Houlihan Lokey, Inc. (NYSE: HLI), the global investment bank, has agreed to acquire Intrepid Financial Partners, LLC (Intrepid), a premier independent investment bank specializing in advisory services for the energy sector. Signed on June 27, 2026, the transaction substantially expands Houlihan Lokey’s coverage capabilities across the oil and gas industry. The deal is expected to close before September 30, 2026, subject to regulatory approval. Intrepid Investment Management, LLC, the investment management business of Intrepid, is not part of the transaction and will continue to operate as a separate entity under the same name.

Founded in 2015 by Hugh E. "Skip" McGee III and Christopher F. Winchenbaugh, Intrepid provides mergers and acquisitions, fairness opinions, capital raising, and restructuring services. The firm serves clients across exploration and production, midstream and infrastructure, downstream and retail, energy services and technology, and energy transition. Since its inception, Intrepid has advised on more than 120 transactions in the energy sector with a total value exceeding $215 billion.

Following the transaction, the Intrepid team will join Houlihan Lokey’s global Oil & Gas Group. Mr. McGee, CEO of Intrepid, will join as a Managing Director and Global Chairman of Oil & Gas. Mr. Winchenbaugh, President of Intrepid, will join as a Managing Director and Global Co-Head of Oil & Gas alongside J.P. Hanson, currently Global Head of Oil & Gas at Houlihan Lokey. The acquisition adds 34 financial professionals to Houlihan Lokey’s Oil & Gas team, bringing the global team to more than 70 financial professionals worldwide.

On a pro forma basis, according to data from LSEG, the new combined group advised on 23 U.S. Energy and Power M&A transactions in 2025. In 2025, Houlihan Lokey was ranked as the No. 1 advisor for U.S. Energy and Power M&A transactions under $1 billion, according to data from LSEG. The firm’s Oil & Gas Group provides M&A and acquisition and divestiture (A&D) advisory, capital raising, valuation, and financial recapitalization and restructuring services.

"Intrepid’s suite of services is a perfect match with Houlihan Lokey, and its comprehensive coverage of the energy sector adds significantly to our longtime strategy of delivering the deepest possible sector expertise to our global client base," said Larry DeAngelo, Global Co-Head of Corporate Finance at Houlihan Lokey.