that Sean Windsor has joined the firm as a Director in the New York office and is the latest hire into the Transaction Advisory Services (TAS) practice as part of its ongoing global expansion.

Mr. Windsor has more than 25 years of experience providing financial and operating transaction support and due diligence services to private equity firms, corporations, and financial institutions in connection with mergers and acquisitions and other transactions. He was previously a senior managing director in FTI Consulting’s Transaction Services practice. Prior to that, he was a director at PricewaterhouseCoopers LLP in their Transaction Services practice. In addition, during his career, Mr. Windsor has been an investment banker, an accounting manager in private industry and an auditor.

Commenting on the hire, Sam W. Clark, IV, Managing Director and Global Head of Houlihan Lokey’s TAS practice said, “Sean is a seasoned advisor with an extensive background in due diligence, identifying value drivers, and helping resolve potential obstacles critical to investment decisions. We are pleased to add him to our team as we continue to bolster our capabilities in this area.”

Mr. Windsor added, “Houlihan Lokey offers transaction advisory services from a unique platform and I’ve been extremely impressed with the rapid growth of their financial and tax due diligence practice over the past few years. I look forward to contributing to their continued expansion while helping a growing roster of clients to execute more successful acquisitions and investments.”

Houlihan Lokey’s recent senior hires into TAS include Jerry Schwartzman, who joined the firm from Duff & Phelps in June 2011 as a Director in the New York office and Head of M&A Tax Due Diligence Services as well as Andrew Deren and Bryan Walker who joined the practice in 2011 as Senior Vice Presidents in the Chicago and Washington, D.C. offices, respectively.

Steven Tishman Joins Houlihan Lokey as Global Head of the Mergers & Acquisitions Group

Press Release

NEW YORK – January 10, 2012 – Houlihan Lokey, an international investment bank, announced today that Steven Tishman has joined as Global Head of the Mergers & Acquisitions Group. Mr. Tishman, formerly with Rothschild, Inc., will help spearhead Houlihan Lokey’s ongoing domestic and international expansion in Corporate Finance.

Mr. Tishman brings more than 25 years of experience to the position, including the past nine years as co-head of U.S. M&A at Rothschild. Prior to that, he held senior-level roles at Robertson Stephens, Inc., and Bear, Stearns & Co., Inc.

“Steven is clearly a seasoned investment banker who brings a strong set of M&A skills to our growing Corporate Finance business,” said Robert Hotz, Senior Managing Director and Co-Chairman of Houlihan Lokey. “He has a tremendous board-room presence and will serve our clients well as we continue to integrate and expand our domestic and global operations.”

Houlihan Lokey, a leading M&A advisor across numerous industries, launched its international expansion a decade ago in London, and has since established offices in Paris, Frankfurt, Hong Kong, Tokyo and Beijing. Since 2009, the firm has added more than 30 senior-level bankers to its domestic and international offices.

“Given the increasingly global nature of the M&A business, I am excited to join Houlihan Lokey’s strong international franchise,” Mr. Tishman said. “As we head into a new year, I look forward to ensuring that our clients continue to receive the full range of expertise and high-quality independent advice that they have come to expect from Houlihan Lokey over the past 40 years.”

Mr. Tishman holds an MBA in finance and an M.S. in accounting from New York University’s Graduate School of Business Administration, and an A.B. in history from Princeton University. He is a board member of Cedar Fair Entertainment Co. and previously served on the boards of Nautica, Claire’s Stores, and Odimo.

John Bautista Joins Houlihan Lokey’s Tax and Financial Reporting Valuation Practice

Press Release

NEW YORK – December 1, 2011 – Houlihan Lokey, an international investment bank, announced today that John Bautista has joined the firm as a Director and Co-Head of Tax and Financial Reporting Valuation (TFR) for the U.S. Northeast region. Mr. Bautista, formerly with Ernst & Young, joins at a time when Houlihan Lokey is adding senior executives in key areas across the firm.

Mr. Bautista has more than 19 years of experience in corporate finance with an emphasis on the valuation of businesses, securities and intangible assets for tax and financial reporting purposes. Based in New York alongside Co-Head Oscar Aarts, Mr. Bautista will focus on the continued growth of Houlihan Lokey’s TFR practice among public companies, private companies and private equity firms across the Northeastern states.

“We are excited to add another key player to our tax and financial reporting valuation team,” said Managing Director Sam Clark, Co-Head of the firm’s TFR practice and Head of Transaction Advisory Services (TAS). “John’s expertise and experience strengthens our position as a leader in the valuation of tangible and intangible assets, and we are excited to provide clients with further dedicated resources to help meet their valuation needs from our unique investment banking platform.”

So far in 2011, Houlihan Lokey has hired senior executives in several growing business areas, including: Weimin Chen, Managing Director and Head of China operations; Jeffrey Altman, Managing Director in the Real Estate Strategic Advisory Group; Jerome M. Schwartzman, Director and Head of M&A Tax Due Diligence Services; and Oliver d’Oelsnitz, Managing Director and Head of the Financial Advisory Services group’s European Financial Institutions Coverage.

Mr. Bautista brings a broad range of experience in advisory services associated with mergers and acquisitions, including purchase price allocations, asset impairments, fairness opinions, carve-outs and divestitures, private equity and restructuring transactions.

Prior to joining Houlihan Lokey, Mr. Bautista was an executive director of Ernst & Young’s Transaction Advisory Services practice where he focused on technology, asset management, hospitality, retail, industrial products, telecom and other service sectors. He also held positions with GE Private Equity, Arthur Andersen and Panda Restaurant Group.

Mr. Bautista earned a B.S. in business administration with an emphasis in finance from the University of Southern California. He earned an MBA and graduated with honors from Columbia Business School. He holds the designation of Accredited Senior Appraiser with the American Society of Appraisers and is a Chartered Financial Analyst level III candidate.

HOULIHAN LOKEY LAUNCHES THIRD ANNUAL EUROPEAN GOODWILL IMPAIRMENT STUDY

Press Release

Goodwill Impairment Write-Downs Are at Lowest Levels in Five Years—Is this Expected to Change in 2011?

Frankfurt and London - October 11, 2011: Houlihan Lokey, an international investment bank, today launched its annual European Goodwill Impairment Study for 2011-2012. The study shows that while the economic outlook across Europe remains distinctly uncertain, many companies have been reporting increasing profits, while others are still struggling with the repercussions of the financial crisis, yet their goodwill impairment levels remain surprisingly low. Of particular note is the fact that booked goodwill impairments for 2010 are at their lowest levels in five years.

Does this indicate a longer term change in goodwill impairment reporting practices? If so, how should it be viewed by those in the industries affected? Is the practice of maintaining market values below book values now considered acceptable to investors and other stakeholders in these industries? If this is not considered a long-term development, then how long is it anticipated to last, given the increasingly uncertain business environment that prevails across the region?

Houlihan Lokey’s European Goodwill Impairment Study 2011-2012 provides insight into goodwill impairment developments by industry and the issues that are contributing toward current goodwill impairment reporting practices.

Key findings:

STOXX Europe 600 Index companies spent a total of Euro 1.9 trillion on acquisitions (based on the purchase price paid during 2006 to 2010), which equals approximately 25% of their market capitalisation as of December 2010.

While a total of Euro 187 billion was booked as goodwill impairment during the period 2006 to 2010, only Euro 14 billion was booked in 2010—the lowest we have ever observed.

In 2010, approximately 22% of the 600 companies analysed still showed a high impairment risk (versus 24% in 2009). This is in contrast to the pre-crisis years of 2006 when only 7% of companies showed such an impairment risk.

Almost 60% of the goodwill impairment in 2010 was booked by just three industries: Banks, Energy, and Telecommunications. The latter two industries have faced their own specific challenges, resulting in high goodwill impairments.

As evidenced in Houlihan Lokey’s two preceding studies, five industries continue to show less than optimal impairment risk ratios, which were those closely connected to the financial crisis: Automotive, Banks, Insurance, Financial Institutions – Other, and Real Estate, Lodging and Leisure. The impairment risk for Banks worsened over the past year, which appears to indicate that maintaining market values below book values may now be considered acceptable.

Dr. Marc Hayn, Managing Director, Financial Advisory Services, and co-author of the study said, “Based on the total amount of goodwill impairments made in 2010, it could be concluded that most European corporates believe the impact of the recent financial crisis is now properly reflected in their accounts. However, around 22% of companies reviewed still show a book value of equity close to or above their market capitalisation, which now seems to be an acceptable practice to them. But do investors agree? Would companies with higher impairment risks be viewed as an acceptable investment prospect to them? With this precedent now established, goodwill impairment tests could become more contentious.”

Sandy Purcell, Senior Managing Director, Financial Advisory Services, and co-author of the study, added, “It’s interesting to note that impairments are at their lowest levels in five years despite an overall downward movement in market capitalisation levels. It’s also apparent that the issue of whether or not to make goodwill write-downs is closely connected to the individual decisions of the chief executives, and these executives are not keen on communicating goodwill impairments during a time of increasing uncertainty, even if their market capitalisation is also in decline. This will present a growing challenge for them to manage in the longer term.”

Methodology and purpose of the study:

The European Goodwill Impairment Study 2011-2012 analyses acquisition histories and goodwill impairment recorded by the 600 largest European companies listed on the STOXX Europe 600 Index between 2006 and 2010. The study’s findings provide insight into goodwill impairment developments across 18 major industries, and show the extent to which goodwill impairments are being recognised across each industry. It also provides executives with the ability to benchmark their companies against peers, as well as compare their industry against other industries’ results.

To access the full report, please click here.

Contact:

Dr. Marc Hayn, Houlihan Lokey: +49 69 256 246 128; MHayn@HL.com
Andrea Hewitt, Houlihan Lokey: +44 207 747 2744; AHewitt@HL.com
Dennis Moore, Houlihan Lokey: +1 310 788 5364

Oliver d’Oelsnitz joins Houlihan Lokey as Head of Financial Advisory’s European Financial Institutions Coverage

Press Release

LONDON – September 8, 2011 – Houlihan Lokey, an international investment bank, today announced that Oliver d’Oelsnitz has joined as a Managing Director and Head of Financial Advisory’s European Financial Institutions Coverage. Mr. d’Oelsnitz will be a key member of the Financial Advisory Services business in London, advising financial institutions on asset valuation, regulatory risk management, liquidity, and asset and liability management issues.

Mr. d’Oelsnitz brings close to 30 years of investment banking and commercial banking experience to his new role, including senior-level positions at financial institutions throughout the United States and Europe. Most recently, he was a managing director at Pan American Financial Resources, the financial advisory subsidiary of a family office, where he was responsible for establishing a portfolio of funds in the real estate, infrastructure and debt sectors. He also advised, structured and arranged the capital structure for various corporate finance and large-scale infrastructure project finance transactions for the group and its partners.

Prior to this, he was a managing director and global head of Corporate Finance at WestLB AG in London. Mr. d’Oelsnitz previously spent 14 years in various leadership roles at DZ Bank in New York and Frankfurt.

“Financial institutions in Europe are facing greater challenges today than ever before. Consequently, as they re-think their business models, the need for understanding asset values and the different structuring solutions available to deal with current market dynamics and regulatory pressure is growing rapidly,” said E.W. (Sandy) Purcell, Senior Managing Director and Head of Houlihan Lokey’s international Financial Advisory Services business. “Oliver’s deep experience and knowledge of the European market will strengthen our team in Europe and significantly add to our global capabilities. We welcome him to the firm.”

“I am excited to be joining Houlihan Lokey during a time of growth and global expansion at the firm,” Mr. d’Oelsnitz said. “I look forward to providing both our existing and future financial institutions clients in Europe with the trusted advice and unique expertise that has come to be expected from this firm over the past 40 years.”

Mr. d’Oelsnitz spent the early years of his career at Salomon Brothers and Deutsche Bank. He earned an MBA from the University of Pennsylvania’s Wharton School of Business, as well as an M.A. in international studies. He received his B.A. in economics from the University of North Carolina, Chapel Hill. He is fluent in English, German and French.

Weimin Chen Joins Houlihan Lokey as Head of Investment Banking in China

Press Release

BEIJING and HONG KONG – September 5, 2011 – Houlihan Lokey, an international investment bank, today announced that Weimin Chen has joined as a Managing Director and Head of China for the firm. Mr. Chen will be responsible for overseeing the firm’s investment banking business in the mainland China market. His role will include responsibility for the further development of the firm’s corporate finance, financial advisory and financial restructuring businesses.Previously, Mr. Chen was with Lazard China for more than four years, where he was general manager and director of Lazard’s Beijing office, responsible for the firm’s coverage efforts in China.

“Weimin’s appointment is a significant step in strengthening our China business,” said David Putnam, Managing Director and Head of Asia for Houlihan Lokey.“China is increasingly engaging in international M&A and capital raising transactions and Weimin’s arrival helps us better support our China clients in leveraging Houlihan Lokey’s platform globally as well as domestically, and he will significantly increase our ability to identify Chinese opportunities for our international clients.”

Mr. Chen added: “I am delighted to be joining Houlihan Lokey at a time when the firm is actively growing its presence in the Asia-Pacific region. I look forward to expanding the firm’s client base in China and I welcome both the challenge and opportunity to play such a key role in a global business with market leading positions across its focused investment banking service categories.”

During the past two decades, Mr. Chen has held senior roles at international and Chinese organisations. Prior to Lazard, he was the chief financial officer of Trina Solar Limited, an integrated solar panel manufacturer based in China, where he successfully managed the transition period from a privately owned company to a U.S.-listed public company. Previously, Mr. Chen worked at DBS Bank in Hong Kong, where he was responsible for leading the bank’s M&A business in China. He has also worked for ABN Amro Corporate Finance in Hong Kong and Barclays Capital in London. Mr. Chen started his career at Sinochem, a leading Chinese state-owned conglomerate, where he worked for seven years, primarily in its London office. Mr. Chen holds an MBA from London Business School and a bachelor’s degree in economics from the University of International Business and Economics in Beijing.

Houlihan Lokey launched its Asia presence in Hong Kong and since has expanded by establishing offices in Tokyo and Beijing. In July 2010, Houlihan Lokey established an on-the-ground presence in India and Singapore through a strategic minority investment in Avista Advisory Group, a 30-person investment banking firm headquartered in Mumbai. Houlihan Lokey offers a globally-integrated platform of investment banking services to clients located throughout Asia, the United States and Europe.

Jeffrey Altman Joins Houlihan Lokey’s Real Estate Strategic Advisory Group

Press Release

July 13, 2011 – Houlihan Lokey, an international investment bank, announced today that Jeffrey Altman has joined the firm as a Managing Director in the newly formed Real Estate Strategic Advisory Group.

Mr. Altman, who spent the past 13 years at Lazard Ltd., will focus on merger and acquisition advisory, capital raising and other strategic advisory mandates for public and private real estate companies, lenders and investors.

“Jeff has a tremendous track record of exceptional client service in complex real estate transactions,” said Matthew Niemann, Managing Director and Head of Houlihan Lokey’s Real Estate Strategic Advisory Group. “As deal activity continues to pick up in both healthy and distressed real estate, Jeff’s expertise will be a valuable addition to our already strong team of advisors.”

Houlihan Lokey is the No. 1 M&A advisor for all U.S. real estate, lodging and leisure transactions, as well as the No. 1 investment banking restructuring advisor globally, according to 2010 rankings by Thomson Reuters. Houlihan Lokey’s board recently combined all of the firm’s real estate advisory services into one group, led by Mr. Niemann.

“We have strengthened our transactional real estate talent and combined them into one group to provide a broader array of services to our clients in the ever fluid area of real estate mergers, acquisitions, finance and restructurings,” said Robert Hotz, Senior Managing Director, Global Co-Head Corporate Finance and Co-Chairman of Houlihan Lokey.

Prior to joining Houlihan Lokey, Mr. Altman worked on more than $50 billion of real estate and lodging-related transactions, most recently advising Extended Stay Hotels and Highland Hospitality in their merger, acquisition and restructuring transactions. He has also advised Centro Properties, Starwood Hotels & Resorts, Mack-Cali Realty, Town and Country Trust and JDN Realty Corporation, among others.

“I am excited to be joining Houlihan Lokey at a time when the firm is expanding around the world,” said Mr. Altman. “My experience fits perfectly into the firm’s market-leading Real Estate Strategic Advisory Group and I look forward to growing the business.”

Mr. Altman joined Lazard in 1998. Prior to that, he was an associate in Arthur Andersen’s Corporate Finance Group. Mr. Altman is a member of the New York Hospitality Council, the National Association of Real Estate Investment Trusts and the International Council of Shopping Centers. He is a frequent speaker at real estate and lodging conferences. Mr. Altman earned a bachelor’s degree with honors and an MBA with highest honors from Washington University in St. Louis.

HOULIHAN LOKEY EXPANDS ITS TRANSACTION ADVISORY SERVICES PRACTICE

Press Release

NEW YORK and CHICAGO – June 15, 2011 – Houlihan Lokey, an international investment bank, today announced that Jerome M. Schwartzman and Andrew Deren have joined the firm’s Transaction Advisory Services (TAS) practice as part of the group’s on-going expansion.

Mr. Schwartzman is a transactional attorney with a broad range of domestic, foreign and cross-border tax due diligence and tax structuring experience for both private equity and corporate clients. He joins the New York office as a Director and Head of M&A Tax Due Diligence Services. Previously, he initiated and led the M&A Tax Services Group at Duff & Phelps, where he managed due diligence teams and worked closely with corporate and tax counsel to resolve acquisition structure and deal issues.

Mr. Deren joins the Chicago office as a Senior Vice President, where he will focus on expanding Houlihan Lokey’s TAS efforts. Prior to joining Houlihan Lokey, Mr. Deren was a senior vice president in Mesirow Financial Consulting’s Corporate Recovery practice, specializing in distressed M&A. Prior to joining Mesirow Financial Consulting, he was a senior manager at Deloitte & Touche LLP in their M&A Transaction Advisory Services Group. He has extensive experience providing operational and financial due diligence, accounting structuring, evaluating carve out issues, human capital, systems and financial reporting aspects of transactions.

“We’re pleased to have Jerry and Andy join our team,” said Sam W. Clark, IV, Managing Director and Global Head of Houlihan Lokey’s Transaction Advisory Services practice. “The addition of these two seasoned transaction advisory professionals to our growing due diligence platform allows us to better serve our corporate and private equity clients across the globe. In particular, Jerry’s expertise in tax due diligence and structuring will prove especially valuable to clients as they struggle with complex tax issues related to potential buy- and sell-side transactions.”

“Houlihan Lokey has earned a strong international reputation as a leading investment banking, valuation and financial advisory firm,” Mr. Schwartzman said. “I’m excited to join the firm during a time of significant growth, and look forward to contributing to the expansion of the Transaction Advisory Services practice.” Mr. Deren added: “The combination of Houlihan Lokey’s dedicated industry model, transaction expertise and relationships with the private equity community allows the firm to offer a unique value proposition for advising on due diligence matters. I’m happy to be a part of the team.”

In addition to these new hires, David Sarfas, Senior Vice President, has transferred to Houlihan Lokey’s London office to support the firm’s TAS initiative for clients located across Europe as well as those making cross-border investments in European countries.

Houlihan Lokey and Alvarez & Marsal to Present Case Study ‘Restructuring the Troubled Municipality’ in Los Angeles, New York and Chicago

Press Release

June Events to Focus on Challenges Facing Financially Distressed Local Governments

May 26, 2011 – Houlihan Lokey, an international investment bank, will unveil a new case study titled “Restructuring the Troubled Municipality” in a series of presentations next month in Los Angeles (June 2), New York (June 23) and Chicago (June 28). Houlihan Lokey representatives will be accompanied by co-presenters from Alvarez & Marsal, a global professional services firm, and by prominent finance and restructuring attorneys.

The case study explores the largely uncharted waters of municipal restructuring and offers a guide for successfully navigating through the inherently confrontational process involving civic officials, employee unions, bondholders, retirees, tax-paying citizens and other affected parties.

“Much has been written recently about the potential for government defaults, here and abroad, particularly for U.S. states and cities,” said Stephen Spencer, a Managing Director in Houlihan Lokey’s Financial Restructuring Group. “We are observing substantial municipal distress on both cost and revenue fronts across the country and, over the next decade, the odds are that we will encounter municipal defaults at levels greater than the astonishingly infrequent historical average.”

Kelly Stapleton, a Managing Director and a leader of the Fiduciary practice at Alvarez & Marsal, added: "The many elements of public distress we are seeing today are challenging traditional notions of what government can and must provide, and how embattled municipalities deal with these issues – and they all will need to – will require a combination of both financial and political discipline.”

Mr. Spencer will lead the case study presentations along with Houlihan Lokey Co-CEO Jeff Werbalowsky, in all three cities, delving into the contentious bankruptcy case of a fictional city, Portent Falls. Houlihan Lokey will be accompanied by co-presenters Bill Roberti, Managing Director and Head of the Public Sector Group at Alvarez & Marsal and Ms. Stapleton.

Joining Houlihan Lokey and Alvarez & Marsal will be attorneys from leading law firms in each location. Los Angeles and New York legal presenters will be Marc A. Levinson and John H. Knox from Orrick Herrington & Sutcliffe, LLP. Chicago legal presenters will be Matthew A. Clemente and Peter L. Canzano from Sidley Austin, LLP.

Houlihan Lokey is the No. 1 global investment banking restructuring advisor, according to the latest industry rankings by Thomson Reuters. The firm has advised clients in many of the largest, most complex restructuring deals of all time, including four of the five largest: Lehman Brothers, WorldCom, General Motors and CIT Group.

Alvarez & Marsal’s Public Sector Group provides specialized services to local, state and federal government agencies and education departments including: financial and operational performance improvement, turnaround management, grants management, program management, agency transformation, financial management, real estate and asset management, supply chain management and IT strategy/planning, among others.

For more information or to register for one of the presentations, please click on the link below. Attendance is complimentary and the events are open to the press.

Restructuring the Troubled Municipality – A Case Study
http://www.hl.com/register/municipalrestructuring2011

About Alvarez & Marsal

Alvarez & Marsal (A&M) is a global professional services firm specializing in turnaround and interim management, performance improvement, tax and business advisory services. A&M delivers specialist consulting, operational and industry expertise to management and investors seeking to overcome challenges, accelerate performance, and maximize value across the corporate and investment life cycles. Founded in 1983, A&M is known for its distinctive restructuring heritage, hands-on approach and relentless focus on execution and results.