Houlihan Lokey to buy GCA

Greg Gille
03 August 2021

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GCA and Houlihan Lokey, the global investment bank, have entered into a definitive agreement under which Houlihan Lokey will commence a tender offer to acquire GCA.

Under the terms of the agreement, which has been unanimously approved by the GCA board of directors and the Houlihan Lokey board of directors, Houlihan Lokey will commence a tender offer on August 4 to acquire all outstanding shares of GCA.

Upon completion of the transaction, GCA will be fully integrated into Houlihan Lokey and GCA Altium and GCA's US business will operate under the Houlihan Lokey brand.

Houlihan Lokey is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the US, Europe, the Middle East and the Asia-Pacific region.

The move follows on a series of consolidation plays in the advisory space in recent months. Among these, business advisory firm FRP announced the acquisition of corporate finance boutique Spectrum Corporate Finance in March.

Houlihan Lokey itself acquired Madrid-based corporate finance specialist Fidentiis Capital to further expand its European corporate finance business in late 2019. Shortly before that, Rothschild & Co acquired Livingstone's UK operations in October 2019.

More recently, in the fund advisory space, US-based investment bank Raymond James Financial bought Cebile Capital, a placement agent and secondary market adviser to private equity firms. Cebile will operate as a new business unit within the investment banking division of Raymond James, and will be led by Cebile founder Sunaina Sinha Haldea.