Houlihan Lokey, the global investment bank, has agreed to acquire Intrepid Financial Partners, a boutique advisory firm founded by former Barclays investment banking chief John McGee. The deal, announced on Monday, is expected to close in the first quarter of 2024, subject to regulatory approvals. Financial terms were not disclosed.
Strategic Expansion in Energy Advisory
The acquisition significantly bolsters Houlihan Lokey's energy and natural resources advisory capabilities. Intrepid, based in Houston, is known for its expertise in the energy sector, particularly in mergers and acquisitions, capital raising, and restructuring. The firm was launched in 2017 by McGee, who previously led Barclays' global investment bank and spent over two decades at the bank.
According to a statement from Houlihan Lokey, the deal will add approximately 60 professionals to its team, including 13 managing directors. Intrepid's team will continue to operate from its Houston office, integrating into Houlihan Lokey's corporate finance business.
John McGee's Return to Investment Banking
John McGee, 53, stepped down as CEO of Barclays' investment bank in 2016 after a 22-year career at the bank. He then founded Intrepid, which quickly established itself as a key player in energy M&A. In the statement, McGee said, “Joining forces with Houlihan Lokey provides our team with a global platform to better serve our clients. We are excited about the opportunities this combination creates.”
Houlihan Lokey CEO Scott Beiser commented, “Intrepid’s deep sector knowledge and strong client relationships in energy and natural resources complement our existing capabilities. This acquisition aligns with our strategy to expand in high-growth sectors.”
Deal Impact and Industry Context
The acquisition comes amid a wave of consolidation in the investment banking advisory space, as mid-sized firms seek scale to compete with larger rivals. Houlihan Lokey, which reported $1.6 billion in revenue for its fiscal year ending March 2023, has been actively expanding through acquisitions. In 2021, it bought the energy investment banking team of Cain Brothers, and in 2022, it acquired GCA, a technology-focused advisory firm.
Intrepid advised on over $30 billion in transactions in 2022, according to the firm. The deal is expected to enhance Houlihan Lokey's market share in energy advisory, a sector that has seen increased M&A activity due to the energy transition and volatile commodity prices.
