Houlihan Lokey expands oil and gas advisory with Intrepid acquisition

(WO) — Houlihan Lokey has agreed to acquire Intrepid Financial Partners, expanding its oil and gas advisory business through the addition of one of the energy sector's leading independent investment banks.

The transaction, signed June 27, is expected to close before Sept. 30, subject to regulatory approval. Financial terms were not disclosed.

Founded in 2015, Houston-based Intrepid specializes in mergers and acquisitions, capital raising, restructuring and fairness opinions across the upstream, midstream, downstream, oilfield services and energy transition sectors. Since its founding, the firm has advised on more than 120 energy transactions valued at over $215 billion.

Following the acquisition, Intrepid's team will join Houlihan Lokey's global Oil & Gas Group, adding 34 financial professionals and expanding the combined practice to more than 70 dedicated energy advisors worldwide.

As part of the transaction, Intrepid CEO Hugh "Skip" McGee III will join Houlihan Lokey as managing director and global chairman of Oil & Gas, while Intrepid President Christopher Winchenbaugh will become managing director and global co-head of Oil & Gas alongside J.P. Hanson.

Houlihan Lokey said the acquisition strengthens its advisory capabilities across mergers and acquisitions, acquisitions and divestitures (A&D), capital markets and restructuring, while expanding technical expertise serving upstream, midstream and downstream clients.

According to LSEG data cited by the company, the combined team advised on 23 U.S. energy and power M&A transactions in 2025. Houlihan Lokey was also ranked the top advisor for U.S. energy and power M&A transactions under $1 billion last year.