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# Houlihan Capital

Valuation and Financial Advisory |  Investment Banking | Litigation Support

## Sitemaps

- [XML Sitemap](https://www.houlihancapital.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [News & Articles](https://www.houlihancapital.com/news-articles/)
- [SPAC Fairness Opinions in 2026: What Changed and Why It Matters](https://www.houlihancapital.com/spac-fairness-opinions-in-2026-what-changed-and-why-it-matters/) - The SPAC market in 2026 and the renewed case for independent fairness opinions The blank check structure has returned to the public markets on very different terms than it left them. Roughly 140 SPAC IPOs priced in 2025, and issuance has continued to build through the first half of 2026, on terms that bear little
- [The Carrying Value Question: An Introduction to Intangible Asset Impairment Testing](https://www.houlihancapital.com/the-carrying-value-question-an-introduction-to-intangible-asset-impairment-testing/) - Houlihan Capital provides independent intangible asset impairment testing under ASC 350 and ASC 360 for fund managers, CFOs, and auditors.
- [FASB Reconsiders Contractual Sale Restrictions (ASU 2022-03): What the Proposal Means for Locked Token Valuations](https://www.houlihancapital.com/fasb-reconsiders-contractual-sale-restrictions-asu-2022-03-what-the-proposal-means-for-locked-token-valuations/) - Learn how the FASB's July 2026 proposal could reshape locked token valuation. Explore ASC 820, ASU 2022-03, marketability discounts, and implications for crypto funds.
- [Enhancing Valuation Confidence: The Role of Positive Assurance in Portfolio Valuation](https://www.houlihancapital.com/enhancing-valuation-confidence-the-role-of-positive-assurance-in-portfolio-valuation/) - Learn how positive assurance provides independent, documented support for ASC 820 fair value conclusions during audits, LP diligence, and fund transactions.
- [Personal Goodwill in Business Transactions: Not Just a Valuation Question — A Planning Imperative](https://www.houlihancapital.com/personal-goodwill-in-business-transactions/) - Personal goodwill can be the largest driver of value in founder-led businesses. Learn how it's evaluated and why early planning changes the outcome.
- [Fairness Opinions in de-SPAC Transactions](https://www.houlihancapital.com/fairness-opinions-in-de-spac-transactions/) - Fairness opinions in de-SPAC transactions: a practical overview of the analysis, board deliverables, and process considerations for SPAC business combinations.
- [Preparing for a Sale: What to Expect from a Sell-Side Advisor](https://www.houlihancapital.com/preparing-for-a-sale-what-to-expect-from-a-sell-side-advisor/) - Learn how a sell-side advisor structures a sale process, positions your business, and helps founder-owned companies negotiate the right outcome.
- [Cannabis Rescheduling Is Here. What It Means for Business Valuations.](https://www.houlihancapital.com/cannabis-rescheduling-is-here-what-it-means-for-business-valuations/) - Federal cannabis rescheduling eliminates 280E for medical operators. Here's what the April 2026 policy shift means for cannabis business valuations.
- [409A Valuations: Strategic Considerations for Private Company Equity Compensation](https://www.houlihancapital.com/409a-valuations-strategic-considerations-for-private-company-equity-compensation/) - A strategic framework for private companies managing 409A valuations — covering timing, capital structure, governance, and equity compensation best practices.
- [Portfolio Valuation Under ASC 820: A Practical Framework for Fund Managers](https://www.houlihancapital.com/asc-820-valuation-a-practical-framework-for-fund-managers/) - A practical framework for fund managers navigating ASC 820 valuation — covering methodology, governance, and audit-ready documentation.
- [Valuing Carried Interest for Trust and Estate Planning: A Strategic Overview](https://www.houlihancapital.com/valuing-carried-interest-for-trust-and-estate-planning-a-strategic-overview/) - Learn how carried interest is valued for estate and gift planning, including methods, discounts, and IRS defensibility considerations.
- [2025 IPEV Valuation Guidelines: Key Principles and Practical Implications for Fund Managers](https://www.houlihancapital.com/2025-ipev-valuation-guidelines/) - Understand the 2025 IPEV Valuation Guidelines and what they mean for fund managers, fair value, and audit-ready valuation processes.
- [Management Company Valuations in Trust and Estate Planning: A Strategic Overview](https://www.houlihancapital.com/management-company-valuations-in-trust-and-estate-planning-a-strategic-overview/) - Management company valuations for estate and gift planning: a practical overview of approaches, minority interest discounts, and documentation requirements.
- [Valuing Private Assets in Retail Funds: Insights from the SEC’s Private Markets Roundtable](https://www.houlihancapital.com/valuing-private-assets-in-retail-funds-insights-from-the-secs-private-markets-roundtable/) - Valuing private assets is becoming more complex as retail access grows. Learn how Rule 2a-5 is shaping valuation governance and fund oversight.
- [Understanding Business Valuations for Trust and Estate Purposes](https://www.houlihancapital.com/understanding-business-valuations-for-trust-and-estate-purposes/) - Understand trust and estate business valuation, including fair market value, minority and marketability, and how advisors coordinate effective estate planning.
- [A Modern Guide to Purchase Price Allocation](https://www.houlihancapital.com/a-modern-guide-to-purchase-price-allocation/) - A modern guide to purchase price allocation (PPA): methodology, ASC 805 compliance, tax implications, and when to engage valuation specialists after M&A deals.
- [Strategic Considerations for Solvency Opinions: in Leveraged Transactions](https://www.houlihancapital.com/strategic-considerations-for-solvency-opinions-in-leveraged-transactions/) - Solvency opinions in leveraged transactions help boards assess post-transaction solvency and manage governance and creditor risk.
- [Fairness Opinions: When They Matter and Why](https://www.houlihancapital.com/fairness-opinions-when-they-matter-and-why/) - Fairness opinions in M&A: when boards should seek independent financial analysis to address conflicts, document process, and defend transactions.
- [Unlocking the QSBS Advantage: 2026 Update to Section 1202 Planning Guide   ](https://www.houlihancapital.com/unlocking-the-qsbs-advantage/) - QSBS planning has changed after the 2025 Section 1202 updates. Learn how valuation, eligibility rules, and timing affect QSBS tax benefits.
- [Best Practices for Year-End Audit Preparation for your Investment Fund](https://www.houlihancapital.com/best-practices-for-year-end-audit-preparation-for-your-investment-fund/) - Best practices for year-end audit preparation for investment funds, including timelines, valuation coordination, documentation, and audit readiness strategies.
- [Continuation Vehicles in 2026: Market Growth, Governance Evolution, and Independent Valuation Requirements](https://www.houlihancapital.com/continuation-vehicles-in-2026-market-growth-governance-evolution-and-independent-valuation-requirements/) - Continuation vehicles in 2026 demand stronger governance, independent valuation, and regulatory-ready processes as CV transactions grow larger and more complex.
- [Q4 2025 Quarterly Industry Reports Are Now Available](https://www.houlihancapital.com/q4-2025-quarterly-industry-reports-are-now-available/) - Houlihan Capital’s Q4 2025 Quarterly Industry Reports highlight valuation trends, M&A activity, and market signals shaping 2026 decisions.
- [Audit Season FAQs for VC Funds](https://www.houlihancapital.com/audit-season-faqs-for-vc-funds/) - VC fund audit season FAQs: fair value timing, documentation, ASC 820 responsibility, and when third-party valuations are expected by auditors.
- [Interval Funds: Understanding Their Structure and the Drivers of Rapid Growth](https://www.houlihancapital.com/interval-funds-understanding-their-structure-and-the-drivers-of-rapid-growth/) - Interval funds are rapidly growing, offering semi-liquid access to private markets while raising new valuation, governance, and regulatory challenges.
- [SPAC Report Q3 2025 Update](https://www.houlihancapital.com/spac-report-q3-2025-update/) - As a leading and trusted service provider of SPAC Fairness Opinions, we are pleased to share with you our SPAC Report for Q3 2025. This industry report provides: Quarterly Statistics De-SPAC Performance - Closed Business Combinations Cash for Close Trends - Redemptions, PIPEs Competition for De-SPAC - Searching Capital IPO Trends To access the report,
- [Houlihan Capital’s Crypto Market & VC Industry Report Q3 2025](https://www.houlihancapital.com/houlihan-capitals-crypto-market-vc-industry-report-q3-2025/) - As a leading and trusted valuation provider to the Cryptoasset & Blockchain industry, we are pleased to share our Crypto Market & VC Industry Report - Q3 2025 Update. This report provides the following for Q3 2025: Stats at a Glance Crypto Market Timeline Crypto VC Trends Venture Capital (All Sectors) Trends VC Deal Activity
- [Quarterly Industry Reports are Available for Q3 2025](https://www.houlihancapital.com/quarterly-industry-reports-are-available-for-q32025/) - We are excited to share our quarterly industry report updates as of September 30, 2025. Topics discussed: Stats at a Glance Valuation Metrics M&A Activity Market Performance Macroeconomic Overview Click on the links below to access our reports: Business Services Access the Report Cannabis Access the Report Consumer Products Access the Report Crypto
- [Houlihan Capital Served as the Exclusive Sell-Side Advisor to North American Warehousing Company](https://www.houlihancapital.com/houlihan-capital-served-as-the-exclusive-sell-side-advisor-to-north-american-warehousing-company/) - Houlihan Capital acted as the exclusive financial advisor to North American Warehousing Company on its sale to The Integration Group, a portfolio company of Maxwell Street Capital Partners. The transaction closed in September 2025. Founded in 1997, North American Warehousing Company is a specialized third party logistics provider with more than 25 years of operations.
- [Key Trends Shaping Micro Middle Market M&A - MMM Report for 1H 2025](https://www.houlihancapital.com/mmm-report-for-1h-2025/) - The first half of 2025 marked a turning point for U.S. micro middle market M&A. As dealmakers, business owners, and investors adapt to shifting market conditions, understanding where the momentum lies has never been more critical. Houlihan Capital’s latest Micro Middle Market M&A Report analyzes the forces influencing deal activity, valuation trends, and lending dynamics
- [Top 5 Valuation Questions Crypto Fund Managers Are Asking Right Now](https://www.houlihancapital.com/top-5-valuation-questions-crypto-fund-managers-are-asking-right-now/) - Houlihan Capital, a leading Cryptoasset and Crypto Fund Valuation Provider, answers the top valuation questions fund managers are asking right now — helping ensure consistency, audit defensibility, and investor confidence.
- [The Value Add Podcast: The Hidden Cost of Internal Valuations: Why Third-party Assessments are the Gold Standard](https://www.houlihancapital.com/the-value-add-podcast-what-auditors-expect-liquidation-preferences-valuation-methodologies-2/) - In this episode of The Value Add Podcast, Houlihan Capital’s Director of Business Development, Monica Blocker, sits down with Joe Brennan, Director of Valuation, to discuss the Hidden Costs of Internal Valuations for investment funds. Episode 2: the Hidden Costs of Internal Valuations “Fund managers have a lot on their plates. Independent valuations take that
- [Strategic Considerations for Fairness Opinions: A Decision Framework](https://www.houlihancapital.com/strategic-considerations-for-fairness-opinions-a-decision-framework/) - Introduction In today's complex deal environment, boards and their advisors face increasingly nuanced decisions regarding whether an independent fairness opinion strengthens or actually complicates the transaction process. Market volatility, regulatory scrutiny, and evolving fiduciary standards have shifted the cost-benefit calculation around fairness opinions from a compliance exercise to a critical strategic governance decision. At Houlihan
- [Continuation Vehicles in Venture Capital: Unlocking Liquidity While Preserving Growth Potential](https://www.houlihancapital.com/continuation-vehicles-in-venture-capital-unlocking-liquidity-while-preserving-growth-potential/) - As venture capital firms navigate prolonged exit timelines and increasing liquidity demands from limited partners (LPs), continuation vehicles (CVs) are emerging as a critical solution. Once a niche instrument in private equity, CVs are now gaining traction in venture capital, particularly amid reduced IPOs, tepid M&A activity, and growing pressure to demonstrate liquidity. What Are
- [Quarterly Industry Report Updates are Available for Q2 2025](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q2-2025/) - We are excited to share our quarterly industry report updates as of June 30, 2025. Topics discussed: Stats at a Glance Valuation Metrics M&A Activity Market Performance Macroeconomic Overview Click on the links below to access our reports: Business Services Access the Report Cannabis Access the Report Consumer Products Access the Report Crypto Market &
- [Houlihan Capital is a Sponsor of the 2025 CoinAlts Symposium](https://www.houlihancapital.com/houlihan-capital-is-a-sponsor-of-the-2025-coinalts-symposium/) - As the top crypto fund valuation provider[1], we are proud to sponsor the CoinAlts 2025 Fund Symposium and continue supporting the digital asset community. This event provides a vital platform for dialogue and knowledge exchange, and we look forward to engaging with peers and industry leaders. The event will take place on October 29, 2025
- [SPAC Report Q2 2025 Update](https://www.houlihancapital.com/spac-report-q2-2025-update/) - As a leading and trusted service provider of SPAC Fairness Opinions, we are pleased to share with you our SPAC Report for Q2 2025. This industry report provides: Quarterly Statistics De-SPAC Performance - Closed Business Combinations Cash for Close Trends - Redemptions, PIPEs Competition for De-SPAC - Searching Capital IPO Trends To access the report,
- [Houlihan Capital’s Crypto Market & VC Industry Report Q2 2025](https://www.houlihancapital.com/houlihan-capitals-crypto-market-vc-industry-report-q2-2025/) - As a leading and trusted valuation provider to the Cryptoasset & Blockchain industry, we are pleased to share our Crypto Market & VC Industry Report - Q2 2025 Update. This report provides the following for Q2 2025: Stats at a Glance Crypto Market Timeline Crypto VC Trends Venture Capital (All Sectors) Trends VC Deal Activity
- [Houlihan Capital acted as the exclusive financial advisor to Advanced Compressor Technology, Inc.](https://www.houlihancapital.com/houlihan-capital-acted-as-the-exclusive-financial-advisor-to-advanced-compressor-technology-inc/) - Houlihan Capital acted as the exclusive financial advisor to Advanced Compressor Technology, Inc. (ACT), based in Batavia, IL, on its sale to Burckhardt Compression (Winterthur, Switzerland), a global leader in reciprocating compressor systems. Founded in 1991, ACT is a U.S.-based service company specializing in reciprocating equipment for the downstream market, with operations in Batavia, Illinois,
- [The State of Crypto Venture Capital in 2025](https://www.houlihancapital.com/the-state-of-crypto-venture-capital-in-2025/) - Insights from VeradiVerdict – Issue #337 (Paul Veradittakit, Aug 28, 2025) Record-Breaking Growth Crypto companies have already raised more than $16 billion year-to-date in 2025, with over 100 M&A deals announced—surpassing the total deal value of 2024 and positioning the industry for a historic year. This cycle is fundamentally stronger than past ones, driven by: Regulatory clarity in the U.S.
- [The Value Add Podcast: What Auditors Expect: Liquidation Preferences & Valuation Methodologies](https://www.houlihancapital.com/the-value-add-podcast-what-auditors-expect-liquidation-preferences-valuation-methodologies/) - Welcome to The Value Add - our new podcast series where Houlihan Capital's experts tackle the questions that matter most to our clients and referral partners. Episode 1: Liquidation Preferences & Valuation Methodologies “Many VC funds operate with limited information rights—and auditors are asking for stronger support. That’s where we come in.” —Monica Blocker In
- [The Hidden Cost of Internal Valuations: Why Third-Party Assessments are the Gold Standard](https://www.houlihancapital.com/the-hidden-cost-of-internal-valuations-why-third-party-assessments-are-the-gold-standard/) - "Cost-Effective" Internal Valuations Are Actually A Huge Hidden Expense Internal valuations can lead to months of back-and-forth reviews and dramatically higher fees—turning a "cost-saving" approach into a huge expense. Discover the real price of doing it alone and best practices in independent valuations. Download our exclusive whitepaper. What You'll Learn in This Whitepaper: ✔ The
- [Houlihan Capital’s Venture Capital Q2 2025 Update](https://www.houlihancapital.com/houlihan-capitals-venture-capital-q2-2025-update/) - As a leading and trusted service provider of Venture Capital ("VC") Fund Valuations, we are pleased to share with you our FREE VC Industry Report for Q2 2025. This industry report provides: Quarterly Statistics Market Overview Regional Analysis Sector Analysis To access the report, please click the button below: PDF Report
- [Quarterly Industry Report Updates are Available for Q1 2025](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q1-2025/) - We are pleased to announce the launch of our newly updated quarterly industry report format—designed to deliver clearer, more actionable insights in a streamlined format. Houlihan Capital provides quarterly updates for the following industries as of March 31, 2025. Topics discussed: Stats at a Glance Valuation Metrics M&A Activity Market Performance Macroeconomic Overview Click on
- [Houlihan Capital’s Venture Capital Q1 2025 Update](https://www.houlihancapital.com/houlihan-capitals-venture-capital-q1-2025-update/) - As a leading and trusted service provider of Venture Capital ("VC") Fund Valuations, we are pleased to share with you our FREE VC Industry Report for Q1 2025. This industry report provides: Quarterly Statistics Market Overview Regional Analysis Sector Analysis To access the report, please click the button below: PDF Report If you would like
- [Houlihan Capital Welcomes Paul Stefunek as Director of Business Development](https://www.houlihancapital.com/houlihan-capital-welcomes-paul-stefunek-as-director-of-business-development/) - We are excited to welcome Paul C. Stefunek to the Houlihan Capital team as a Director of Business Development. With over two decades of experience building strategic relationships and fostering business growth, Mr. Stefunek will play a key role in expanding our national footprint across both investment banking and valuation services. In his role, Mr.
- [SPAC Report Q1 2025 Update](https://www.houlihancapital.com/spac-report-q1-2025-update/) - As a leading and trusted service provider of SPAC Fairness Opinions, we are pleased to share with you our SPAC Report for Q1 2025. This industry report provides: Quarterly Statistics De-SPAC Performance - Closed Business Combinations Cash for Close Trends - Redemptions, PIPEs Competition for De-SPAC - Searching Capital IPO Trends To access the report,
- [Houlihan Capital’s Crypto Market & VC Industry Report Q1 2025](https://www.houlihancapital.com/houlihan-capitals-crypto-market-vc-industry-report-q1-2025/) - As a leading and trusted valuation provider to the Cryptoasset & Blockchain industry, we are pleased to share our Crypto Market & VC Industry Report - Q1 2025 Update. This report provides the following for Q1 2025: Stats at a Glance Crypto Market Timeline Crypto VC Trends Venture Capital (All Sectors) Trends VC Deal Activity
- [The Growing Demand for MedSpa Businesses: Is Now the Time to Sell?](https://www.houlihancapital.com/the-growing-demand-for-medspa-businesses-is-now-the-time-to-sell/) - The MedSpa industry is booming. With the increasing popularity of non-invasive aesthetic procedures, demand for high-quality MedSpa services has never been stronger. This growth is driven by several factors, including rising consumer awareness, technological advancements, and a growing preference for self-care and wellness treatments. For MedSpa owners, this begs the question: Is now the right
- [Goodwill Impairment (ASC 350): A Clear and Concise Guide](https://www.houlihancapital.com/goodwill-impairment-asc-350-a-clear-and-concise-guide/) - Goodwill is an intangible asset that arises when a company acquires another business for a price higher than the fair value of its net assets.
- [Michael Norton discusses Valuation Trends, Buyer-Seller Dynamics and Advice for Sell-Side Businesses with Levenfeld Pearlstein](https://www.houlihancapital.com/michael-norton-discusses-valuation-trends-buyer-seller-dynamics-and-advice-for-sell-side-businesses-with-levenfeld-pearlstein/) - Michael Norton, Director of Business Development, recently was invited to discuss the evolving M&A market with Robert Connolly, Partner in Levenfeld Pearlstein's Corporate Practice Group. For the Q&A on valuation and deal trends, buyer-seller dynamics, and advice for sell-side businesses, click the button below. Read the Article For questions on the Q&A or to discuss
- [U.S. Micro Middle Market Report - 2H 2024](https://www.houlihancapital.com/u-s-micro-middle-market-report-2h-2024/) - Houlihan Capital's Investment Banking group specializes in providing sell-side M&A advisory to owners of privately-held businesses within the Micro Middle Market (“MMM”), which we define as those with total enterprise value (“TEV”) below $250M. Our report, M&A Update: U.S. Micro Middle Market ("MMM") 2H 2024 is available now! Our U.S. MMM report provides updates on
- [Houlihan Capital advised Cleveland Cement Contractors on the sale of certain assets to Baker Construction](https://www.houlihancapital.com/houlihan-capital-advised-cleveland-cement-contractors-on-the-sale-of-certain-assets-to-baker-construction/) - Date: March 5, 2025 Client: Cleveland Cement Contractors Sector: Industrials Industry: Concrete Construction Houlihan Capital (Chicago, IL) acted as the exclusive financial advisor on the sale of certain assets of Cleveland Cement Contractors (Cleveland, OH) to Baker Construction (Monroe, OH). The transaction closed on March 5, 2025. Cleveland Cement is a self-performing, full-service concrete contractor
- [Liquidation Preference: Evaluating Capital Stack Considerations in Fund Valuations](https://www.houlihancapital.com/liquidation-preference-evaluating-capital-stack-considerations-in-fund-valuations/) - Valuing investments in private companies requires a robust understanding of the capital stack and the associated impact of liquidation preferences, conversion rights, and exit probabilities. A recurring debate in fund valuations concerns whether to apply the Option Pricing Model (OPM) or assume a Common Stock Equivalent (CSE) based on fully diluted shares when allocating company
- [Houlihan Capital Announces 2025 Promotions!](https://www.houlihancapital.com/houlihan-capital-announces-2025-promotions/) - Please join us in congratulating the following team on their recent promotions at Houlihan Capital. Each has demonstrated a high level of technical astuteness, responsiveness, and client relationship management. We thank each of them for their continued contributions to the success of our firm Joe Brennan Director - Valuation jbrennan@houlihancapital.com (312) 450-8629 LinkedIn Samuel Chaffee Vice
- [SPAC Report Q4 2024 Update](https://www.houlihancapital.com/spac-report-q4-2024-update/) - As a leading and trusted service provider of SPAC Fairness Opinions, we are pleased to share with you our SPAC Report for Q4 2024. This industry report provides: Quarterly Statistics De-SPAC Performance - Closed Business Combinations Cash for Close Trends - Redemptions, PIPEs Competition for De-SPAC - Searching Capital IPO Trends To access the report,
- [Continuation Funds and the Future of Private Equity Exits](https://www.houlihancapital.com/continuation-funds-and-the-future-of-private-equity-exits/) - In 2024, there were 96 reported continuation fund deals, representing a 12.9% increase from 2023 and a remarkable 14% of all private equity exits. At Houlihan Capital, we know that continuation funds remain a popular option into 2025, as many of our general partner clients look to circumnavigate challenges associated with traditional exits, retain high-performing
- [Houlihan Capital's Venture Capital Q4 2024 Update](https://www.houlihancapital.com/houlihan-capitals-venture-capital-q4-2024-update/) - As a leading and trusted service provider of Venture Capital ("VC") Fund Valuations, we are pleased to share with you our FREE VC Industry Report for Q4 2024. This industry report provides: Quarterly Statistics Market Overview Regional Analysis Sector Analysis To access the report, please click the button below: Report Access If you would like to
- [Houlihan Capital’s Crypto Market & VC Industry Report Q4 2024](https://www.houlihancapital.com/houlihan-capitals-crypto-market-vc-industry-report-q4-2024/) - As a leading and trusted valuation provider to the Cryptoasset & Blockchain industry, we are pleased to share our Crypto Market & VC Industry Report - Q4 2024 Update. This report provides the following for Q4 2024: Stats at a Glance Crypto Market Timeline Crypto VC Trends Venture Capital (All Sectors) Trends VC Deal Activity
- [Quarterly Industry Report Updates are Available for Q4 2024](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q4-2024/) - Houlihan Capital provides quarterly updates for the following industries as of December 31, 2024. Information includes valuation metrics, performance data and M&A activity. Click on the links below to access reports: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Cannabis Chemicals Consumer Products Containers, Packaging and Paper Products Cryptoassets
- [SEC's New Rules for Private Fund Advisers](https://www.houlihancapital.com/secs-new-rules-for-private-fund-advisers/) - SEC's new rules for private fund advisers. Houlihan Capital discusses new compliance obligations involving valuation of fund investments and Fairness Opinions.
- [Selling Your Business: Understanding the Value of Your Business](https://www.houlihancapital.com/selling-your-business-understanding-the-value-of-your-business/) - Introduction Selling your business is a significant decision, and understanding its value is crucial. Business valuation is a complex process that involves various methodologies. In this whitepaper, Houlihan explores three (3) approaches to business valuation: the Market Approach, Income Approach, and Asset Approach. We also discuss earnings adjustments, which are essential for accurately determining the
- [SEC 2025 Examination Priorities: Comprehensive Guidance for Private Fund Managers](https://www.houlihancapital.com/sec-2025-examination-priorities-comprehensive-guidance-for-private-fund-managers/) - The U.S. Securities and Exchange Commission (SEC) has released its 2025 Examination Priorities, emphasizing key compliance areas for private fund managers. Accurate and independent valuations, fee transparency, and conflict disclosures remain central to protecting investors and ensuring fiduciary compliance. This document integrates unique insights from previous guidelines and emerging regulatory expectations. Valuation of Illiquid and
- [Post-Sale Planning: Ensuring a Smooth Transition and Financial Security](https://www.houlihancapital.com/post-sale-planning-ensuring-a-smooth-transition-and-financial-security/) - Selling your MedSpa or wellness business is a significant milestone—one that often comes with a mix of excitement, relief, and uncertainty. While much focus is placed on preparing a business for sale and securing the best deal, what happens after the transaction is equally important. Proper post-sale planning ensures not only a smooth transition but
- [Valuation Insights: Addressing Challenges in the Evolving Crypto Landscape](https://www.houlihancapital.com/valuation-insights-addressing-challenges-in-the-evolving-crypto-landscape/) - This video, recorded by DwellFi at the 2024 CoinAlts Fund Symposium, features a comprehensive discussion led by Houlihan Capital's very own Monica Blocker, Director of Business Development, and Joe Brennan, Senior Vice President of Valuation, who are experts on the complexities of crypto valuation. The video explores regulatory ambiguity, locked token valuation, and strategies for
- [Houlihan Capital acted as the exclusive financial advisor on the sale of Paragon Clinical](https://www.houlihancapital.com/houlihan-capital-acted-as-the-exclusive-financial-advisor-on-the-sale-of-paragon-clinical/) - Houlihan Capital (Chicago, IL) acted as the exclusive financial advisor on the sale of Paragon Clinical.
- [Jacques Zureikat Featured on "3 Things to Know About the HVAC Mergers & Acquisitions Market Right Now" by ACHR News](https://www.houlihancapital.com/3-things-to-know-about-the-hvac-mergers-acquisitions-market-right-now/) - This compelling piece, "3 Things to Know About the HVAC Mergers & Acquisitions Market Right Now," published by Maria Taylor in ACHR News (1), includes insights from Jacques Zureikat, Vice President of the Investment Banking team at Houlihan Capital. Jacques shared his expertise on the evolving trends in the HVAC M&A landscape, highlighting how economic
- [Unlocking the QSBS Advantage:  A Founder’s Guide to Tax-Free Gains and Legacy Planning](https://www.houlihancapital.com/unlocking-the-qsbs-advantage-a-founders-guide-to-tax-free-gains-and-legacy-planning/) - What is QSBS? QSBS refers to shares in a Qualified Small Business (QSB) that meet specific requirements set by the IRS. These shares must be issued by a U.S. C-corporation with assets of $50 million or less at issuance and held for at least five years. QSBS allows for significant tax savings by potentially excluding
- [Quarterly Industry Report Updates are Available for Q3 2024](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q3-2024/) - Houlihan Capital provides quarterly industry updates as of September 30, 2024. Information includes valuation metrics, performance data and M&A activity.
- [Quarterly Industry Report Updates are Available for Q2 2024](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q2-2024/) - Houlihan Capital provides quarterly updates for the following industries as of June 30, 2024. Information includes valuation metrics, performance data and M&A activity. Click on the links below to access reports: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Cannabis Chemicals Consumer Products Containers, Packaging and Paper Products Cryptoassets
- [Houlihan Capital's New Crypto Market & VC Industry Report Q3 2024](https://www.houlihancapital.com/houlihan-capitals-new-crypto-market-vc-industry-report-q3-2024/) - As a leading and trusted valuation provider to the Cryptoasset & Blockchain industry, we provide access to our NEW Crypto Market & VC Q3 2024 Industry Report.
- [Houlihan Capital acted as the exclusive financial advisor on the sale of Choice Labs](https://www.houlihancapital.com/houlihan-capital-acted-as-the-exclusive-financial-advisor-on-the-sale-of-choice-labs/) - Houlihan Capital acted as the exclusive financial advisor on the sale of Choice Labs Holding Co, LLC to multi-state operator, Glorious Cannabis Company.
- [Michael Norton Featured on Panel Discussing 2025 M&A Market](https://www.houlihancapital.com/michael-norton-featured-on-panel-discussing-2025-ma-market/) - In the article "Dealmakers See Turning Tide for M&A in 2025," published by Middle Market Growth on November 11, 2024, Michael Norton, Director of Business Development at Houlihan Capital, shared his insights during ACG Chicago's Midwest Capital Connection event. He observed a significant increase in pitch activity and noted that many business owners, who had
- [Jacques Zureikat will attend the 2024 ATSSA Convention & Traffic Expo](https://www.houlihancapital.com/jacques-zureikat-will-attend-the-2024-atssa-convention-traffic-expo/) - Jacques Zureikat, Vice President of Investment Banking, will be attending the 2024 ATSSA Convention & Traffic Expo from February 4 – 6 in San Diego, CA.
- [Houlihan Capital's Cryptoasset Industry Report – Q1 2024 Update](https://www.houlihancapital.com/houlihan-capitals-cryptoasset-industry-report-q1-2024-update/) - As a leading and trusted valuation provider to the Cryptoasset & Blockchain industry, we are pleased to share our Cryptoasset Industry Report - Q1 2024 Update. This report provides the following: Financial Performance: Cryptoasset-related Equities Valuation Metrics: Cryptoasset-related Equities Equity Performance Change in Market Capitalization by Equity Sector Change in Market Capitalization by Cryptoasset Sector
- [Navigating the M&A Sale Process: A Guide for Business Owners](https://www.houlihancapital.com/navigating-the-ma-sale-process-a-guide-for-business-owners/) - Houlihan Capital provides the ultimate M&A Sale Process Guide for business owners.
- [Navigating Valuation Challenges: Digital Asset Funds](https://www.houlihancapital.com/navigating-valuation-challenges-digital-asset-funds/) - Learn more on the best strategies to use in the crypto world to refine your valuation process for digital asset funds with Joe Brennan.
- [Maximizing the Value of Your MedSpa Business Before a Sale](https://www.houlihancapital.com/maximizing-the-value-of-your-medspa-business-before-a-sale/) - A Guide for Founder-Owned MedSpa Businesses As a founder-owned MedSpa business, you have invested time, effort, and passion into building a successful and trusted brand. When the time comes to exit or sell, it's crucial to ensure that your business achieves its highest potential value. At Houlihan Capital, we specialize in helping founder-owned businesses navigate
- [Houlihan Capital - Venture Capital Q3 2024 Update](https://www.houlihancapital.com/houlihan-capital-venture-capital-q3-2024-update/) - As a leading and trusted service provider of Venture Capital ("VC") Fund Valuations, we are pleased to share with you our FREE VC Industry Report for Q3 2024. This industry report provides: Quarterly Statistics Market Overview Regional Analysis Sector Analysis To access the report, please click the button below: REPORT ACCESS If you would like to
- [Med Spa and Wellness Primer: Key Business, Legal, and Compliance Essentials for Owners and Managers](https://www.houlihancapital.com/med-spa-and-wellness-primer-business-legal-and-compliance-essentials-for-owners-and-managers/) - Key business and legal considerations for owners and managers of med spa and wellness practices exploring partnerships including mergers and acquisitions.
- [Quarterly Industry Report Updates are Available for Q1 2024](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q1-2024/) - Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Cannabis Chemicals Consumer Products Containers, Packaging and Paper Products Cryptoassets & Blockchain Financial Services Food & Beverages Healthcare Hotels, Restaurant, and Leisure Insurance Internet Retail Media and Entertainment Oil and Gas Power and Utilities Retail Steel Telecommunications Transportation and Logistics Houlihan
- [SPAC Report Q2 2024 Update](https://www.houlihancapital.com/spac-report-q2-2024-update/) - Houlihan Capital publishes SPAC report for Q2 2024.
- [SPAC Report Q3 2024 Update](https://www.houlihancapital.com/spac-report-q3-2024-update/) - Houlihan Capital Publishes SPAC Report for Q3 2024.
- [Michael Bijesse, Vice President, Joins Houlihan Capital’s Business Development Group](https://www.houlihancapital.com/michael-bijesse-vice-president-joins-houlihan-capitals-business-development-group/) - Houlihan Capital is pleased to announce our newest addition to the team, Michael Bijesse, as Vice President in Houlihan Capital’s Business Development group. Mr. Bijesse brings experience in accounting, FMV data, and compliance for alternative investments. Mr. Bijesse provides level III valuation services for hedge funds, private equity funds, VCs, BDCs, SBICs, ‘40 Act funds,
- [Selling Your Business: The First Step to a New Chapter](https://www.houlihancapital.com/selling-your-business-the-first-step-to-a-new-chapter/) - There may be many reasons why a business owner may be thinking of selling, and it can be an exciting opportunity to the next chapter in life. Working with founder-owned businesses for over 25+ years, Houlihan Capital has assisted and supported business owners in a wide range of reasons for exit. In this summary, we
- [Dividend Recaps: The Critical Role of Solvency Opinions](https://www.houlihancapital.com/dividend-recaps-the-critical-role-of-solvency-opinions/) - Houlihan Capital, a leading provider of solvency opinions, helps companies & stakeholders navigate complexities of leveraged transactions like Dividend Recaps.
- [U.S. Micro Middle Market- 1H 2024 Update](https://www.houlihancapital.com/u-s-micro-middle-market-1h-2024-update/) - Houlihan Capital's Investment Banking group specializes in providing sell-side M&A advisory to owners of privately-held businesses in the Micro Middle Market
- [Joe Brennan Speaking at CoinAlts Symposium](https://www.houlihancapital.com/joe-brennan-speaking-at-coinalts-fund-symposium-crypto/) - Join Joe Brennan, CPA of Houlihan Capital, as he moderates at CoinAlts. Explore innovative cryptoasset valuation strategies on October 16, 2024.
- [The Rise of Continuation Funds - Navigating New Liquidity Solutions in Private Equity](https://www.houlihancapital.com/the-rise-of-continuation-funds-navigating-new-liquidity-solutions-in-private-equity/) - Continuation funds solve liquidity issues, enhance value creation, extend investments, and optimize portfolio management for private equity firms. Key trends explored.
- [Navigating the TCJA: A Guide for Business Owners and Advisors](https://www.houlihancapital.com/navigating-the-tcja-a-guide-for-business-owners-and-advisors/) - In 2017, the Trump Administration and 115th Congress passed The Tax Cuts and Jobs Act of 2017 (“the TCJA” or “the Act”)(1) into law. Motivated by multiple key objectives including providing tax relief to middle-income families, simplifying the personal income tax code, repatriation of overseas earnings for U.S. corporations, and general economic growth, the TCJA
- [Houlihan Capital Appoints Rodger Howell as CEO and Transitions to ESOP Structure](https://www.houlihancapital.com/houlihan-capital-appoints-rodger-howell-as-ceo-and-transitions-to-esop-structure/) - Houlihan Capital is pleased to announce the appointment of Rodger Howell as its Chief Executive Officer, and its transition to an ESOP structure.
- [Houlihan Capital is a Sponsor of CoinAlts 2024 Fund Symposium](https://www.houlihancapital.com/houlihan-capital-is-a-sponsor-of-coinalts-2024-fund-symposium/) - Houlihan Capital, a leading expert in crypto fund valuations, proudly announces its sponsorship of this year's CoinAlts 2024 Fund Symposium.
- [SPAC Report Q1 2024 Update](https://www.houlihancapital.com/spac-report-q1-2024-update/) - As a leading and trusted service provider of SPAC Fairness Opinions, we are pleased to share with you our FREE Industry SPAC report for Q1 2023.
- [Houlihan Capital advised Health Coalition, Inc. on its partnership with Provider Network Holdings, a Waud Capital Partners portfolio company.](https://www.houlihancapital.com/houlihan-capital-advised-health-coalition-inc-on-its-partnership-with-provider-network-holdings-a-waud-capital-partners-portfolio-company/) - Houlihan Capital advised Health Coalition, Inc. on its partnership with Provider Network Holdings, a Waud Capital Partners portfolio company.
- [U.S. Micro Middle Market – 2H 2023 Update](https://www.houlihancapital.com/u-s-micro-middle-market-2h-2023-update/) - Access to U.S. Micro Middle Market Update for 2H 2023.
- [SEC Discusses Valuation Focus in 2024 Exam Priorities](https://www.houlihancapital.com/sec-discusses-valuation-in-2024-exam-priorities/) - The SEC discusses valuation in the Division of Examinations' 2024 Exam Priorities.
- [Houlihan Capital advised on the sale of American Backhoe Services & Excavating Co., LLC. ](https://www.houlihancapital.com/houlihan-capital-advised-on-the-sale-of-american-backhoe-services-excavating-co-llc/) - Houlihan Capital macted as sell-side advisor on the sale of American Backhoe Services to Gold Leaf Capital Partners (acquisition lead by Jeffrey Wright, CEO).
- [Houlihan Capital acted as the exclusive financial advisor on the sale of Stretchtape, Inc. to AdhereX Group](https://www.houlihancapital.com/houlihan-capital-acted-as-the-exclusive-financial-advisor-on-the-sale-of-stretchtape-inc-to-adherex-group/) - Houlihan Capital acted as the exclusive financial advisor on the sale of Stretchtape, Inc.
- [SPAC Report Q4 2023 Update](https://www.houlihancapital.com/spac-report-q4-2023-update/) - As a leading and trusted service provider of SPAC Fairness Opinions, we are pleased to share with you our FREE Industry SPAC report for Q4 2023.
- [Jacques Zureikat will attend the 2024 ASHRAE Winter Conference for HVACR](https://www.houlihancapital.com/jacques-zureikat-will-attend-the-2024-ashrae-winter-conference-for-hvacr/) - Jacques Zureikat, Vice President, will be attending the ASHRAE Winter Conference and AHR Expo for HVAC on January 20 – 24, 2024 in Chicago, IL. For more information on this conference, please click HERE. Houlihan Capital’s investment banking group has advised on several HVAC deals in recent years and remains bullish on M&A trends in
- [Houlihan Capital acted as the exclusive financial advisor on the sale of The Aero-Mark Company, LLC](https://www.houlihancapital.com/houlihan-capital-acted-as-the-exclusive-financial-advisor-on-the-sale-of-the-aero-mark-company-llc/) - Houlihan Capital acted as the exclusive financial advisor on the sale of The Aero-Mark Company, LLC to Frontline Road Safety, a portco of The Sterling Group.
- [Unique Valuation Considerations for Crypto Asset Managers](https://www.houlihancapital.com/unique-valuation-considerations-for-crypto-asset-managers/) - Houlihan Capital discusses unique valuation considerations for crypto asset managers such as accurate valuations, regulatory developments, & best practices.
- [Ownership Succession in the Construction Industry - Webinar](https://www.houlihancapital.com/ownership-succession-in-the-construction-industry-webinar/) - Chuck Fenske, Vice President at Houlihan Capital discusses Ownership Succession in the Construction Industry in a free webinar opportunity on January 9, 2024.
- [Houlihan Capital's Cryptoasset Industry Report – Q3 2023 Update](https://www.houlihancapital.com/houlihan-capitals-cryptoasset-industry-report-q3-2023-update/) - As a leading and trusted valuation provider of Cryptoasset & Blockchain industry, we are pleased to share our Cryptoasset Industry Report - Q3 2023 Update.
- [Quarterly Industry Report Updates are Available for Q3 2023](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q3-2023/) - Houlihan Capital provides quarterly updates for the following industries as of September 30, 2023. Information includes valuation metrics, performance data and M&A activity. Click on the links below to access reports: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Cannabis Chemicals Consumer Products Containers, Packaging and Paper Products Cryptoassets
- [Quarterly Industry Report Updates are Available for Q2 2023](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q2-2023/) - Houlihan Capital provides Quarterly Updates on the following industries as of June 30, 2023. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Cannabis Chemicals Consumer Products Containers,
- [How to Value Illiquid Investments - Webinar Recording Available!](https://www.houlihancapital.com/how-to-value-illiquid-investments-webinar-recording-available/) - The webinar recording for "How to Value Illiquid (Level 3) Investments" is now available!
- [SPAC Report Q3 2023 Update](https://www.houlihancapital.com/spac-report-q3-2023-update/) - As a leading and trusted service provider of SPAC Fairness Opinions, we are pleased to share with you our FREE Industry SPAC report for Q3 2023.
- [U.S. Micro Middle Market - 1H 2023 Update](https://www.houlihancapital.com/u-s-micro-middle-market-1h-2023-update/) - Houlihan Capital's Investment Banking group specializes in providing sell-side M&A advisory services to owners of privately held businesses within the Micro Middle Market (“MMM”), which we define as those with total enterprise value (“TEV”) below $250M. We are pleased to announce the publication of our newest report, M&A Activity - U.S. Micro Middle Market Update
- [Houlihan Capital is a Proud Sponsor of ACG's Midwest Capital Connection](https://www.houlihancapital.com/houlihan-capital-is-a-proud-sponsor-of-acgs-midwest-capital-connection/) - Houlihan Capital is a proud sponsor of ACG's Midwest Capital Connection on October 25 - 26, 2023! Please don't forget to stop by the Houlihan Capital Coffee Stations! For more information or to register, please click the buttons below: ACG's Website Registration Overview ACG Chicago’s Midwest Capital Connection is a premier conference for middle market
- [Growth Trends & Valuations - 2023 National Summit for Middle Market Funds Panel](https://www.houlihancapital.com/growth-trends-valuations-2023-national-summit-for-middle-market-funds-panel/) - Houlihan Capital's Michael Norton will be a panelist for Small Business Investor Alliance's "Growth Trends & Valuations: A Deeper Dive by Industry Experts".
- [How to Value Illiquid Investments Webinar](https://www.houlihancapital.com/how-to-value-illiquid-investments-webinar/) - Join Akram and Houlihan Capital for "How to Value Illiquid (Level 3) Investments", a free webinar opportunity on October 12, 2023.
- [Houlihan Capital Provides Fairness Opinion to Prime Impact](https://www.houlihancapital.com/houlihan-capital-provides-fairness-opinion-to-prime-impact/) - Houlihan Capital, a leading provider of fairness opinions, acted as financial advisor and provided a Fairness Opinion to Prime Impact Acquisition I.
- [Jean Alvarez Joins our Valuation & Financial Advisory Group](https://www.houlihancapital.com/jean-alvarez-joins-our-valuation-financial-advisory-group/) - Houlihan Capital is excited to announce Jean Alvarez, Operations Manager, has joined our growing Valuation & Financial Advisory Group.
- [Houlihan Capital Publishes Cryptoasset Industry Report - Q2 2023 Update](https://www.houlihancapital.com/houlihan-capital-publishes-cryptoasset-industry-report-q2-2023-update/) - Houlihan Capital is excited to announce the release of our newest quarterly Report for the Cryptoasset Industry. This report provides the following: Financial Performance: Cryptoasset-related Equities Valuation Metrics: Cryptoasset-related Equities Equity Performance Change in Market Capitalization by Equity Sector Change in Market Capitalization by Cryptoasset Sector This report is a valuable resource for anyone who
- [Quarterly Industry Report Updates are Available for Q1 2023](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q1-2023/) - Houlihan Capital provides Quarterly Updates on the following industries as of March 31, 2023. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Containers, Packaging and Paper
- [Venture Capital: Valuing Early-Stage Portfolio Companies in a Slowing Deal Environment](https://www.houlihancapital.com/venture-capital-valuing-early-stage-portfolio-companies-in-a-slowing-deal-environment/) - Houlihan Capital is aware growing challenges for Venture Capital early-stage portfolio companies and continues to work with clients to develop accurate, reasonable, and defensible valuations for stale marks.
- [Houlihan Capital's Quarterly SPAC Report - Q2 2023 Update](https://www.houlihancapital.com/houlihan-capitals-quarterly-spac-report-q2-2023-update/) - Houlihan Capital is pleased to announce the publication of our newest quarterly report for the SPAC industry. This report provides: Quarterly Statistics De-SPAC Performance - Closed Business Combinations Cash for Close Trends - Redemptions, PIPEs Competition for De-SPAC - Searching Capital IPO Trends To access the report, please click HERE. If you would like to
- [Houlihan Capital acted as financial advisor and provided a Fairness Opinion to Avalon Acquisition Inc.](https://www.houlihancapital.com/houlihan-capital-acted-as-financial-advisor-and-provided-a-fairness-opinion-to-avalon-acquisition-inc/) - Houlihan Capital acted as financial advisor and provided a Fairness Opinion to Avalon Acquisition Inc. ("Avalon"), a publicly traded special purpose acquisition company. Avalon announced that at a stockholder special meeting held on June 6, 2023, Avalon’s stockholders voted to approve its proposed business combination with The Beneficient Company Group, L.P., a technology-enabled platform providing
- [FASB's Proposed Updates to GAAP Financial Reporting Taxonomy related to ASU on Crypto Assets](https://www.houlihancapital.com/fasbs-proposed-updates-to-gaap-financial-reporting-taxonomy-related-to-asu-on-crypto-assets/) - On March 23, 2023, The Financial Accounting Standards Board (“FASB”) issued proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy related to a Proposed Accounting Standards Update (“ASU”) on Intangibles—Goodwill and Other—Crypto Assets. (1) The proposed updates would create Subtopic 350-60 of U.S. GAAP, and it would apply to all entities
- [Joe Brennan, CPA has been promoted to Senior Vice President - Valuation](https://www.houlihancapital.com/joe-brennan-cpa-has-been-promoted-to-senior-vice-president-valuation/) - Please join us in congratulating Joe Brennan on his recent promotion to Senior Vice President - Valuation at Houlihan Capital. Mr. Brennan has demonstrated a high level of technical astuteness, responsiveness, and client relationship management. We thank him for his continued contributions to the success of our Valuation practice. Joe Brennan is a Senior Vice
- [Amanda Nunley is Promoted to Vice President - Valuation](https://www.houlihancapital.com/amanda-nunley-is-promoted-to-vice-president-valuation/) - Please join us in congratulating Amanda Nunley on her recent promotion to Vice President - Valuation at Houlihan Capital. Ms. Nunley has demonstrated a high level of technical astuteness, responsiveness, and client relationship management. We thank her for her continued contributions to the success of our firm. Amanda Nunley is a Vice President in the firm’s Valuation
- [Houlihan Capital acted as the exclusive financial advisor on the sale of Auburn Heating, Plumbing & Air Conditioning](https://www.houlihancapital.com/houlihan-capital-acted-as-the-exclusive-financial-advisor-on-the-sale-of-auburn-heating-plumbing-air-conditioning/) - Houlihan Capital's Investment Banking group is pleased to announce the following transaction: Date: April 2023 Client: Auburn Heating Sector: Supply Chain, Construction, & Facility Services Industry: Residential & Commercial HVAC Houlihan Capital (Chicago, IL) acted as the exclusive financial advisor on the sale of Go Green Heating, Air Conditioning, Indoor Air Quality, Inc. (d/b/a Auburn
- [The SEC's Division of Examinations Announces 2023 Exam Priorities](https://www.houlihancapital.com/the-secs-division-of-examinations-announces-2023-exam-priorities/) - The SEC’s Division of Examinations (the “DOE”) has announced its 2023 examination priorities. The annual report provides insights into the Division’s risk-based approach, including the areas it believes present potential risks to investors and the integrity of U.S. capital markets. Valuation was discussed in the following sections: Investment Company Act Fair Valuation Rule 2a-5 The
- [Houlihan Capital acted as the sell-side advisor on the sale of Beco, Inc.](https://www.houlihancapital.com/houlihan-capital-acted-as-the-sell-side-advisor-on-the-sale-of-beco-inc/) - Date: February 2023 Client: Beco, Inc. Sector: Supply Chain, Construction, & Industrial Services Industry: Transportation and Logistics Houlihan Capital acted as the sell-side advisor to the owners of Beco Inc. (“Beco”), a U.S. Postal Service mail hauler and general freight carrier. The transaction closed on February 28, 2023. Beco was founded by Burton and Etheleen
- [We are continuing to grow our construction and infrastructure practice area at Houlihan Capital!](https://www.houlihancapital.com/we-are-continuing-to-grow-our-construction-and-infrastructure-practice-area-at-houlihan-capital/) - We are continuing to grow our construction and infrastructure practice area at Houlihan Capital! The button below provides access to our one-pager highlighting recent industry transactions and our service offering. PDF For any sell-side advisory inquiries related to the construction and infrastructure industry, please contact: Chuck Fenske, CVA Vice President cfenske@houlihancapital.com.
- [Dan Gordon and Ethan Lentz Join Houlihan Capital’s Valuation & Financial Advisory Group](https://www.houlihancapital.com/dan-gordon-and-ethan-lentz-join-houlihan-capitals-valuation-financial-advisory-group/) - Houlihan Capital is pleased to announce our newest additions to our Valuation & Financial Advisory Group, Daniel Gordon, Associate, and Ethan Lentz, Associate. Daniel Gordon Associate dgordon@houlihancapital.com Daniel Gordon is an Associate in the firm’s Valuation and Financial Advisory Group. He performs valuations for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning,
- [Quarterly Industry Report Updates are Available for Q4 2022](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q4-2022/) - Houlihan Capital provides Quarterly Updates on the following industries as of December 31, 2022. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Containers, Packaging and Paper
- [Houlihan Capital acted as the sell-side advisor on the sale of The Crawford Supply Group, Inc.](https://www.houlihancapital.com/houlihan-capital-acted-as-the-sell-side-advisor-on-the-sale-of-the-crawford-supply-group-inc/) - Date: December 2022 Client: The Crawford Supply Group, Inc. Sector: Supply Chain, Construction, & Facility Services Industry: Plumbing Product & HVAC Distribution Houlihan Capital (Chicago, IL) acted as the sell-side advisor on the sale of The Crawford Supply Group, Inc. (“Crawford Supply” or the “Company”), a leading distributor of plumbing and heating supplies, to an
- [Houlihan Capital Announces 2023 Promotions!](https://www.houlihancapital.com/houlihan-capital-announces-2023-promotions/) - Please join us in congratulating Richard Bernard and Ryan Martindell on their recent promotions at Houlihan Capital. Each has demonstrated a high level of technical astuteness, responsiveness, and client relationship management. We thank each of them for their continued contributions to the success of our firm. Richard Bernard Vice President - Valuation rbernard@houlihancapital.com (312) 450-8687
- [Houlihan Capital served as the exclusive sell-side advisor to Algus Packaging, Inc. which has been acquired by Mereo Capital Partners & Hyperion Capital Partners.](https://www.houlihancapital.com/algus-packaging-has-been-acquired-by-mereo-capital-partners-and-hyperion-capital-partners/) - Date: November 2022 Client: Algus Packaging, Inc. Sale to: Mereo Capital Partners and Hyperion Capital Partners Sector: Manufacturing – Plastic Packaging Houlihan Capital (Chicago, IL) acted as sell-side advisor on the sale of Algus Packaging, Inc., a premier manufacturer of plastic packaging products and machinery, to Mereo Capital Partners (Conshohocken, PA) and Hyperion Capital Partners
- [Quarterly Industry Report Updates are Available for Q3 2022](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q3-2022/) - Houlihan Capital provides Quarterly Updates on the following industries as of September 30, 2022. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Internet Retail Media and
- [409A Valuation - The Key to Protecting Your Fund's Earnings](https://www.houlihancapital.com/409a-valuation-the-key-to-protecting-your-funds-earnings/) - Our friends at Richey May reached out to discuss valuable insights on 409A valuations – what they are, when they are needed and more. What is a 409A Valuation? 26 U.S. Code § 409A (“IRC 409A”) is a tax rule that applies to companies offering “nonqualified deferred compensation,” which is compensation paid/received in a later
- [Houlihan Capital advised the owners of Renal Specialists of Houston on its partnership with Panoramic Health, an Audax company](https://www.houlihancapital.com/houlihan-capital-advised-the-owners-of-renal-specialists-of-houston-on-its-partnership-with-panoramic-health-an-audax-company/) - March 2022 Renal Specialists of Houston, P.A. Sale to Panoramic Health Sector: Healthcare Houlihan Capital acted as exclusive financial advisor on the sale of Renal Specialists of Houston, P.A. (“RSOH”), a leading kidney wellness specialist group, to Tempe, Arizona-based Panoramic Health. Headquartered in Houston, RSOH specializes in a diverse set of services, including inpatient and
- [Nancy Shao Promoted to Senior Vice President of Houlihan Capital's Valuation & Financial Advisory Group](https://www.houlihancapital.com/nancy-shao-promoted-to-senior-vice-president-of-houlihan-capitals-valuation-financial-advisory-group/) - Please join us in congratulating Nancy Shao on her recent promotion to Senior Vice President of our Valuation and Financial Advisory group at Houlihan Capital. Nancy has demonstrated a high level of technical astuteness, responsiveness, and client relationship management during her tenure with Houlihan Capital. We thank her for her continued contributions to the success
- [Quarterly Industry Report Updates are Available for Q2 2022](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q2-2022/) - Houlihan Capital provides Quarterly Updates on the following industries as of June 30, 2022. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Internet Retail Media and
- [Houlihan Capital advised the owners of HCVA on its partnership with US Heart & Vascular (“USHV”), an Ares company](https://www.houlihancapital.com/houlihan-capital-advised-the-owners-of-hcva-on-its-partnership-with-us-heart-vascular-ushv-an-ares-company/) - December 2021 Houston Cardiovascular Associates, P.A. Sale to Ares Management Sector: Healthcare Services Houlihan Capital (Chicago, IL) acted as exclusive financial advisor on the sale of Houston Cardiovascular Associates, P.A., a physician-owned cardiology practice, to Los Angeles, California-based asset management company, Ares Management. Headquartered inside the world-renowned Texas Medical Center in Houston, TX, Houston Cardiovascular
- [Frank Martinez, Vice President, Joins Houlihan Capital’s Investment Banking Group](https://www.houlihancapital.com/frank-martinez-vice-president-joins-houlihan-capitals-investment-banking-group/) - Houlihan Capital is pleased to announce our newest addition to the team, Frank Martinez, returning as Vice President in Houlihan Capital’s Investment Banking group. Mr. Martinez is responsible for managing day-to-day engagement execution, advising clients in all aspects of the transaction process, and participating in business development efforts for the firm. He has experience across
- [Ryan Martindell, Associate, Joins Houlihan Capital’s Valuation & Financial Advisory Group](https://www.houlihancapital.com/ryan-martindell-associate-joins-houlihan-capitals-valuation-financial-advisory-group/) - Houlihan Capital is pleased to announce our newest addition to the team, Ryan Martindell, as Associate in Houlihan Capital’s Valuation & Financial Group. Mr. Martindell performs valuations for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning, and transaction opinion (fairness, solvency, and capital adequacy) purposes. His responsibilities include conducting due diligence, performing
- [SPACs – Proposed New Rules by the SEC](https://www.houlihancapital.com/spacs-proposed-new-rules-by-the-sec/) - The SEC recently proposed new rules and amendments intended to enhance investor protections in initial public offerings by special purpose acquisition companies (“SPACs”) and in subsequent business combination transactions between SPACs and private operating companies. If adopted, the rules would impact SPACs in a variety of important ways. Below we summarize and comment upon the
- [Houlihan Capital Advised on the Recapitalization of DocMJ by Chatham Capital](https://www.houlihancapital.com/houlihan-capital-advised-on-the-recapitalization-of-docmj-by-chatham-capital/) - Houlihan Capital’s Investment Banking Group is pleased to announce the following transaction: October 2021 Recapitalization of DocMJ Debt & Equity Provided by Chatham Capital Sector: Ancillary Services - Cannabis Houlihan Capital acted as the exclusive financial advisor to DocMJ, the leading group of medical marijuana doctors in the state of Florida, on its recapitalization through
- [Monica Blocker discusses Possible Amendments to Investment Advisers Act of 1940 with EisnerAmper](https://www.houlihancapital.com/monica-blocker-discusses-possible-amendments-to-investment-advisers-act-of-1940-with-eisneramper/) - Monica Blocker, Director - Business Development, recently sat down with EisnerAmper to discuss possible amendments to the Investment Advisers Act of 1940 and shared her insights on valuation. As of May 9, 2022, the SEC reopened the comment period for the proposed rules. To read the discussion, please click here. Houlihan Capital is here to
- [Quarterly Industry Report Updates are Available for Q1 2022](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q1-2022/) - Houlihan Capital provides Quarterly Updates on the following industries as of March 31, 2022. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Internet Retail Media and
- [Michael Norton, Director, Named as "M&A Business Development Professionals to Watch"](https://www.houlihancapital.com/michael-norton-director-named-as-ma-business-development-professionals-to-watch/) - Houlihan Capital is excited to share that Michael Norton, Director - Business Development, was featured on Middle Market Growth's 2022 - Business Development Report and listed as M&A Business Development Professionals to Watch. In an article on page 68 titled, "In-Person Networking is Back: Now What?", Mr. Norton provides networking advice and pro tips for
- [Our New Branch Office in Cleveland, OH!](https://www.houlihancapital.com/our-new-branch-office-in-cleveland-oh/) - Houlihan Capital is excited to announce we have expanded with a new branch office in Cleveland, OH. Our new address is: 2400 Superior Ave East, 1st Floor Cleveland, OH 44114 (312) 450-8600 Houlihan Capital is committed to delivering superior client value. We look forward to continuing to serve our clients and relationships from our new
- [SEC Actions: Fund Investment "Mispricing" & "Mismarking" Cases 2022](https://www.houlihancapital.com/sec-actions-fund-investment-mispricing-mismarking-cases-2022/) - Overview: The SEC's Division of Examinations (“DOE”), formerly known as the Office of Compliance Inspections and Examinations ("OCIE"), has continued to increase focus on valuation practices for investment advisor and investment company examinations. As discussed in recent Risk Alerts posted by DOE, best practices and procedures that can help meet greater SEC regulation and scrutiny
- [Houlihan Capital Advised on the Sale of Northside Emergency Pet Clinics to PetVet Care Centers](https://www.houlihancapital.com/houlihan-capital-advised-on-the-sale-of-northside-emergency-pet-clinics-to-petvet-care-centers/) - March 2022 Northside Emergency Pet Clinics Sale to PetVet Care Centers Sector: Veterinary Medicine Houlihan Capital acted as exclusive financial advisor on the sale of Northside Emergency Pet Clinics (“NEPC”), a provider of emergency veterinary medicine, to Connecticut-based PetVet Care Centers (“PetVet”), a portfolio company of KKR. With locations in Westminster and Boulder, CO, Northside
- [Joe Brennan, Vice President, Joins Houlihan Capital’s Valuation & Financial Advisory Group](https://www.houlihancapital.com/joe-brennan-vice-president-joins-houlihan-capitals-valuation-financial-advisory-group/) - Houlihan Capital is pleased to announce our newest addition to the team, Joe Brennan, CPA, as Vice President in Houlihan Capital’s Valuation & Financial Group. Joe Brennan is a Vice President in the firm’s Valuation and Financial Advisory Group, where he helps perform valuation work that covers financial reporting, tax, strategic planning, and fairness opinions.
- [SEC Discusses Valuation in Proposed Rules 2022](https://www.houlihancapital.com/sec-discusses-valuation-in-proposed-rules-2022/) - On February 9, 2022, the Securities and Exchange Commission (“SEC”) voted to propose new rules and amendments under the Investment Advisers Act of 1940 (Advisers Act) to enhance the regulation of private fund advisers and to protect private fund investors by increasing transparency, competition, and efficiency in the $18-trillion marketplace.(1) The proposed rules would increase
- [Quarterly Industry Report Updates are Available for Q4 2021](https://www.houlihancapital.com/quarterly-industry-report-updates-are-available-for-q4-2021/) - Houlihan Capital provides Quarterly Updates on the following industries as of December 31, 2021. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Internet Retail Media and
- [The SEC's Division of Examinations Discusses Valuation in October 2021 Risk Alert](https://www.houlihancapital.com/the-secs-division-of-examinations-discusses-valuation-in-october-2021-risk-alert/) - The SEC’s Division of Examinations (the “Division” - formerly known as OCIE) has issued a new Risk Alert (the “Alert”)(1) regarding Observations from Examinations in the Registered Investment Company Initiatives (“RIC Initiatives” or (“Initiatives”)(2). In November 2018, the Division announced the Initiatives which would assess industry practices and regulatory compliance in certain areas that may
- [JOIN US: Streamlining Private Equity Valuation Processes Webinar](https://www.houlihancapital.com/join-us-streamlining-private-equity-valuation-processes-webinar/) - Streamlining Private Equity Valuation Processes Understanding how to navigate the new normal is vital, especially when determining valuation policies and procedures. In the private equity industry, investment valuations are the most important component of a fund’s financial statements. Join this webinar to hear an open discussion on private equity valuation, challenges and best practices from
- [Houlihan Capital Advised on the Sale of Idaho Beverage, Inc. to Admiral Beverage Corporation](https://www.houlihancapital.com/houlihan-capital-advised-on-the-sale-of-idaho-beverage-inc-to-admiral-beverage-corporation/) - July 2021 Idaho Beverages, Inc. Sale to Admiral Beverage Corporation Sector: Food & Beverage Distribution Houlihan Capital is pleased to announce the sale of Idaho Beverages, Inc., a family-owned food and beverage distributor, to Worland, Wyoming-based Admiral Beverage Corporation. Headquartered in Lewiston, Idaho, Idaho Beverages, Inc. (“Idaho Beverages” or the “Company”) is a regional Pepsi
- [Quarterly Industry Reports Industry Updates are Available for Q3 2021](https://www.houlihancapital.com/quarterly-industry-reports-industry-updates-are-available-for-q3-2021/) - Houlihan Capital provides Quarterly Updates on the following industries as of September 30, 2021. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Internet Retail Media and
- [Houlihan Capital Advises Kiefer USA on Formation of a Strategic Partnership with Diverzify](https://www.houlihancapital.com/houlihan-capital-advises-kiefer-usa-on-formation-of-a-strategic-partnership-with-diverzify/) - April 2021 Kiefer USA Financial Advisory Sector: Commercial Flooring and Interior Surfaces Houlihan Capital acted as exclusive financial advisor to Kiefer USA, on the formation of a strategic partnership with Diverzify. The partnership between Kiefer, the innovative independent leader in commercial flooring and interior services and Diverzify, a national leader in athletic surfaces, products, and
- [Houlihan Capital - We Relocated to a New Office!](https://www.houlihancapital.com/houlihan-capital-we-relocated-to-a-new-office/) - Houlihan Capital is pleased to announce that we recently moved our office to a new location in Chicago. Our new address is as follows: 200 W. Madison Street, Suite 2150 Chicago, IL 60606 (312) 450-8600 Houlihan Capital is committed to delivering superior client value. We value your business and look forward to continuing to serve
- [Houlihan Capital Advises on the sale of Grogg’s Home Services to NearU](https://www.houlihancapital.com/houlihan-capital-advises-on-the-sale-of-groggs-home-services-to-nearu/) - August 2021 Grogg’s Home Services Sale to NearU Sector: Home Services Houlihan Capital acted as the exclusive financial advisor on the sale of Grogg’s Heating & Air Conditioning, Inc. (d/b/a Grogg’s Home Services), to Charlotte, North Carolina based NearU Services. Headquartered in Parkersburg, West Virginia, Grogg’s specializes in residential HVAC, plumbing and electrical services. Since
- [Houlihan Capital - Certified in "Blockchain Fundamentals for Accounting and Finance Professionals"](https://www.houlihancapital.com/houlihan-capital-certified-in-blockchain-fundamentals-for-accounting-and-finance-professionals/) - Houlihan Capital is pleased to announce that we are certified in “Blockchain Fundamentals for Accounting and Finance Professionals”. This certificate is provided by the AICPA and CIMA. Houlihan Capital has significant experience in valuing digital assets since January 2018. We can help with the valuation process, including reviewing or drafting your valuation policy and with
- [Houlihan Capital Advised on the Recapitalization of Advantage Gold by Breakwater](https://www.houlihancapital.com/houlihan-capital-advised-on-the-recapitalization-of-advantage-gold-by-breakwater/) - August 2021 Recapitalization of Advantage Gold Debt & Equity Provided by Breakwater Management LP Sector: Financial Services Houlihan Capital acted as the exclusive financial advisor to Advantage Gold, LLC a leading precious metals investment services company, on its recapitalization through a debt and equity investment provided by Breakwater Management LP, a Los Angeles-based private investment
- [Quarterly Industry Reports Industry Updates are Available for Q2 2021](https://www.houlihancapital.com/quarterly-industry-reports-industry-updates-are-available-for-q2-2021/) - Houlihan Capital provides Quarterly Updates on the following industries as of June 30, 2021. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Internet Retail Media and
- [The Division of Examinations Names Valuation as a Focus for Digital Asset Securities](https://www.houlihancapital.com/the-division-of-examinations-names-valuation-as-a-focus-for-digital-asset-securities/) - On February 26, 2021, the SEC on behalf of the Division of Examinations (“Division”), formerly known as the Office of Compliance Inspections and Examinations (“OCIE”), released a Risk Alert(1) that provides observations to assist firms in developing and enhancing their compliance practices regarding the offer, sale, and trading of digital assets that are securities (“Digital
- [WEBINAR RECORDING: Understanding the SEC's New Framework for Fund Valuation](https://www.houlihancapital.com/webinar-recording-understanding-the-secs-new-framework-for-fund-valuation/) - Paul Clark, Head of Valuation at Houlihan Capital, recently joined Aspect Advisors and Weaver for a virtual discussion of the requirements of the SEC's new Rule 2a-5 and shared best practices for compliance, accounting and valuation for funds. Topics discussed: Overview of SEC’s Rule 2a-5, Newly Adopted Framework for Fund Valuation Practices Perspectives from compliance,
- [Quarterly Industry Reports Industry Updates are Available for Q1 2021](https://www.houlihancapital.com/quarterly-industry-reports-industry-updates-are-available-for-q1-2021/) - Houlihan Capital provides Quarterly Updates on the following industries as of March 31, 2021. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Internet Retail Media and
- [The SEC's View on SPAC Warrants](https://www.houlihancapital.com/the-secs-view-on-spac-warrants/) - The Securities and Exchange Commission is stepping up scrutiny of special-purpose acquisition companies (“SPACs”). In various statements released over the last few weeks, the SEC has highlighted several financial reporting and governance issues raised by the merger of a SPAC and target company. Most recently, on April 12th, the SEC provided surprising guidance on the
- [Houlihan Capital Advises Crawford Supply on Sale of Certain Assets to APR Supply](https://www.houlihancapital.com/houlihan-capital-advises-crawford-supply-on-sale-of-certain-assets-to-apr-supply/) - April 2021 Crawford Supply Sale of certain assets to APR Supply Co. Sector: Building Products Houlihan Capital acted as exclusive financial advisor to Crawford Supply on the sale of certain assets to Lebanon, Pennsylvania-based APR Supply. The sale consisted of four branch locations, formerly known as Plumbers Equipment, within the greater Pittsburgh, Pennsylvania market. Founded
- [Uptick in Dividend Recaps - Reduce the Risk (2021)](https://www.houlihancapital.com/uptick-in-dividend-recaps-reduce-the-risk-2021/) - Thanks to an accommodative U.S. monetary policy and the market’s optimistic assessment of corporate default risk, we have entered a period that some in the fixed income industry are referring to as “The Golden Age of Credit.” Interest rates have fallen to historically low levels, even for already leveraged companies and firms with higher-risk credit
- [Michael Norton, Director, interviewed by Business Development Guru, Steve Fretzin](https://www.houlihancapital.com/michael-norton-director-interviewed-by-business-development-guru-steve-fretzin/) - Michael Norton, Director - Business Development, was recently interviewed by Business Development guru, Steve Fretzin. Fretzin invited Mr. Norton to discuss networking and business development on his podcast, BE THAT LAWYER. Learn helpful tips from the experts on finding ways to add value with your connections and keeping in touch. Listen to the podcast here:
- [William Butrym, CEO, relocates to Milwaukee area to better serve Houlihan Capital's Wisconsin-based clientele](https://www.houlihancapital.com/william-butrym-ceo-relocates-to-milwaukee-area-to-better-serve-houlihan-capitals-wisconsin-based-clientele/) - Houlihan Capital, a leading valuation and investment banking firm, has announced that its Co-Founder and CEO, William “Bill” Butrym has relocated from Chicago to the Milwaukee area to better serve Houlihan Capital’s Wisconsin-based clientele. Butrym commented, “I’m delighted to return home and open our Milwaukee office. It is wonderful to reconnect, even in these strangest
- [Financial Services Update - Webinar](https://www.houlihancapital.com/financial-services-update-webinar/) - Andrew Smith, President at Houlihan Capital, recently joined RSM and Mainstream Group for a virtual discussion to share insights on today's rapidly changing environment due to COVID-19. Topics Discussed: Data incomparability What is fair value Lag in financials (Consistency) Valuation, quarter to quarter (stale marks) Dry powder, looking for deals at record levels (Client/Prospect) For
- [Industry Updates are Available for Q4 2020](https://www.houlihancapital.com/industry-updates-are-available-for-q4-2020/) - Houlihan Capital provides Quarterly Updates on the following industries as of December 31, 2020. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Services Cannabis Chemicals Consumer Products Internet Retail Media and
- [The State of Valuations in Light of COVID-19 Webinar](https://www.houlihancapital.com/the-state-of-valuations-in-light-of-covid-19-webinar/) - Michael Norton, Director, and Andrew Smith, President, recently joined ACG Chicago for a virtual discussion on how the current environment is impacting valuations. For those who did not have a chance to join the webinar, a video recording link is provided below: Webinar Recording For any questions regarding this webinar or valuation assistance, please contact:
- [Transaction Announcement - A.Y. McDonald Mfg. Co.](https://www.houlihancapital.com/transaction-announcement-a-y-mcdonald-mfg-co/) - December 2020 A.Y. McDonald Mfg. Co. Acquisition of Val-Matic Valve & Mfg. Corp. Sector: Manufacturing Houlihan Capital acted as exclusive financial advisor to A.Y. McDonald on its acquisition of Val-Matic Valve & Mfg. Corporation. Val-Matic was founded in 1966 by Andrew Nuter and is a manufacturer of fourteen valve product lines for the water, wastewater,
- [SEC Adopts New Framework for Fund Valuation Practices](https://www.houlihancapital.com/sec-adopts-new-framework-for-fund-valuation-practices/) - On December 3, 2020, the Securities and Exchange Commission (SEC) voted to adopt Rule 2a-5, a new rule to modernize fund valuation practices. The rule clarifies how fund boards can satisfy their valuation obligations, including an increase in the variety of asset classes held by funds and increase both the volume and type of data
- [Thinking about Gift & Estate Tax Planning? Here's what you should know.](https://www.houlihancapital.com/thinking-about-gift-estate-tax-planning-heres-what-you-should-know/) - Many people are wondering how the tax code will be impacted and if there are estate planning actions they can take before the end of the year.
- [Industry Updates are Available for Q3 2020](https://www.houlihancapital.com/industry-updates-are-available-for-q3-2020/) - Houlihan Capital provides Quarterly Updates on the following industries as of September 30, 2020. Information includes valuation metrics, performance data and M&A activity.
- [Transaction Announcement - F.H. Ayer Manufacturing Company](https://www.houlihancapital.com/transaction-announcement-f-h-ayer-manufacturing-company/) - Houlihan Capital acted as exclusive financial advisor on the sale of F. H. Ayer Manufacturing Company, a quality rebuilder and re-conditioner of rotating equipment, to Northbrook, Illinois-based Big Shoulders Capital.
- [Valuation Methodologies & Challenges Webinar](https://www.houlihancapital.com/valuation-methodologies-challenges-webinar/) - Paul Clark, Head of Valuation at Houlihan Capital, recently joined Ultimus Fund Solutions, ACA Compliance Group and Cohen & Co. for a virtual discussion on key valuation practices for Registered Investment Companies. Topics covered in the webinar include: Perspectives from compliance, accounting, and valuation experts Valuation overview, including new Rule 2a-5, accounting guidance, and methodologies
- [Demystifying Valuation Webinar](https://www.houlihancapital.com/demystifying-valuation-webinar/) - Demystifying Valuation Webinar - How next gen tools are, methodologies and technology are creating alpha.
- [Valuation in the Age of COVID-19 Webinar](https://www.houlihancapital.com/valuation-in-the-age-of-covid-19-webinar/) - Free webinar regarding Private Equity valuation topics during the age of COVID-19.
- [Paul Clark, Managing Director, Participates on Cayman Islands Private Funds Law Webinar](https://www.houlihancapital.com/paul-clark-managing-director-participates-on-cayman-islands-private-funds-law-webinar/) - Paul Clark, Managing Director, was recently invited by TMF Group to participate on a panel, along with other industry experts, to discuss the new Cayman Islands Private Funds Law. Topics discussed: Introduction and requirements of a Private Fund Practicalities of a regulated Fund Valuation procedures Four eye principle To discuss the Cayman Islands Private Funds
- [Andrew Smith, President, Participates on Fund Valuation Webinar Panel](https://www.houlihancapital.com/andrew-smith-president-participates-on-fund-valuation-webinar-panel/) - Andrew Smith, President, recently was invited by Kirkland and Ellis to speak on a virtual panel, along with other industry experts, for an in-depth discussion of the impact of COVID-19 on private fund valuations and the resulting implications for financial reporting. Topics discussed: Insights for CFOs and CCOs in approaching the valuation process Current "market"
- [Valuation of Bank Assets](https://www.houlihancapital.com/valuation-of-bank-assets/) - The return of volatility to the markets, due to COVID-19 and other factors, has created challenges in estimating “fair value” of investment positions. The banking industry, in particular, has seen an increased focus on determining fair value of specific loans and loan portfolios. Fair value accounting in connection with bank loan assets has been a
- [Industry Updates are Available for Q2 2020](https://www.houlihancapital.com/industry-updates-are-available-for-q2-2020/) - Houlihan Capital provides free Industry Updates as of June 30, 2020. Information includes valuation metrics, performance data and M&A activity.
- [Valuation Raised as an Issue by the OCIE](https://www.houlihancapital.com/valuation-raised-as-an-issue-by-the-ocie/) - On June 23, 2020, a Risk Alert was released by the SEC on behalf of the Office of Compliance Inspections and Examinations (“OCIE”) that provides an overview of compliance issues found during examinations of registered investment advisers that manage private equity or hedge funds (“private fund advisers”).
- [Understanding Personal Goodwill Valuations](https://www.houlihancapital.com/understanding-personal-goodwill-valuations/) - Do you need a Personal Goodwill valuation? It derives value by preventing revenue and profit margin diminution that could result from customer loss, reduced supplier negotiating ability, and increased competition in the marketplace.
- [Fair Value in Times of COVID-19](https://www.houlihancapital.com/fair-value-in-times-of-covid-19/) - It is important to objectively consider the impact and uncertainty of COVID-19 when estimating the fair value of private investments as of March 31, 2020 and June 30, 2020. The macro environment and investment-specific value drivers should be considered when estimating fair value for a specific investment.
- [Securities and Exchange Commission Charges Florida Investment Adviser with Fraud (May 2020)](https://www.houlihancapital.com/securities-and-exchange-commission-charges-florida-investment-adviser-with-fraud-may-2020/) - Houlihan Capital provides examples where the SEC has filed a series of cases for Fund Investment “mispricing” or “mismarking.” With the increased amount of scrutiny, the use of an independent valuation agent is becoming more of a widely accepted best practice amongst fund managers.
- [The Cayman Islands Private Funds Law 2020](https://www.houlihancapital.com/cayman-islands-private-fund-law-2020/) - New standards for the valuation of a private fund’s assets. According to Clause 16 of the Law, private funds are required to have a valuation of their assets carried out at a frequency that is appropriate to the assets, but at least on an annual basis.
- [Industry Updates are Available for Q1 2020](https://www.houlihancapital.com/industry-updates-are-available-for-q1-2020/) - Houlihan Capital provides Quarterly Updates on the following industries as of March 31, 2020. Information includes valuation metrics, performance data and M&A activity.
- [SEC’s New Framework Proposal for Fund Valuation Practices](https://www.houlihancapital.com/secs-new-framework-proposal-for-fund-valuation-practices/) - The Securities and Exchange Commission (SEC) has proposed a new rule to modernize fund valuation practices. The rule clarifies how fund boards can satisfy their valuation obligations, and, according to SEC Chairman Jay Clayton, “would improve valuation practices, including oversight, thereby protecting investors”.
- [COVID-19: Houlihan Capital will Continue to Provide Exceptional Service](https://www.houlihancapital.com/covid-19-houlihan-capital-will-continue-to-provide-exceptional-service/) - Houlihan Capital will maintain the same level of service and value you’ve come to expect from us. Our teams are able to work remotely should the need arise, and we can maintain our same client service standards, including being fully accessible and responsive to your business needs
- [SEC Grants No-Action Relief For The Sale of Debt Securities to Affiliates](https://www.houlihancapital.com/sec-grants-no-action-relief-for-the-sale-of-debt-securities-to-affiliates/) - On March 26, 2020, the SEC granted no-action relief to help open-end registered investment companies enhance liquidity and fund shareholder redemptions in light of significant securities market disruptions related to COVID-19.
- [Valuation Fund Transfers -- COVID-19 Considerations](https://www.houlihancapital.com/valuation-fund-transfers-covid-19-considerations/) - COVID-19 will significantly accelerate the restructuring of private funds through asset transfers from existing funds to related-party funds or affiliate entities. Such fund transfers have significant valuation and fairness issues that should be considered by GPs, LPs, and their advisors.
- [Industry Updates are Available for Q4 2019](https://www.houlihancapital.com/industry-updates-are-available-for-q4-2019/) - Houlihan Capital provides Quarterly Updates on the following industries as of December 31, 2019. Information includes valuation metrics, performance data and M&A activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Cannabis Consumer Products Containers, Packaging
- [Value this! Hot Topics in Valuation for RIAs](https://www.houlihancapital.com/value-this-hot-topics-in-valuation-for-rias/) - Did you miss our 60 - minute webinar this week on Hot Topics in Valuation for RIAs? Key topics discussed: Overview of the SEC's valuation requirements The SEC's recent deep dive into RIA's valuation methodology and actual practices Urgent valuation implications in connection with the SEC's new liquidity rule Recent SEC valuation related enforcement cases
- [Industry Updates are Available for Q3 2017](https://www.houlihancapital.com/industry-updates-are-available-for-q3-2017/) - Houlihan Capital provides Quarterly Updates on the following industries as of September 30, 2017. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & GovernmentAsset ManagementBankingBuilding ProductsBusiness Development CompaniesBusiness ServicesConsumer ProductsContainers, Packaging and Paper Products Financial ServicesFood & BeveragesHealthcareHotels,
- [Recent SEC Mispricing Cases: Best Practices in Valuation](https://www.houlihancapital.com/recent-sec-mispricing-cases-best-practices-in-valuation/) - SEC Actions - Fund Investment "Mispricing" and "Mismarking" Overview: The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has named valuation practices as one of its areas of focus in both investment advisor and investment company examinations. Best practices and procedures that can help meet greater SEC regulation and scrutiny include: Adoption of written/documented valuation
- [Locke Lord's Cannabis Podcast, "The Joint Status Report," Invites Michael Norton as Guest Speaker](https://www.houlihancapital.com/locke-lord-cannabis-podcast-the-joint-status-report-invites-michael-norton-as-guest-speaker/) - Locke Lord's cannabis industry podcast, The Joint Status Report, invited Michael Norton, Director - Business Development, as guest speaker on October 7, 2019. Episode 11: Locke Lord's Chicago Partners, David Standa and Mike Wilson, interview Michael Norton and discuss Houlihan Capital's services offerings for the cannabis industry. Listen to the podcast here: Access Podcast To
- [Tackling Tougher Valuation Standards for Private Equity Funds](https://www.houlihancapital.com/tackling-tougher-valuation-standards-for-private-equity-funds/) - In December 2019, The Wall Street Journal published an article outlining tougher valuation standards for Private Equity funds. The article titled, Tougher Valuation Standards Raise the Bar for Managers and Investors, discusses the following: The SEC views valuation as the responsibility of the fund; Heightened scrutiny has prompted more funds to hire third-party valuation providers;
- [Understanding Valuations of Unicorns in 2019](https://www.houlihancapital.com/understanding-valuations-of-unicorns-in-2019/) - Houlihan Capital provides insight on understanding valuations of unicorns in 2019.
- [Webinar - Fair Value: Best Practices and Implementation](https://www.houlihancapital.com/webinar-fair-value-best-practices-and-implementation/) - Houlihan Capital partnered with Richey May & Co. in October 2019 to discuss the best practices for Fair Value and ASC 820.
- [Industry Updates are Available for Q3 2019](https://www.houlihancapital.com/industry-updates-are-available-for-q3-2019/) - Houlihan Capital provides Quarterly Updates on the following industries as of September 30, 2019. Information includes valuation metrics, performance data and M&A Activity.
- [Houlihan Capital Completes SOC 1 Exam](https://www.houlihancapital.com/houlihan-capital-completes-soc-1-exam/) - Houlihan Capital is pleased to announce the completion of our annual SOC 1 Examination. The AICPA SOC 1 Report is an internal control report on the services provided by a service organization and provides valuable information that existing and potential customers of the service organization need to assess and address the risks associated with an
- [Now Hiring - Valuation Associate](https://www.houlihancapital.com/now-hiring-valuation-associate/) - Houlihan Capital is hiring for Valuation Associate.
- [Now Hiring - Vice President of Valuation](https://www.houlihancapital.com/now-hiring-vice-president-of-valuation/) - Vice Presidents perform valuation analyses across multiple industries and for various purposes. We seek talented individuals to participate in new business development, project management, and direct client service.
- [Industry Updates are Available for Q2 2019](https://www.houlihancapital.com/industry-updates-are-available-for-q2-2019/) - Houlihan Capital provides Quarterly Updates on the following industries as of June 30, 2019. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Cannabis Consumer Products Containers, Packaging
- [Transaction Announcement - Counter Assault](https://www.houlihancapital.com/transaction-announcement-counter-assault/) - Houlihan Capital’s Investment Banking Group is pleased to announce the following transaction: June 2019 Bushwacker Backpack & Supply d/b/a Counter Assault Sale to Tender Corporation Sector: Consumer Products Houlihan Capital acted as exclusive financial advisor on the sale of Bushwacker Backpack & Supply, maker of the popular Counter Assault Brand of personal-defense products, to New
- [New Cases Added to Our 2019 Solvency Compendium](https://www.houlihancapital.com/new-cases-added-to-our-2019-solvency-compendium/) - New cases added to our Solvency Compendium (May 2019). Access our Solvency Compendium, a summary of court cases relating to Solvency Opinions and issues.
- [New Cases Added to Our 2019 Fairness Compendium](https://www.houlihancapital.com/new-cases-added-to-our-2019-fairness-compendium/) - New cases added to our Fairness Compendium (May 2019). Access our Fairness Compendium, a summary of court cases relating to Fairness Opinions and issues.
- [Now Hiring – Valuation Senior Associate](https://www.houlihancapital.com/now-hiring-valuation-senior-associate-2/) - Now Hiring - Valuation Senior Associate Houlihan Capital has extensive valuation experience providing companies with objective, independent, and defensible valuation opinions that meet accounting, regulatory, and corporate governance requirements. Our analyses and reports are transparent, supportable, and clearly outline the assumptions and projections incorporated into our financial models. We consistently apply sound valuation methodologies and
- [Now Hiring: Valuation Senior Associate - Complex Securities & Debt Valuation](https://www.houlihancapital.com/now-hiring-valuation-senior-associate-complex-securities-debt-valuation/) - 3/1/2019 - We are hiring at Houlihan Capital! We are looking to add a Valuation Senior Associate to our team that has experience with complex securities and debt valuations.
- [Industry Updates are Available for Q1 2019](https://www.houlihancapital.com/industry-updates-are-available-for-q1-2019/) - Houlihan Capital provides Quarterly Updates on the following industries as of March 30, 2019. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [Now Hiring - Valuation Senior Associate](https://www.houlihancapital.com/now-hiring-valuation-senior-associate/) - Now Hiring - Valuation Senior Associate 12/1/2018 - UPDATE: This position has been filled. Houlihan Capital has extensive valuation experience providing companies with objective, independent, and defensible valuation opinions that meet accounting, regulatory, and corporate governance requirements. Our analyses and reports are transparent, supportable, and clearly outline the assumptions and projections incorporated into our financial
- [Houlihan Capital Publishes 2019 Fairness & Solvency Compendiums](https://www.houlihancapital.com/houlihan-capital-publishes-2019-fairness-solvency-compendiums/) - Houlihan Capital Publishes 2019 Fairness & Solvency Compendiums Our 2019 updated Fairness and Solvency Compendiums, which summarize relevant court cases relating to fairness and solvency opinions and issues, are now available on our website. Houlihan Capital strives to be a valuable resource for you and/or your clients. We have provided transaction opinions to our clients
- [Industry Updates are Available for Q4 2018](https://www.houlihancapital.com/industry-updates-are-available-for-q4-2018/) - Houlihan Capital provides Quarterly Updates on different industries as of 12/31/2018. Info includes valuation metrics, performance data and M&A Activity.
- [Industry Updates are Available for Q3 2018](https://www.houlihancapital.com/industry-updates-are-available-for-q3-2018/) - Houlihan Capital provides Quarterly Updates on the following industries as of September 30, 2018. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [Industry Updates for Q4 are now Available! (2017)](https://www.houlihancapital.com/industry-updates-for-q4-are-now-available-2017/) - Houlihan Capital Industry Updates for Q4 are now Available! (2017) Houlihan Capital provides Quarterly Updates on the following industries as of December 31, 2017. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products
- [Industry Updates are Available for Q1 2018](https://www.houlihancapital.com/industry-updates-are-available-for-q1-2018/) - Houlihan Capital provides Quarterly Updates on the following industries as of March 31, 2018. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [Houlihan Capital Participates in "Valuation Issues: Trends and Best Practices" Panel](https://www.houlihancapital.com/houlihan-captial-participates-in-valuation-issues-trends-and-best-practices-panel/) - Houlihan Capital Participates in "Valuation Issues: Trends and Best Practices" Panel Houlihan Capital is pleased to announce our participation in Cohen & Co.’s Converge and Connect conference in Baltimore last week. Jules Pomerantz, CFO of Houlihan Capital, was invited as a guest panelist for session, “Valuation Issues: Trends and Best Practices.” Mr. Pomerantz gave insight
- [Industry Updates are Available for Q2 2018](https://www.houlihancapital.com/industry-updates-are-available-for-q2-2018/) - Houlihan Capital provides Quarterly Updates on the following industries as of June 30, 2018. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & GovernmentAsset ManagementBankingBuilding ProductsBusiness Development CompaniesBusiness ServicesConsumer ProductsContainers, Packaging and Paper Products Financial ServicesFood & BeveragesHealthcareHotels, Restaurant,
- [Understanding Valuations of Unicorns in 2017](https://www.houlihancapital.com/understanding-valuations-of-unicorns-in-2017/) - When venture capitalist Aileen Lee coined the term “unicorn” in the fall of 2013 to describe a VC-backed company valued at $1 billion or more, it was a fitting description of an exceptionally rare phenomenon, with around 40 companies in the world holding such title. While unicorn status is still rare, the booming tech market
- [Increase in Fund Restructuring](https://www.houlihancapital.com/increase-in-fund-restructuring/) - Increase in Fund Restructuring Many private equity funds formed during the “golden era”, prior to 2007, are approaching the contractual end of their initial expected investment horizons, which has created liquidity needs within such funds. To address this need, fund managers have elected to either restructure existing funds by extending expected fund longevity, or moving
- [Industry Updates are Available for Q1 2017](https://www.houlihancapital.com/industry-updates-are-available-for-q4-2017/) - Houlihan Capital provides Quarterly Updates on the following industries as of March 31, 2017. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [An Accounting Update for Entities that hold Equity Investments](https://www.houlihancapital.com/an-accounting-update-for-entities-that-hold-equity-investments/) - There are significant changes coming to the way public companies account for their investments in equity securities. Be ready to understand them and put the right procedures in place before it’s too late. In early 2016, the Financial Accounting Standards Board (FASB) issued its accounting standards update (ASU) 2016-01, effective December 15, 2017. Under the
- [Q3 2017 Industry Updates are Now Available!](https://www.houlihancapital.com/q3-2017-industry-updates-are-now-available/) - Houlihan Capital provides Quarterly Updates on the following industries as of September 30, 2017. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [Houlihan Capital Discusses Valuation and Fund of Funds](https://www.houlihancapital.com/houlihan-capital-discusses-valuation-and-fund-of-funds/) - Pursuant to both AIMA’s Guide to Sound Practices for Hedge Fund Valuation and AIFMD, the Manager of a Fund-of-Funds (“FoF”) is required to ensure that appropriate and consistent procedures are in place for the valuation of Fund assets on at least an annual basis. Best practice and regulations relating to valuation measures to be implemented
- [AIFMD – Professional Guarantee Requirement of External Valuer](https://www.houlihancapital.com/aifmd-professional-guarantee-requirement-of-external-valuer-2/) - AIFMD – Professional Guarantee Requirement of External Valuer With the Alternative Investment Fund Managers Directive (“AIFMD”) having entered into force on July 22, 2013, Alternative Investment Fund Managers (“Managers”) are now responsible for establishing and maintaining appropriate procedures concerning the valuation of assets in the Alternative Investment Fund (“Fund”). In addition, written valuation policies and
- [AIFMD Requirements for Non-EU Managers](https://www.houlihancapital.com/aifmd-requirements-for-non-eu-managers/) - AIFMD Requirements for Non-EU Managers As of July 22, 2013, the Alternative Investment Fund Managers Directive (“AIFMD”) became effective in the European Union (“EU”). While the directive impacts an EU Alternative Investment Fund Manager (“Manager”) managing and marketing an EU Alternative Investment Fund (“Fund”) immediately, we will now take a closer look at the impact
- [Fair Value Best Practices and Implementation](https://www.houlihancapital.com/fair-value-best-practices-and-implementation/) - Fair Value Best Practices and Implementation Overview Given the difficulty of valuing illiquid assets and the potential for conflict of interest, hedge funds, private equity firms, and other investment managers and financial institutions (“Asset Management Firms”) are receiving greater attention from regulators, investors, auditors, politicians, and other industry participants, with the trend toward a well
- [Going Private vs. Going Dark](https://www.houlihancapital.com/going-private-vs-going-dark/) - Public companies are required to comply with United States Securities and Exchange Commission (SEC) filings and regulations. On average, public companies can spend anywhere from $1million to$3 million per year more than similar private companies due to regulatory and financial reporting costs. Studies have shown that public companies spend more on investor relations personnel, board
- [Portfolio Valuations](https://www.houlihancapital.com/portfolio-valuations/) - Portfolio Valuations Valuation of Alternative Investments Given the difficulty of valuing illiquid assets and the potential for conflict of interest, hedge funds, private equity firms, and other investment managers and financial institutions are receiving greater attention from regulators, investors, auditors, politicians, and other industry participants, with the trend toward a well defined and consistently applied
- [Houlihan Capital’s whitepaper on ESOPs](https://www.houlihancapital.com/houlihan-capitals-whitepaper-on-esops/) - Houlihan Capital’s whitepaper on ESOPs What is an ESOP? An Employee Stock Ownership Plan (“ESOP”) is a defined contribution retirement plan, authorized by the Employee Retirement Income Security Act (“ERISA”) similar to a profit sharing plan. Passed by Congress in 1974, ERISA provides tax incentives to establish ESOPs in accordance with the Department of Labor
- [Industry Updates are Available for Q4 2015](https://www.houlihancapital.com/industry-updates-are-available-for-q4-2015/) - Houlihan Capital provides Quarterly Updates on the following industries as of December 31, 2015. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [Industry Updates are Available for Q1 2016](https://www.houlihancapital.com/industry-updates-are-available-for-q1-2016/) - Houlihan Capital provides Quarterly Updates on the following industries as of March 31, 2016. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [Industry Updates are Available for Q2 2016](https://www.houlihancapital.com/industry-updates-are-available-for-q2-2016/) - Houlihan Capital provides Quarterly Updates on the following industries as of June 30, 2016. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [ASC 350 Intangibles – Goodwill and Other: Goodwill Impairment for Financial Reporting and Step Zero Test](https://www.houlihancapital.com/asc-350-intangibles-goodwill-and-other-goodwill-impairment-for-financial-reporting-and-step-zero-test/) - Overview Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350 provides guidance on financial accounting and reporting related to goodwill and other intangibles for U.S. GAAP, other than the accounting at acquisition for goodwill and other intangibles acquired in a business combination or an acquisition by a not-for-profit entity.Per ASC 350, originally issued
- [EXCHANGE-TRADED FUNDS – Illiquid Security Valuation](https://www.houlihancapital.com/exchange-traded-funds-illiquid-security-valuation/) - EXCHANGE-TRADED FUNDS – Illiquid Security Valuation Exchange-Traded Funds (ETFs) are investment funds that combine the features of a mutual fund and a closed-end fund. ETFs trade throughout the day at prices that may be above or below the fund’s net asset value. Shareholders may trade shares of the ETF resulting in capital gains or losses.
- [Surprise – Director Comp Must Be Fair](https://www.houlihancapital.com/surprise-director-comp-must-be-fair/) - Surprise – Director Comp Must Be Fair Stockholder approval of an incentive plan is not a foolproof defense against an “entire fairness review” of self-compensation decisions, as the Citrix Systems, Inc. (“Citrix”) board of directors learned the hard way. In Calma v. Templeton et al, a recent derivative action on behalf of Citrix, a stockholder
- [Funds, Directors & Fiduciaries – YES, Valuation Matters!](https://www.houlihancapital.com/funds-directors-fiduciaries-yes-valuation-matters/) - Funds, Directors & Fiduciaries – YES, Valuation Matters! The Securities and Exchange Commission recently settled charges against AlphaBridge Capital Management, which was alleged to have fraudulently inflated the prices of securities in hedge fund portfolios it managed. The SEC investigation found that AlphaBridge told investors and its auditor that it obtained independent price quotes from
- [Time May Be Slipping Away to Discount Valuations](https://www.houlihancapital.com/time-may-be-slipping-away-to-discount-valuations/) - Time May Be Slipping Away to Discount Valuations Proposed regulations to limit tax planning strategies in connection with valuation discounts could be implemented later this summer. Traditionally, owners of closely held businesses have sought independent valuations to help determine gift and estate tax liability. The valuation of closely held entities for gift and estate tax
- [Transaction Announcement - Label Vision Systems](https://www.houlihancapital.com/transaction-announcement-label-vision-systems/) - Houlihan Capital is pleased to announce the sale of Label Vision Systems, Inc. to Microscan Systems, an operating company in Spectris plc’s (LSE:sxs) Industrial Controls business segment. Label Vision Systems, Inc. (”LVS”) has developed proprietary software and products that enable label inspection, print inspection, and barcode verification. LVS’s technology, products, and solutions allow companies to
- [Why You Need to Understand the Custody Rule](https://www.houlihancapital.com/why-you-need-to-understand-the-custody-rule/) - Why You Need to Understand the Custody Rule Seven years after the 2008 financial crisis, the full significance of the ensuing laws, rules and regulations is still being ascertained. One issue that has become prominent is compliance with Rule 206(4)-2 of the Investment Advisers Act of 1940, generally referred to as the custody rule. Why
- [Why Valuations Matter to Lenders](https://www.houlihancapital.com/why-valuations-matter-to-lenders/) - Why Valuations Matter to Lenders On March 22, 2013, bank regulators consisting of the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the “agencies”) jointly issued final guidance[1] on leveraged lending. Ostensibly, the goal of the guidance was “to assist
- [Understanding Valuations of Unicorns](https://www.houlihancapital.com/understanding-valuations-of-unicorns/) - When venture capitalist Aileen Lee coined the term “unicorn” in the fall of 2013 to describe a start-up technology company that had achieved a valuation exceeding $1 billion, it was a fitting description of an exceptionally rare phenomenon. Today, in the middle of what some industry veterans are describing as a second tech bubble, unicorns
- [As Dividend Recaps Decline, Investors Look Elsewhere.](https://www.houlihancapital.com/as-dividend-recaps-decline-investors-look-elsewhere/) - As Dividend Recaps Decline, Investors Look Elsewhere. President Andrew Smith was quoted in Mergers & Acquisitions January 13, 2016 in connection with Dividend Recaps. Access Article Andrew Smith Andrew Smith President
- [Distort Valuations, Lose Your Investors.](https://www.houlihancapital.com/distort-valuations-lose-your-investors/) - Distort Valuations, Lose Your Investors. Recently, the Securities and Exchange Commission announced that Equinox Fund Management LLC (“Equinox”), a Denver-based alternative fund manager, agreed to settle charges that the firm willfully violated Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, and caused its managed futures fund, The Frontier Fund (“TFF”), to violate Section
- [Transaction Announcement - Entsorga West Virigina](https://www.houlihancapital.com/transaction-announcement-entsorga-west-virigina/) - March, 2016 Entsorga West Virginia's Issuance of $25 million of Tax Exempt Private Activity Development Bonds Houlihan Capital served as the exclusive financial advisor to EWV on this transaction. Entsorga West Virginia, LLC (“EWV”) located in Martinsburg, WV, sold $25 million of tax exempt, private activity development bonds. The bond proceeds and partner equity will
- [Houlihan Capital Provides Quarterly Updates Q4 2016](https://www.houlihancapital.com/houlihan-capital-provides-quarterly-updates-q4-2016/) - Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and Paper Products Financial Services Food & Beverages Healthcare Hotels, Restaurant, and Leisure Insurance Internet Retail Media and Entertainment Oil and Gas Power and Utilities Retail Steel Telecommunications Transportation and Logistics If an industry is not listed
- [Andrew Smith releases article discussing Investor Demands are Driving Valuation Best Practices and Transparency](https://www.houlihancapital.com/andrew-smith-releases-article-discussing-investor-demands-are-driving-valuation-best-practices-and-transparency/) - Andrew Smith releases article discussing Investor Demands are Driving Valuation Best Practices and Transparency Investors have clearly signaled that they will invest only with fund managers that have implemented valuation best practices and are providing adequate transparency and disclosures. This trend will only grow stronger as regulators, auditors, fund administrators, and other fiduciaries endeavor to
- [Industry Updates are Available for Q3 2016](https://www.houlihancapital.com/industry-updates-are-available-for-q3-2016/) - Houlihan Capital provides Quarterly Updates on the following industries as of September 30, 2016. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [Valuation Rules Have Changed](https://www.houlihancapital.com/valuation-rules-have-changed/) - Valuation Rules Have Changed. This past April, the SEC’s rule changes in connection with unlisted Real Estate Investment Trusts (REITS) and Direct Participation Programs (DPPs) became effective. FINRA RN 15-02, which amends National Association of Securities Dealer Rule 2340 (Customer Account Statements) and FINRA Rule 2310 (Direct Participation Programs), promotes greater transparency for shareholders and
- [Thinking About Selling Your Business? 4 Considerations.](https://www.houlihancapital.com/thinking-about-selling-your-business-4-considerations/) - Thinking About Selling Your Business? 4 Considerations. It has been a tough couple of years for many business owners seeking to sell. Struggling with tepid or flat sales growth while confronting low inflation and the desire to increase wages, the window of opportunity was barely cracked open. But the outlook for business owners is improving.
- [Quality Disclosures, Transparency & Valuations Matter](https://www.houlihancapital.com/quality-disclosures-transparency-valuations-matter/) - Recently, Calvert Investment Management agreed to settle charges brought against them by the SEC that stemmed from the improper valuation of an illiquid bond held in numerous Calvert mutual funds from 2008 to 2011. The valuation led to overstated net asset values, which in turn caused inaccurate performance numbers and inflated asset-based fees. When Calvert
- [Industry Updates for Q2 are now Available! (2017)](https://www.houlihancapital.com/industry-updates-for-q2-are-now-available-2017/) - Houlihan Capital provides Quarterly Updates on the following industries as of June 30, 2017. Information includes valuation metrics, performance data and M&A Activity. Click on the following links below to access reports for the following industries: Aerospace, Defense & Government Asset Management Banking Building Products Business Development Companies Business Services Consumer Products Containers, Packaging and
- [Interest in BDCs Continues to Grow](https://www.houlihancapital.com/1310/) - Interest in BDCs Continues to Grow Business Development Companies (“BDCs”), created by the Small Business Investment Incentive Act of 1980 to spur investment in smaller companies, are a type of closed-end fund that has exploded in popularity in recent years.BDCs generally make investments in private companies in the form of long-term debt or equity. Investments
- [AIFMD - One Year Update](https://www.houlihancapital.com/aifmd-one-year-update/) - AIFMD – Year One Update The Alternative Investment Fund Management Directive (“AIFMD” or the “Directive”) became effective on July 23rd, 2013. Alternative Investment Fund Managers (“Managers”) of hedge funds, private equity funds, funds of funds and real estate funds had until July 22nd of this year to get authorization to market their product in the
- [Get Ready – SEC plans National Sweep of Funds](https://www.houlihancapital.com/get-ready-sec-plans-national-sweep-of-funds/) - In a recent speech to the Private Equity Forum of the Practicing Law Institute, Norm Champ, Director of the Division of Investment Management for the SEC, described the growing use of alternative investment strategies by ’40 Act open-end mutual funds. He noted that increased disclosure androbust valuations of illiquid investments held by these funds were
- [Houlihan Capital is a Proud Sponsor of the AM&AA 2014 Summer Conference](https://www.houlihancapital.com/houlihan-capital-is-a-proud-sponsor-of-the-amaa-2014-summer-conference/) - Houlihan Capital is a proud sponsor of the Alliance of Merger & Acquisition Advisors (AM&AA) 2014 Summer Conference. The event is being held at the JW Marriott Chicago (151 W. Adams St, Chicago, IL 60603) on Tuesday, July 22nd thru Thursday July 24th. Attending from Houlihan Capital will be Vice President of Business Development, Michael
- [Is your Investment Company STILL an Investment Company?](https://www.houlihancapital.com/is-your-investment-company-still-an-investment-company/) - The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) which amends the criteria that define an investment company, clarifies the measurement guidance, and requires new disclosures. The ASU arose from collaboration between FASB and the International Accounting Standards Board (IASB) to develop a consistent approach to recognizing entities as investment companies. The
- [Uptick in Dividend Recaps – Reduce the Risk](https://www.houlihancapital.com/uptick-in-dividend-recaps-reduce-the-risk/) - Uptick in Dividend Recaps – Reduce the Risk Current interest rates remain at historically low levels, even for already leveraged companies and firms with higher-risk credit profiles. This has led to record amounts of recent debt financing activity. An increasing number of borrowers are feeding off investor demand for higher yields, as the Fed keeps
- [Listen to Morton – Get a Second Opinion](https://www.houlihancapital.com/listen-to-morton-get-a-second-opinion/) - A fairness opinion is an effective, often necessary, risk management tool that determines whether the terms of a transaction are fair to stakeholders from a financial point of view. In significant change of control or capital transactions, obtaining a fairness opinion facilitates the decision-making process. The purpose of the fairness opinion is to provide an
- [SEC Expands Police Squad – Fund Violations Surpass 50%](https://www.houlihancapital.com/sec-expands-police-squad-fund-violations-surpass-50/) - SEC Expands Police Squad – Fund Violations Surpass 50% The Securities and Exchange Commission (SEC), in connection with the Dodd-Frank Act, has a dedicated team for the examination of private equity and hedge funds, and is now pushing to increase its 2015 budget and add up to 316 staff to this specialized group. This unit,
- [If MOM says NO, the deal don't go!](https://www.houlihancapital.com/if-mom-says-no-the-deal-dont-go/) - If MOM says NO, the deal don't go! Corporate transactions are on the rise, and increased activity results in an increase in shareholder challenges. A recent WSJ article stated that 94% of U.S. public company deals were challenged by shareholders last year versus 44% in 2007. Lawsuits are typically directed toward corporate Boards. In most
- [SOC 1 Examination Completed – Officially SOC Compliant](https://www.houlihancapital.com/soc-1-examination-completed-officially-soc-compliant/) - Chicago, Illinois – March 2014 – Houlihan Capital, a financial advisory and boutique investment banking firm, that provides independent and defensible opinions of value that meet accounting and regulatory requirements, announced today that it has completed a SOC 1 (Service Organization Control) Type 1 examination. The examination was performed by McGladrey LLP, a global provider
- [SEC Expands Priorities – Focus on Valuation](https://www.houlihancapital.com/sec-expands-priorities-focus-on-valuation/) - The SEC's Office of Compliance Inspections and Examinations ("OCIE") previously named valuation practices as one of its areas of focus in both investment advisor and investment company examinations and recently again highlighted valuation as one of its examination priorities for 2014. On January 9, OCIE published its examination priorities for 2014 under its National Examination
- [SEC Increases Scrutiny of Valuation of Alternative Fund Investments](https://www.houlihancapital.com/1283/) - SEC Increases Scrutiny of Valuation of Alternative Fund Investments A recent Wall Street Journal article highlights that the U.S. Securities and Exchange Commission and other regulators are increasing scrutiny of how alternative funds, including hedge funds, value their investments in illiquid holdings, noting that unscrupulous fund managers may falsely inflate values. As the primary regulator
- [AIFMD – Professional Guarantee Requirement of External Valuer](https://www.houlihancapital.com/aifmd-professional-guarantee-requirement-of-external-valuer/) - With the Alternative Investment Fund Managers Directive (“AIFMD”) having entered into force on July 22, 2013, Alternative Investment Fund Managers (“Managers”) are now responsible for establishing and maintaining appropriate procedures concerning the valuation of assets in the Alternative Investment Fund (“Fund”). In addition, written valuation policies and procedures must be established to clarify valuation methodologies
- [SEC Enforcement Action Against Former Oppenheimer Manager](https://www.houlihancapital.com/sec-enforcement-action-against-former-oppenheimer-manager/) - SEC Enforcement Action Against Former Oppenheimer Manager On August 20, 2013, Federal securities regulators accused Brian Williamson, a former portfolio manager at Oppenheimer & Company (“Oppenheimer”), of misleading investors about the performance of a private equity fund-of-funds. These allegations follow on the heels of an announcement in March of 2013 that Oppenheimer had agreed to
- [Valuation within the Alternative Investment Fund Manager Directive](https://www.houlihancapital.com/valuation-within-the-alternative-investment-fund-manager-directive/) - What is the AIFMD? The Alternative Investment Fund Managers Directive (“Directive”) became effective by European Union (“EU”) member states on July 22, 2013. The Directive introduces a new system for the marketing of alternative investment funds (“Fund”) in the EU and creates a legal framework to monitor and supervise alternative investment fund managers (“Manager”). Fund
- [FASB Proposal – Intangible & Goodwill Reporting](https://www.houlihancapital.com/fasb-proposal-intangible-goodwill-reporting/) - FASB Proposal – Intangible & Goodwill Reporting The Financial Accounting Standards Board (“FASB”), on July 1, 2013, issued a proposed Accounting Standards Update (“ASU”) to Accounting Standards Codification (“ASC”) Topic 805: Business Combinations, entitled Accounting for Identifiable Intangible Assets in a Business Combination. At the same time, the FASB also issued another proposed ASU to
- [Houlihan Capital serves as a Financial Advisor to Highwinds; Renders Solvency Opinion](https://www.houlihancapital.com/houlihan-capital-serves-as-a-financial-advisor-to-highwinds-renders-solvency-opinion/) - Houlihan Capital serves as a Financial Advisor to Highwinds; Renders Solvency Opinion Houlihan Capital served as an independent financial advisor to the board of directors to Highwinds and rendered a solvency opinion in connection with their refinancing transaction and special dividend distribution For additional information, please contact: Paul Clark at pclark@houlihancapital.com or 312.450.8656.
- [Houlihan Capital Secures Equity Partner for Beal Companies, The Massachusetts Eye and Ear Infirmary (MEEI)](https://www.houlihancapital.com/houlihan-capital-secures-equity-partner-for-beal-companies-the-massachusetts-eye-and-ear-infirmary-meei/) - Houlihan Capital Secures Equity Partner for Beal Companies, The Massachusetts Eye and Ear Infirmary (MEEI) Chicago, IL—September, 2012–Chicago-based Houlihan Capital (“Houlihan”) has secured an equity partner for Boston-based Beal Companies for a new project in Boston. The property is an approximately 80,000 square foot medical office/outpatient surgical center for use by The Massachusetts Eye and
- [Houlihan Capital Serves as a Financial Advisor to Equity Lifestyle Properties, Inc.; Renders Fairness Opinion](https://www.houlihancapital.com/houlihan-capital-serves-as-a-financial-advisor-to-equity-lifestyle-properties-inc-renders-fairness-opinion/) - Houlihan Capital, a leading boutique professional financial services firm, served as an independent financial advisor to the Board of Directors of Equity Lifestyle Properties, Inc. (NYSE:ELS) and rendered a fairness opinion in connection with an exchange offer for its existing Series A Preferred Stock. For additional information, please contact Paul Clark at pclark@houlihan.com or 312.450.8656.
- [Houlihan Capital Serves as a Financial Advisor to Generac Holdings, Inc.; Renders Solvency Opinion](https://www.houlihancapital.com/houlihan-capital-serves-as-a-financial-advisor-to-generac-holdings-inc-renders-solvency-opinion/) - Houlihan Capital served as an independent financial advisor to the board of directors of Generac and rendered a solvency opinion in connection with their refinancing transaction and special dividend distribution. To read the official press release, “Generac Completes Refinancing of Senior Secured Credit Facility; Declares Special Cash Dividend of $6.00 Per Share”, please click here.
- [Andrew Smith, President of Houlihan Capital, quoted in Wall Street Journal](https://www.houlihancapital.com/andrew-smith-president-of-houlihan-capital-quoted-in-wall-street-journal/) - In a recent article in the Markets section of the Wall Street Journal, Andrew Smith, President of Houlihan Capital, discusses the ratio structures of Bain Capital’s IRA shares that were being valued in a manner that is potentially risky to IRA audits.
- [Houlihan Capital Releases Article on Business Judgement Rule](https://www.houlihancapital.com/houlihan-capital-releases-article-on-business-judgement-rule/) - Delaware Chancery Court Allows Business Judgment Rule Instead of Entire Fairness Standard in Minority Squeeze-Out Transaction A recent Delaware Chancery Court opinion by Chancellor Leo Strine, issued May 29, 2013, provides new guidance regarding when the less onerous “Business Judgment Rule” would apply as opposed to the stricter “Entire Fairness Standard” to evaluate the fairness
- [Overview: Going Private vs. Going Dark](https://www.houlihancapital.com/overview-going-private-vs-going-dark/) - Public companies are required to comply with United States Securities and Exchange Commission (SEC) filings and regulations. On average, public companies can spend anywhere from $1-$3 million a year more than similar private companies. Studies have shown that public companies spend more on investor relations personnel, board costs and, most significantly, costs of compliance with
- [SEC Commissioner addresses Valuation Issues – Compliance Alert](https://www.houlihancapital.com/sec-commissioner-addresses-valuation-issues-compliance-alert/) - Last month, Commissioner Luis A. Aguilar of the U.S. Securities and Exchange Commission gave a speech (https://www.sec.gov/news/speech/2013/spch041813laa.htm) to the Regulatory Compliance Association in New York. The speech was focused on compliance as the foundation on which investor trust is built and kept. An effective and robust compliance program that is embedded into an entity’s investment
- [Houlihan Capital & Fairness Opinions](https://www.houlihancapital.com/houlihan-capital-fairness-opinions/) - Studies have shown shareholders are challenging more and more Merger & Acquisition deals. “Currently, over 90% of M&A deals over $100 million are challenged by shareholders,” writes Vice Chancellor Donald Parsons Jr. (Delaware Court of Chancery) and attorney Jason Tyler (Sullivan & Cromwell) in a new paper (1). Any dissenting minority shareholder group poses a
- [SEC Enforcement Action Against Hedge Fund Manager](https://www.houlihancapital.com/sec-enforcement-action-against-hedge-fund-manager/) - On March 22, 2013, the Securities and Exchange Commission (“SEC”) announced charges against Houstonbased hedge fund manager, George R. Jarkesy Jr., and his firm, John Thomas Capital Management (“JTCM”). Jarkesy has been accused of defrauding investors in two hedge funds by inflating the value of the funds’ assets and charging bloated management and brokerage fees.
- [SEC Enforcement action against Oppenheimer Co.](https://www.houlihancapital.com/sec-enforcement-action-against-oppenheimer-co/) - On March 11, 2013, the Securities and Exchange Commission (“SEC”) announced that Oppenheimer Asset Management, Inc. and Oppenheimer Alternative Investment Management, LLC (“Oppenheimer”) have agreed to pay approximately $3.0 million to settle allegations that Oppenheimer misled investors about the valuation policies and performance of a private equity fund-of-funds. The SEC filed an Assurance of Discontinuance
- [SEC Steps Up Hedge Fund and Private Equity Enforcement](https://www.houlihancapital.com/sec-steps-up-hedge-fund-and-private-equity-enforcement/) - It is becoming increasingly clear that the United States Securities and Exchange Commission (“SEC”) is accelerating its investigative efforts in the hedge fund and private equity space. During early 2010, the SEC created five new special investigative units, including the Asset Management Unit (“AMU”). The AMU was established to seek examination into the practices and
- [Houlihan Capital Issues Asset Valuation Oversight Article](https://www.houlihancapital.com/houlihan-capital-issues-asset-valuation-oversight-article/) - The Securities and Exchange Commission, on December 10, 2012, brought an enforcement action against eight former fund directors for failing to oversee asset valuation at five mutual funds that resulted in material misstatements of net asset values in certain reports and the inaccurate pricing of shares. The action is noteworthy because, previously, the SEC had
- [Ted Frecka (Sr. Associate, CFA) was a guest lecturer at the Mendoza College of Business at the University of Notre Dame](https://www.houlihancapital.com/ted-frecka-sr-associate-cfa-was-a-guest-lecturer-at-the-mendoza-college-of-business-at-the-university-of-notre-dame/) - Ted Frecka (Sr. Associate, CFA) gave a presentation entitled “What I’ve Learned about Valuation that They Don’t Teach You in School” to MBA and MSA students in the Financial Instruments and Fair Value Reporting class. Topics covered included quantifying discounts for lack of control and marketability, the option pricing method for allocating equity in companies
- [Houlihan Capital Advises American Industrial Plastics on its Sale to Fenner PLC](https://www.houlihancapital.com/houlihan-capital-advises-american-industrial-plastics-on-its-sale-to-fenner-plc/) - Houlihan Capital Advises American Industrial Plastics on its Sale to Fenner PLC CHICAGO—October 10, 2012–Houlihan Capital, a leading valuation, financial advisory and boutique investment banking firm, advised the shareholders of American Industrial Plastics, Inc. (“AIP”) on the sale of AIP to Fenner PLC’s Houston based Fenner Advanced Sealing Technologies (FAST) group. Terms were not disclosed.
- [Houlihan Capital Releases Latest Trends in Private Equity and Portfolio Valuations](https://www.houlihancapital.com/houlihan-capital-releases-latest-trends-in-private-equity-and-portfolio-valuations/) - Houlihan Capital recently published a white paper discussing the latest trends in private equity and portfolio valuation. The report includes: Recent regulatory activity Implications for the private equity and asset management industries Best practices and procedures Please click here to download the full report.
- [Houlihan Capital’s Venture Capital Q3 2025 Update](https://www.houlihancapital.com/houlihan-capitals-venture-capital-q3-2025-update/) - As a leading and trusted service provider of Venture Capital ("VC") Fund Valuations, we are pleased to share with you our FREE VC Industry Report for Q3 2025. This industry report provides: Quarterly Statistics Market Overview Regional Analysis Sector Analysis To access the report, please click the button below: PDF Report

## Pages

- [Home](https://www.houlihancapital.com/) - We are a leading, solutions-driven valuation, financial advisory and investment banking firm committed to delivering superior client value.
- [Home](https://www.houlihancapital.com/) - We are a leading, solutions-driven valuation, financial advisory and investment banking firm committed to delivering superior client value.
- [Industry Intelligence Hub](https://www.houlihancapital.com/industry-intelligence-hub/) - Quarterly industry intelligence market reports with valuation insights, M&A trends, and data-driven intelligence for investors and business owners.
- [The Founder's Playbook | Guide to Founder Exit Planning](https://www.houlihancapital.com/the-founders-playbook/) - A founder-focused guide to exit planning and valuation. Download The Founder’s Playbook to prepare early and protect the value of your business.
- [Venture Capital Market Intelligence](https://www.houlihancapital.com/industry-intelligence-hub/venture-capital-market-intelligence/) - Quarterly venture capital market intelligence reports with insights on valuations, fundraising trends, portfolio performance, and exit dynamics.
- [SPAC Market Intelligence](https://www.houlihancapital.com/industry-intelligence-hub/spac-market-intelligence/) - Quarterly SPAC market intelligence reports with insights on post-merger performance, deal structures, valuations, and regulatory trends.
- [Crypto & Venture Capital Market Intelligence​](https://www.houlihancapital.com/industry-intelligence-hub/crypto-venture-capital-market-intelligence/) - Quarterly crypto & venture capital market intelligence report with insights on valuations, deal structures, regulation, and digital asset investing.
- [Business Services Market Intelligence](https://www.houlihancapital.com/industry-intelligence-hub/business-services-market-intelligence/) - Business Services Market Intelligence Q2 2026 Industry Report AI-embedded delivery models and consolidation into regulated segments reshape business services amid a deal-volume pullback The business services sector entered Q2 2026 with AI moving further from pilot to production, as buyers increasingly differentiated platforms where automation is embedded in delivery from those where it’s merely
- [Transportation & Logistics Market Intelligence](https://www.houlihancapital.com/industry-intelligence-hub/transportation-logistics-market-intelligence/) - Quarterly transportation & logistics market intelligence reports with insights on technology adoption, M&A trends, and regulatory impacts.
- [Industrials Market Intelligence](https://www.houlihancapital.com/industry-intelligence-hub/industrials-market-intelligence/) - Quarterly industrials market intelligence reports with insights on ESG compliance, valuations, M&A trends, and supply chain transformation.
- [Healthcare Market Intelligence](https://www.houlihancapital.com/industry-intelligence-hub/healthcare-market-intelligence/) - Quarterly healthcare market intelligence reports with valuation insights, M&A trends, and regulatory analysis for operators and investors.
- [Consumer Products Market Intelligence](https://www.houlihancapital.com/industry-intelligence-hub/consumer-market-intelligence/) - Quarterly consumer market intelligence reports with valuation insights, M&A trends, and analysis of retail, pricing, and consumer behavior.
- [Cannabis Market Intelligence](https://www.houlihancapital.com/industry-intelligence-hub/cannabis-market-intelligence/) - Quarterly cannabis market intelligence reports covering pricing trends, valuations, M&A activity, and regulatory shifts for operators and investors.
- [Frank Martinez](https://www.houlihancapital.com/team/frank-martinez/) - Frank Martinez Director Frank Martinez is a Director within the Investment Banking practice at Houlihan Capital. He is responsible for managing day-to-day engagement execution, advising clients in all aspects of the transaction process, and participating in business development efforts for the firm. Mr. Martinez has experience across a broad range of industries including business services, manufacturing
- [Team](https://www.houlihancapital.com/team/) - Our Team Our clients often require an objective perspective, which our professionals routinely present to senior executives, boards, and legal and regulatory authorities. Our team members have extensive experience and business knowledge. They utilize their practical experience while advising clients on how they should look at their important issues. Our clients count on our expertise
- [Sam Chaffee](https://www.houlihancapital.com/team/sam-chaffee/) - Sam Chaffee Vice President Sam Chaffee is a Vice President within the Investment Banking practice at Houlihan Capital and serves as the firm’s Chief Compliance Officer. He manages day-to-day engagement execution, drives business development initiatives, and oversees the firm’s regulatory compliance. His expertise spans a range of engagements and transaction types, including strategic mergers and
- [Jake Kimpler](https://www.houlihancapital.com/team/jake-kimpler/) - Jake Kimpler Vice President Jake Kimpler is a Vice President within the Investment Banking practice at Houlihan Capital. He is responsible for building sophisticated financial models, analyzing market and industry trends, preparing in-depth presentation materials, and cultivating lasting professional relationships. Mr. Kimpler has garnered significant experience across diverse sectors, including healthcare, industrials, business services, and
- [Connor Golembeski](https://www.houlihancapital.com/team/connor-golembeski/) - Connor Golembeski Senior Associate Connor Golembeski is a Senior Associate in Houlihan Capital’s Valuation and Financial Advisory practice. Mr. Golembeski performs valuation analyses for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning, and transaction opinion (fairness, solvency, and capital adequacy) purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation
- [Daniel Sill](https://www.houlihancapital.com/team/daniel-sill/) - Daniel Sill Senior Vice President Daniel Sill is a Senior Vice President in Houlihan Capital’s Valuation and Financial Advisory practice. He performs valuations for public and private companies, as well as venture capital and private equity funds. Mr. Sill has extensive experience in valuing mature and early-stage companies, contingent considerations and complex securities using Monte
- [Contact](https://www.houlihancapital.com/contact/) - Contact Us Fields marked with * are required Your Name * Your Email * Phone Number Phone Number Subject * Message * Contact Us Our Office 200 West Madison Street, Suite 2150 Chicago, Illinois 60606 Main Number: 312.450.8600 Fax Number: 312.277.7588 Email: info@houlihancapital.com Careers
- [Liam Radomski](https://www.houlihancapital.com/liam-radomski/) - Liam Radomski is an Analyst in Houlihan Capital's Investment Banking group.
- [Fairness Opinions](https://www.houlihancapital.com/fairness-opinions/) - Independent fairness opinions for boards, special committees, and legal counsel evaluating complex or conflicted transactions.
- [Solvency Opinions](https://www.houlihancapital.com/solvency-opinions/) - Solvency Opinion Provider. We provide solvency opinions on dividend recapitalizations (leveraged dividends), down-round financings and spin-offs.
- [Business Owner Strategy Summit - Chicago](https://www.houlihancapital.com/business-owner-strategy-summit-chicago/) - Business Owner Strategy Summit: Chicago Tuesday, July 14, 2026 You’ve built a successful business. What comes next is worth planning carefully. Video by Corey Jenkins, Jayinex Business Owner Strategy Summit — Chicago Join us for an exclusive afternoon program bringing together business owners and entrepreneurs with leading financial, legal, and strategic advisors — focused on the
- [Jean Alvarez](https://www.houlihancapital.com/team/jean-alvarez/) - Jean Alvarez is the Chief Operating Officer for Houlihan Capital and has over 30 years of professional experience in the financial services industry.
- [Elementor #10327](https://www.houlihancapital.com/elementor-10327/)
- [Cryptoasset & Blockchain Industry](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/cryptoasset-blockchain-industry/) - As an early valuation provider helping pioneer the industry, Houlihan Capital is experienced in the cryptoasset & blockchain industry.
- [SPACs](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/spacs/) - Click Below to Access Industry Reports Quarter 4 (2025) Quarter 3 (2025) Quarter 2 (2025) Quarter 1 (2025) Quarter 4 (2024) SPACs A special purpose acquisition company (“SPAC”) is a company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with
- [Consumer Products](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/consumer-products/) - Industry Report Quarter 4 2025 Quarter 3 (2025) Quarter 2 (2025) Quarter 1 (2025) Quarter 4 (2024) Consumer Products Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s
- [Careers at Houlihan Capital](https://www.houlihancapital.com/careers-at-houlihan-capital/) - Careers At Houlihan Capital At Houlihan Capital, we are an employee-owned, valuation, financial advisory, and investment banking firm committed to delivering superior client value and thought leadership in an ever-changing landscape. Our success is built on a foundation of core values: Excellence in everything we do, Expertise that drives insightful solutions, a Responsive approach to
- [Valuation Services](https://www.houlihancapital.com/valuation-services/) - Independent valuation services for companies, funds, and fiduciaries. Objective, defensible analyses for accounting, regulatory, and strategic decisions.
- [Practitioner's Guide to Valuation in Business Succession and Estate Planning](https://www.houlihancapital.com/practitioners-guide-to-valuation-in-business-succession-and-estate-planning/) - Practitioner's Guide to Valuation in Business Succession and Estate Planning For the advisory professionals navigating complex business interest transfers. Business interests are frequently the most complex asset within an estate — and among the most consequential to get right. When the underlying valuation analysis is inadequate, the exposure it creates cannot be fully offset by
- [Transportation & Logistics](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/transportation-logistics/) - Industry Reports Quarter 4 (2025) Quarter 3 (2025) Quarter 2 (2025) Quarter 1 (2025) Quarter 4 (2024) Transportation & Logistics Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities
- [Industrials](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/industrials/) - Industry Report Quarter 4 (2025) Quarter 3 (2025) Quarter 2 (2025) Quarter 1 (2025) Industrials Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment. Our ability to
- [Healthcare](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/healthcare/) - Industry Reports Quarter 4 (2025) Quarter 3 (2025) Quarter 2 (2025) Quarter 1 (2025) Quarter 4 (2024) Healthcare Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s
- [Cannabis](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/cannabis/) - Houlihan Capital has extensive experience working with public and private companies that provide goods and services within the cannabis industry.
- [Business Services](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/business-services/) - Industry Reports Quarter 4 (2025) Quarter 3 (2025) Quarter 2 (2025) Quarter 1 (2025) Quarter 4 (2024) Business Services Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory, capital raising, and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities
- [Business Owner Strategy Summit - Charlotte](https://www.houlihancapital.com/business-owner-strategy-summit-charlotte/) - Business Owner Strategy Summit: Charlotte This event has been cancelled. We apologize for any inconvenience. If you had already registered, you will be contacted directly. Business Owner Strategy Summit — Charlotte Join us for an exclusive afternoon program bringing together business owners and entrepreneurs with leading financial, legal, and strategic advisors — focused on the
- [SPAC Fairness Opinions](https://www.houlihancapital.com/fairness-opinions/spac-fairness-opinions/) - Independent SPAC fairness opinions for de-SPAC transactions. Rigorous financial analysis supporting board decision-making and regulatory disclosure.
- [Events](https://www.houlihancapital.com/events/) - Meet Houlihan Capital at industry events. Connect with valuation and advisory professionals across private equity, digital assets, and emerging sectors.
- [Crypto Fund Service Overview](https://www.houlihancapital.com/crypto-fund-valuation-service-overview/) - Crypto fund valuation services delivering audit-defensible, independent analyses for digital assets, tokens, and illiquid investments.
- [Events Draft Page](https://www.houlihancapital.com/events-draft-page/) - Meet the Houlihan Capital Team at Industry Events Direct Conversations. Informed Perspective. Houlihan Capital participates in select industry conferences and private forums across M&A, valuation, private equity, and emerging asset classes. These settings allow for direct conversations with business owners, investors, and executives evaluating complex financial and strategic decisions. Industry events provide an opportunity to
- [Gavin Gasperov](https://www.houlihancapital.com/team/gavin-gasperov/) - Gavin Gasperov Associate Gavin Gasperov is an Associate within the Investment Banking practice at Houlihan Capital. He is responsible for developing financial models, generating marketing and presentation materials, and conducting valuation analyses. Mr. Gasperov started his finance career as an equity research intern at Wedbush Securities where he conducted financial analyses, prepared earnings reports, and
- [Maxwell Monachino](https://www.houlihancapital.com/maxwell-monachino/) - Maxwell Monachino is an Analyst in Houlihan Capital's Investment Banking group.
- [Stone Agren](https://www.houlihancapital.com/team/stone-agren/) - Stone Agren is an Associate in the firm’s Valuation and Financial Advisory group.
- [Austin Singh](https://www.houlihancapital.com/team/austin-singh/) - Austin Singh Senior Associate Austin Singh is a Senior Associate in Houlihan Capital’s Valuation and Financial Advisory practice. Mr. Singh performs valuation analyses for financial reporting, tax, strategic planning and transaction opinion purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation reports. Prior to joining Houlihan Capital, Mr. Singh was an Associate
- [Nancy Shao, CFA](https://www.houlihancapital.com/team/nancy-shao/) - Nancy Shao, CFA Director Nancy Shao, CFA is a Director in Houlihan Capital’s Valuation and Financial Advisory practice. She has over 12 years of financial advisory experience and provides a variety of financial consulting and valuation services, including transaction opinions (fairness, SPAC, and solvency), financial modeling, tax planning and financial reporting valuations. Ms. Shao serves
- [Cannabis Services Overview](https://www.houlihancapital.com/cannabis-services-overview/) - Expert cannabis services including valuation, financial modeling, M&A support and capital advisory tailored to the evolving cannabis industry.
- [Industry Report Archive](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/) - Detail Aerospace, Defense, & Government Detail Asset Management Detail Banking Detail Cryptoassets & Blockchain Detail Building Products Detail Business Development Companies Detail Business Services Detail Cannabis Detail Chemicals Detail Consumer Products Detail Containers, Packaging & Paper Detail Financial Services Detail Food & Beverage Detail Healthcare Detail Hotels, Restaurants & Leisure Detail Industrials Detail Insurance Detail
- [Mission and Values](https://www.houlihancapital.com/mission-and-values/) - Houlihan Capital’s mission and values define our independent, insight-driven approach to investment banking and long-term value creation.
- [Meet the Houlihan Capital Team at Industry Events](https://www.houlihancapital.com/meet-the-houlihan-capital-team-at-industry-events/) - Meet the Houlihan Capital Team at Industry Events Connecting with business owners, fund managers, and industry professionals at conferences nationwide We’re Active in Your Industry Houlihan Capital’s valuation and investment banking professionals attend industry conferences to connect with business owners, fund managers, and referral partners. Whether you’re planning an exit, need audit support, or want
- [Momin Haque](https://www.houlihancapital.com/team/momin-haque/) - Momin Haque Associate Momin Haque is an Associate in Houlihan Capital’s Valuation and Financial Advisory practice. Mr. Haque performs valuation analyses for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning, and transaction opinion (fairness, solvency, and capital adequacy) purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation reports. Prior
- [Tyler Bihun](https://www.houlihancapital.com/team/tyler-bihun/) - Tyler Bihun Associate Tyler Bihun is an Associate in Houlihan Capital’s Valuation and Financial Advisory practice. Mr. Bihun performs valuation analyses for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning, and transaction opinion (fairness, solvency, and capital adequacy) purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation reports. Prior
- [Joe Lunkes](https://www.houlihancapital.com/team/joe-lunkes/) - Joe Lunkes Senior Advisor – Investment Banking Joe Lunkes is a Senior Advisor for Houlihan Capital. With over 25 years of middle-market M&A and investment banking experience Mr. Lunkes has managed numerous buy and sell-side M&A mandates, public and private debt placements, and equity capital offerings. Mr. Lunkes was a Senior Vice President of EVEREN
- [Jules Pomerantz](https://www.houlihancapital.com/team/jules-pomerantz/) - Jules Pomerantz Board Member Jules Pomerantz, CPA is a Board Member of Houlihan Capital. Mr. Pomerantz is the former CFO and CCO of the firm and has extensive experience in hedge fund investing, including financing, valuation and due diligence. He co-founded a fund of hedge funds in the Asset Based Lending sector, where he was
- [Asset Management](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/asset-management/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Asset Management Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment. Our ability
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- [Andrew Smith, CPA/ABV](https://www.houlihancapital.com/team/andrew-smith-cpa-abv/) - Andrew Smith President and Board Member Andrew Smith, CPA/ABV is a co-founder and President of Houlihan Capital, and he is a member of the Board of Directors. Mr. Smith was previously a Senior Vice President for EVEREN Securities, Inc. (formerly Kemper Securities, Inc., 1993 to 1996) where he was the founder and co-head of the
- [Scott Loe](https://www.houlihancapital.com/team/scott-loe/) - Scott Loe Board Member Scott Loe is a Board Member at Houlihan Capital. Scott is a seasoned private equity investor and board advisor with a passion for investing and partnering with family-owned businesses, ESOPs, and growth oriented philanthropic organizations. Scott has spent his career focused on navigating transformational growth and financial sophistication in the lower middle market as an advisor, investor, and board
- [William Butrym](https://www.houlihancapital.com/team/william-butrym/) - William Butrym Board Member William J. Butrym is a Board Member of Houlihan Capital. In these roles, Mr. Butrym advises the Firm’s clients and Firm executives on strategic and financial matters. Mr. Butrym served as CEO of Houlihan Capital since its formation and through its sale to the employees through an ESOP transaction in May
- [Sasha Deihimi](https://www.houlihancapital.com/team/sasha-deihimi/) - Sasha Deihimi Vice President Sasha Deihimi is a Vice President in Houlihan Capital’s Valuation and Financial Advisory practice. He focuses on assisting the firm’s cryptoasset clients, working closely with fund managers and investment advisers to address the unique valuation challenges of illiquid and hard-to-value crypto investments. His responsibilities include conducting due diligence, performing complex financial
- [Houlihan Capital’s Venture Capital Q2 2025 Update](https://www.houlihancapital.com/houlihan-capitals-venture-capital-q2-2025-update-access862025/) - Houlihan Capital’s Venture Capital Q2 2025 Update As a leading and trusted service provider of Venture Capital (“VC”) Fund Valuations, we are pleased to share with you our FREE VC Industry Report for Q2 2025. This industry report provides: Quarterly Statistics Market Overview Regional Analysis Sector Analysis To access the report, please click the button
- [Opt-out preferences](https://www.houlihancapital.com/opt-out-preferences/) - This page was last changed on August 29, 2025, last checked on August 29, 2025 and applies to citizens and legal permanent residents of the United States. 1. Introduction Our website, https://www.houlihancapital.com (hereinafter: "the website") uses cookies and other related technologies (for convenience all technologies are referred to as "cookies"). Cookies are also placed by
- [Andy Smith](https://www.houlihancapital.com/team/andy-smith/) - Andy Smith President Andy Smith, CPA/ABV is a co-founder and President of Houlihan Capital, and he is a member of the Board of Directors. Mr. Smith was previously a Senior Vice President for EVEREN Securities, Inc. (formerly Kemper Securities, Inc., 1993 to 1996) where he was the founder and co-head of the firm’s Mergers &
- [Amanda Nunley](https://www.houlihancapital.com/amanda-nunley/) - Amanda Nunley Senior Vice President Amanda Nunley is a Senior Vice President in Houlihan Capital’s Valuation and Financial Advisory practice. Ms. Nunley has over seven years of professional experience in the financial services industry and performs valuations for financial reporting, tax, strategic planning, and transaction opinions (fairness, solvency, and capital adequacy). She has extensive experience performing purchase
- [Rodger Howell](https://www.houlihancapital.com/team/rodger-howell/) - Rodger Howell is the Chief Executive Officer of Houlihan Capital.
- [Paul Stefunek](https://www.houlihancapital.com/team/paul-stefunek/) - Paul Stefunek Director | Business Development Paul C. Stefunek is a Director of Business Development for Houlihan Capital. Mr. Stefunek is responsible for building and maintaining relationships with business owners, financial advisors, M&A attorneys, accountants, and other professionals. He has spent over two decades developing a strong executive and entrepreneurial network on a national scale.
- [Jessica Balock](https://www.houlihancapital.com/team/jessica-balock/) - Jessica Balock Associate Jessica Balock is an Associate in Houlihan Capital’s Valuation and Financial Advisory practice. Ms. Balock performs valuation analyses for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning, and transaction opinion (fairness, solvency, and capital adequacy) purposes. Her responsibilities include conducting due diligence, performing financial analyses, and drafting valuation reports. Prior
- [Ted Frecka](https://www.houlihancapital.com/team/ted-frecka/) - Ted Frecka Managing Director Ted Frecka is a Managing Director and Head of Houlihan Capital’s Valuation and Financial Advisory (“VFA”) practice. As Head of Valuation, Mr. Frecka is responsible for the effective execution of VFA’s strategic goals, and he works closely with senior management to optimize the day-to-day functions and allocation of resources for the
- [Corporate Financial Services](https://www.houlihancapital.com/services/investment-banking/corporate-financial-services/) - Corporate Financial Services Financial Modeling Creation of dynamic financial models to validate future company performance. Investor Presentation Assembly of customized investor decks, detailing client’s business operations. Valuation Analysis Utilization of income and market-based approaches to issue defensible valuations. Strategic Advisory Expert advisory to help clients navigate an ever-changing regulatory landscape _______________________________________ More Information: Mergers &
- [Mergers & Acquisitions](https://www.houlihancapital.com/services/investment-banking/mergers-and-acquisitions/) - Mergers & Acquisitions Many of Houlihan Capital’s clients have a unique story to tell. We are committed to structuring a tailored approach to assist our clients in achieving their strategic, financial and risk-management objectives. We also understand the time sensitivity of many of our assignments and work diligently to meet these demands while minimizing operational
- [Investment Banking - Industry Expertise](https://www.houlihancapital.com/services/investment-banking/investment-banking-industry-expertise/) - Houlihan Capital's Investment Banking Industry Expertise
- [Alexander Torres](https://www.houlihancapital.com/team/alexander-torres/) - Alexander Torres Marketing and Operations Associate Alex Torres is a Marketing & Operations Associate in Houlihan Capital’s Business Development and Marketing group. Alex is responsible for assisting and creating email marketing campaigns, website maintenance, generating weekly reports, and creating marketing collateral for the firm. Prior to joining Houlihan Capital, Alex held an internship with a
- [Connor Fabian](https://www.houlihancapital.com/connor-fabian/) - Connor Fabian Senior Associate Connor Fabian is a Senior Associate within the Investment Banking practice at Houlihan Capital. Mr. Fabian is responsible for developing comprehensive financial models, conducting value-added analysis, generating dynamic presentation materials, and maintaining business relationships. Mr. Fabian started his Investment Banking career as an Intern at Houlihan Capital where he prepared client
- [Jacques Zureikat](https://www.houlihancapital.com/team/jacques-zureikat/) - Jacques Zureikat Vice President Jacques Zureikat is a Vice President within the Investment Banking practice at Houlihan Capital. He is responsible for leading the day-to-day execution of M&A engagements and advising clients in all aspects of the deal process. He also assists in business development, marketing, and recruiting initiatives for the firm. Mr. Zureikat has
- [Ethan Lentz](https://www.houlihancapital.com/team/ethan-lentz/) - Ethan Lentz Senior Associate Ethan Lentz is a Senior Associate in Houlihan Capital’s Valuation and Financial Advisory practice. Mr. Lentz performs valuation analyses for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning, and transaction opinion (fairness, solvency, and capital adequacy) purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation
- [Daniel Gordon](https://www.houlihancapital.com/team/daniel-gordon/) - Daniel Gordon Senior Associate Daniel Gordon is a Senior Associate in Houlihan Capital’s Valuation and Financial Advisory practice. He performs valuations for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning, and transaction opinion (fairness, solvency, and capital adequacy) purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation reports. Prior to joining
- [Ryan Martindell](https://www.houlihancapital.com/ryan-martindell/) - Ryan Martindell Vice President Ryan Martindell is a Vice President in Houlihan Capital’s Valuation and Financial Advisory practice. He performs valuations for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning, and transaction opinion (fairness, solvency, and capital adequacy) purposes. His responsibilities include conducting due diligence, performing financial analyses, drafting valuation reports, and collaborating
- [Michael Moscarelli](https://www.houlihancapital.com/michael-moscarelli/) - Michael Moscarelli Vice President Michael Moscarelli is a Vice President in Houlihan Capital’s Valuation and Financial Advisory practice. Mr. Moscarelli performs valuation analyses for financial reporting (ASC 820, 718, 805, and 350), tax, strategic planning, and transaction opinion (fairness, solvency, and capital adequacy) purposes. He has experience performing a variety of valuation engagements for private
- [Madeline Sniezek](https://www.houlihancapital.com/team/madeline-sniezek/) - Madeline Sniezek Senior Vice President Madeline Sniezek is a Senior Vice President in Houlihan Capital’s Valuation and Financial Advisory practice. Ms. Sniezek has over eight years of professional experience in the financial services industry and performs valuations for financial reporting, tax, strategic planning, and transaction opinions (fairness, solvency, and capital adequacy). She has extensive experience
- [Joe Brennan](https://www.houlihancapital.com/team/joe-brennan/) - Joe Brennan, CPA Director Joe Brennan is a Director in Houlihan Capital’s Valuation and Financial Advisory practice, where he helps perform valuation work that covers financial reporting, tax, strategic planning, and fairness opinions. Mr. Brennan’s primary focus is on assisting the firm’s cryptoasset clients, working closely with fund managers and investment advisers to identify, analyze,
- [Telecommunications](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/telecommunications/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Telecommunications Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment. Our ability to
- [Steel](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/steel/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Steel Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment. Our ability to
- [Retail](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/retail/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Retail Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment. Our ability
- [Power & Utilities](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/power-utilities/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Power & Utilities Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment.
- [Oil & Gas](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/oil-gas/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Oil & Gas Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment.
- [Media & Entertainment](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/media-entertainment/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Media & Entertainment Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment.
- [Internet Retail](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/internet-retail/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Internet Retail Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment. Our
- [Insurance](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/insurance/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Insurance Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment. Our ability to
- [Hotels, Restaurants & Leisure](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/hotels-restaurants-leisure/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024)
- [Food & Beverage](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/food-beverage/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Food & Beverage Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory, capital raising, and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s
- [Financial Services](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/financial-services/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Financial Services Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory, capital raising, and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s
- [Containers, Packaging & Paper Products](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/containers-packaging-paper-products/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Containers Packaging & Paper Products Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory, capital raising, and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities
- [Chemicals](https://www.houlihancapital.com/chemicals/) - Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory, capital raising, and valuation services in the Chemicals industry.
- [Business Development Companies](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/business-development-companies-page/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Business Development Companies Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment. Our
- [Building Products](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/building-products/) - Building Products Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory, capital raising, and valuation services. We partner alongside our clients to help simplify
- [Banking](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/banking/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Banking Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory, capital raising, and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment. Our
- [Aerospace, Defense & Government](https://www.houlihancapital.com/industry-intelligence-hub/industry-report-archive/aerospace-defense-government/) - Industry Reports Quarter 4 (2024) Quarter 3 (2024) Quarter 2 (2024) Quarter 1 (2024) Aerospace, Defense & Government Houlihan Capital has the expertise and broad platform necessary to provide strategic advisory and valuation services. We partner alongside our clients to help simplify the myriad of challenges and to capitalize on the opportunities in today’s environment.
- [Investment Banking](https://www.houlihancapital.com/services/investment-banking/) - Houlihan Capital offers investment banking services that draw upon our strategic and technical expertise, and financing experience to help our clients.
- [Financial Advisory Transactions](https://www.houlihancapital.com/experience/financial-advisory-transactions/) - Houlihan Capital has significant experience providing financial advisory services. The following financial advisory transactions were completed by Houlihan Capital.
- [Experience](https://www.houlihancapital.com/experience/) - Experience Fairness Opinions Solvency Opinions Valuation Opinions Financial Advisory
- [Michael Norton](https://www.houlihancapital.com/team/michael-norton/) - Michael Norton Director | Business Development Michael Norton is a Director of Business Development for Houlihan Capital. Mr. Norton has been with Houlihan Capital since 2014 and is responsible for building and maintaining the Firm’s relationships with clients and referral sources alike. Balancing persistence and patience, Mr. Norton thrives on learning about challenges facing his
- [Monica Blocker](https://www.houlihancapital.com/team/monica-blocker/) - Monica Blocker provides level III valuation services for hedge funds, private equity funds, VCs, BDCs, SBICs, ‘40 Act funds.
- [Valuation and Financial Advisory](https://www.houlihancapital.com/services/valuation-and-financial-advisory/) - We offer high quality, competitively priced valuation and financial advisory services that meet accounting, regulatory, & corp governance requirements.
- [Portfolio Valuation & Fund Advisory Services](https://www.houlihancapital.com/services/valuation-and-financial-advisory/portfolio-valuation-fund-advisory-services/) - Houlihan Capital's provides objective, independent, and defensible opinions of value that meet accounting, regulatory, and corporate governance requirements.
- [Services](https://www.houlihancapital.com/services/) - List of services that Houlihan Capital provides. We offer a range of services in valuation, investment banking and litigation support.
- [Fairness Opinion Transactions](https://www.houlihancapital.com/experience/fairness-opinion-transactions/) - Houlihan Capital has significant experience providing Fairness Opinions. The following is a list of Fairness Opinions completed by Houlihan Capital.
- [Corporations](https://www.houlihancapital.com/who-we-serve/corporations/) - Corporations VALUATION & FINANCIAL ADVISORY Houlihan Capital has extensive experience providing companies with objective, independent, and defensible opinions of value that meet accounting, regulatory, and corporate governance requirements. Our analyses and reports are transparent, supportable, and clearly outline the assumptions and projections incorporated into our financial models. Houlihan Capital offers an integrated advisory approach that
- [Privacy Policy](https://www.houlihancapital.com/privacy-policy/) - Notice of Privacy Policy January 1, 2021 OUR COMMITMENT TO YOUR PRIVACY: Houlihan Capital, LLC (HOULIHAN CAPITAL) is committed to protecting the confidentiality and security of information we collect about our customers and clients. We will not share non-public information about you (“Information”) with third parties without your consent, except for the specific purposes described
- [Valuation Opinion Transactions](https://www.houlihancapital.com/experience/valuation-opinion-transactions/) - Houlihan Capital has significant experience providing valuation opinions. The following is a list of valuation opinions completed by Houlihan Capital.
- [Solvency Opinion Transactions](https://www.houlihancapital.com/experience/solvency-opinion-transactions/) - List of Solvency Opinions completed by Houlihan Capital.
- [Private Equity & SBIC Funds](https://www.houlihancapital.com/who-we-serve/private-equity-sbic-funds/) - Private Equity & SBIC Funds VALUATION & FINANCIAL ADVISORY Houlihan Capital provides clients with independent valuations of businesses, complex and illiquid securities, carried interest, purchase price allocations, goodwill impairment analyses and transaction opinions. Our team brings extensive experience with a history of working closely with regulators, auditors, third-party administrators, and investors. Houlihan Capital monitors new
- [Fund Valuation Policies & Procedures](https://www.houlihancapital.com/services/valuation-and-financial-advisory/portfolio-valuation-fund-advisory-services/fund-valuation-policies-procedures/) - Houlihan Capital's provides clear guidance in reviewing/creating a pricing policy for insertion in a compliance manual that meets regulatory best practices.
- [Business Development Companies](https://www.houlihancapital.com/who-we-serve/business-development-companies/) - Business Development Companies VALUATION & FINANCIAL ADVISORY Houlihan Capital has extensive experience providing companies with objective, independent, and defensible opinions of value that meet accounting, regulatory, and corporate governance requirements. Our analyses and reports are transparent, supportable, and clearly outline the assumptions and projections incorporated into our financial models. WHAT DOES HOULIHAN CAPITAL OFFER? Houlihan
- ['40 Act Funds](https://www.houlihancapital.com/who-we-serve/40-act-funds/) - ’40 Act Funds VALUATION & FINANCIAL ADVISORY Houlihan Capital has extensive experience providing companies with objective, independent, and defensible opinions of value that meet accounting, regulatory, and corporate governance requirements. Our analyses and reports are transparent, supportable, and clearly outline the assumptions and projections incorporated into our financial models. WHAT DOES HOULIHAN CAPITAL OFFER? Houlihan
- [Hedge Funds](https://www.houlihancapital.com/who-we-serve/hedge-funds/) - Hedge Funds VALUATION & FINANCIAL ADVISORY Given the difficulty of valuing illiquid assets and the potential for conflict of interest, hedge funds and other investment managers and financial institutions are receiving greater attention from regulators, investors, auditors, politicians, and other industry participants, with the trend toward a well defined and consistently applied valuation policy that
- [Secondary Market Advisory & Trading](https://www.houlihancapital.com/services/investment-banking/secondary-market-advisory-trading/) - Secondary Market Advisory & Trading The ongoing economic turmoil and market dislocation has created opportunities for investors in the secondary market. In direct response to this, Houlihan Capital is actively matching buyers and sellers of illiquid securities, private stocks, performing and non-performing investment portfolios, and partnership, hedge fund, and private equity interests. Benefits to holders
- [Employee Stock Ownership Plans (ESOP)](https://www.houlihancapital.com/services/valuation-and-financial-advisory/employee-stock-ownership-plans-esop/) - Our professionals have extensive experience with valuations and transactions for ESOP and ERISA purposes.
- [Consulting Services](https://www.houlihancapital.com/services/valuation-and-financial-advisory/consulting-services/) - We consult on numerous financial advisory projects and provide independent, objective and analytical expertise to our clients.
- [Family Office Services](https://www.houlihancapital.com/services/valuation-and-financial-advisory/family-office-services/) - Our professionals provide family office consulting services including valuing illiquid family investments and calculating NAVs of complex investments.
- [Financial Reporting & Tax Compliance](https://www.houlihancapital.com/services/valuation-and-financial-advisory/financial-reporting-tax-compliance/) - Our team provides purchase price allocations, goodwill impairment testing , and other financial reporting compliance requirements.
- [Intellectual Property](https://www.houlihancapital.com/services/valuation-and-financial-advisory/intellectual-property/) - Intellectual Property Houlihan Capital has substantial experience in the valuation of intellectual property. Patented & Other Proprietary Technology Trademarks & Trade Names Customer / Distributor Relationships & Lists Product / Service Backlogs Non-Compete Agreements Software & Copyrights Fair Value of Deferred Revenue (Liability) Fair Value of Contingent Consideration (Earn-Outs)
- [AIFMD & The Professional Guarantee](https://www.houlihancapital.com/services/valuation-and-financial-advisory/portfolio-valuation-fund-advisory-services/aifmd-the-professional-guarantee/) - AIFMD & The Professional Guarantee The Alternative Investment Fund Managers Directive (“AIFMD”) became effective on July 22, 2013. The Directive introduces a new system for the marketing of alternative investment funds (“Funds”) in the EU and creates a legal framework to monitor and supervise alternative investment fund managers. Alternative Investment Fund Managers are now responsible
- [Investment Management Advisory](https://www.houlihancapital.com/services/valuation-and-financial-advisory/portfolio-valuation-fund-advisory-services/investment-management-advisory/) - Investment Management Advisory Houlihan Capital’s Investment Management Advisory team utilizes the skill sets of former fund managers and bankers that draw upon years of experience in direct management and investments in hedge funds and private equity funds. Our team has participated on numerous investment management and creditor committees. We have deep relationships with liquidators, administrators,
- [Complex & Illiquid Security Valuations](https://www.houlihancapital.com/services/valuation-and-financial-advisory/portfolio-valuation-fund-advisory-services/complex-illiquid-security-valuations/) - Houlihan Capital provides clients with independent valuations of illiquid assets ranging from single investments to multi-class portfolios.
- [Buy-Side/Sell-Side Advisory](https://www.houlihancapital.com/services/investment-banking/buy-side-sell-side-advisory/) - We provide buy-side and sell-side advisory services and are committed to structuring and executing M&A transactions to achieve our client's objectives.
- [Who We Serve](https://www.houlihancapital.com/who-we-serve/) - Who We Serve Hedge Funds Private Equity & SBICs ’40 Act Funds Corporations Business Development Companies
- [Derivatives and Structured Finance Litigation](https://www.houlihancapital.com/services/derivatives-and-structured-finance-litigation/) - We have experience on derivatives litigation support and are able to clarify facts, quantify damages and communicate findings clearly and concisely.
- [Fairness Opinion Transactions](https://www.houlihancapital.com/fairness-opinion-transactions/) - Representative Fairness Opinion Transactions

## Events

- [SBIA Midwest Deal Summit](https://www.houlihancapital.com/event/sbia-midwest-deal-summit/)
- [GAIM Ops](https://www.houlihancapital.com/event/gaim-ops/)
- [America's Beauty Show](https://www.houlihancapital.com/event/americas-beauty-show/)
- [Chicago BOSS Event](https://www.houlihancapital.com/event/chicago-boss-event/)
- [SuperReturn CFO/COO North America](https://www.houlihancapital.com/event/superreturn-cfo-coo-north-america/)
- [Private Equity Insights: Money in Motion](https://www.houlihancapital.com/event/private-equity-insights-money-in-motion/)
- [Boston BOSS Event](https://www.houlihancapital.com/event/boston-boss-event/)
- [Offshore Technology Conference](https://www.houlihancapital.com/event/offshore-technology-conference/)
- [Miami Business Owners Strategy Summit](https://www.houlihancapital.com/event/miami-business-owners-strategy-summit/)
- [Global Pet Expo](https://www.houlihancapital.com/event/global-pet-expo/)
- [Digital Asset Summit](https://www.houlihancapital.com/event/digital-asset-summit/)
- [ICI Investment Management Conference](https://www.houlihancapital.com/event/ici-investment-management-conference/)
- [ATSSA Traffic Expo](https://www.houlihancapital.com/event/atssa-traffic-expo/)
- [iconnections](https://www.houlihancapital.com/event/iconnections/)
- [Business Owner Strategy Summit](https://www.houlihancapital.com/event/business-owner-strategy-summit/)
- [Cayman Crypto Week](https://www.houlihancapital.com/event/cayman-crypto-week/)
- [AM&AA Midwest Casino Night ](https://www.houlihancapital.com/event/amaa-midwest-casino-night/) - The Alliance of Merger & Acquisition Advisors (AM&AA) is hosting an inaugural Midwest Casino Night on February 5, 2026, in Chicago. This event is designed as a high-energy networking opportunity for M&A professionals, featuring casino-style games, cocktails, and, according to recent information, a "room full of dealmakers". Bank of America Tower, 110 N Wacker Dr, 26th Floor,
- [ABA Business Law Section Mergers & Acquisitions Committee MeetingAbout this Event](https://www.houlihancapital.com/event/aba-business-law-section-mergers-acquisitions-committee-meetingabout-this-event/) - The Business Law Section Mergers and Acquisitions Committee will be hosting their meeting at the Montage Laguna Beach Hotel. January 29, 2026 – January 31, 2026

## Categories

- [Uncategorized](https://www.houlihancapital.com/category/uncategorized/)
- [Quarterly Industry Reports](https://www.houlihancapital.com/category/quarterly-industry-reports/) - Houlihan Capital provides quarterly reports on various industries.
- [Micro Middle Market Reports](https://www.houlihancapital.com/category/mmm-reports/) - Houlihan Capital provides quarterly Micro Middle Market reports.
- [Whitepapers](https://www.houlihancapital.com/category/whitepapers/)
- [Valuation](https://www.houlihancapital.com/category/valuation/)
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- [SPACs](https://www.houlihancapital.com/category/quarterly-industry-reports/spacs/)
- [Venture Capital](https://www.houlihancapital.com/category/venture-capital/)
- [Healthcare](https://www.houlihancapital.com/category/healthcare/)
- [Fairness Opinions](https://www.houlihancapital.com/category/fairness-opinions/)
- [101 Guides](https://www.houlihancapital.com/category/101-guides/)
- [SPACs](https://www.houlihancapital.com/category/valuation/spacs-valuation/)

## Tags

- [Company News](https://www.houlihancapital.com/tag/company-news/)
- [Financial Advisory](https://www.houlihancapital.com/tag/financial-advisory/)
- [Transaction Opinions](https://www.houlihancapital.com/tag/transaction-opinions/)
- [Solvency Opinions](https://www.houlihancapital.com/tag/solvency-opinions/)
- [Fairness Opinions](https://www.houlihancapital.com/tag/fairness-opinions/)
- [Investment Banking](https://www.houlihancapital.com/tag/investment-banking/)
- [Industry reports](https://www.houlihancapital.com/tag/industry-reports/)
- [Quarterly Reports](https://www.houlihancapital.com/tag/quarterly-reports/)
- [now hiring](https://www.houlihancapital.com/tag/now-hiring/)
- [Valuation](https://www.houlihancapital.com/tag/valuation/)
- [Crypto](https://www.houlihancapital.com/tag/crypto/)