Houlihan Lokey announced that it has agreed to acquire Intrepid Financial Partners, an independent investment bank focused on advisory services for the energy sector. Financial terms of the transaction were not disclosed.
The deal was signed on June 27, 2026, and is expected to close before September 30, 2026, following regulatory approval.
Intrepid Investment Management, Intrepid’s investment management business, is not part of the transaction and will continue to operate separately under the same name.
The acquisition is expected to substantially expand Houlihan Lokey’s coverage capabilities across the oil and gas industry.
Founded in 2015 by Hugh E. “Skip” McGee III and Christopher F. Winchenbaugh, Intrepid provides mergers and acquisitions, fairness opinions, capital raising, and restructuring services to energy sector clients.
The firm serves companies across exploration and production, midstream and infrastructure, downstream and retail, energy services and technology, and energy transition.
Since its founding, Intrepid has advised on more than 120 energy sector transactions totaling more than $215 billion.
After closing, the Intrepid team will join Houlihan Lokey’s global Oil & Gas Group.
McGee, CEO of Intrepid, will join Houlihan Lokey as a managing director and global chairman of oil and gas.
Winchenbaugh, president of Intrepid, will join as a managing director and global co-head of oil and gas alongside J.P. Hanson, currently global head of oil and gas at Houlihan Lokey.
The acquisition will add 34 financial professionals to Houlihan Lokey’s Oil & Gas team, bringing the global group to more than 70 financial professionals worldwide.
On a pro forma basis, the combined group advised on 23 U.S. energy and power M&A transactions in 2025, according to LSEG data.
Houlihan Lokey said Intrepid’s platform will strengthen its longtime strategy of delivering deep sector expertise to clients globally.
The combined group is expected to provide broad capabilities across corporate M&A advisory, asset-level acquisition and divestiture advisory, capital raising, valuation, restructuring, and board advisory services.
Houlihan Lokey’s Oil & Gas Group serves clients around the world across M&A and A&D advisory, capital raising, valuation, financial recapitalization and restructuring, and other financial advisory services.
The firm said its existing global Oil & Gas Group includes more than 40 professionals, including an A&D and technical team led by industry professionals with an average of more than 25 years of experience.
In 2025, Houlihan Lokey was ranked as the No. 1 advisor for U.S. energy and power M&A transactions under $1 billion, according to LSEG data.
Houlihan Lokey is a global investment bank providing strategic and financial advice across mergers and acquisitions, capital solutions, financial restructuring, and financial and valuation advisory.
KEY QUOTES:
“Intrepid’s suite of services is a perfect match with Houlihan Lokey, and its comprehensive coverage of the energy sector adds significantly to our longtime strategy of delivering the deepest possible sector expertise to our global client base. This acquisition is an outstanding addition to the Oil & Gas Group and to our overall business as we continue to grow our capabilities.”
Larry DeAngelo, Global Co-Head of Corporate Finance at Houlihan Lokey
“Houlihan Lokey’s comprehensive matrix of products, services, and global footprint, alongside a passionate dedication to its clients, represents an excellent business compatibility and cultural fit with Intrepid’s platform and our ‘client-first’ philosophy. We cannot think of a better home for Intrepid, our team, and our clients, and we’re delighted to be joining the Oil & Gas Group alongside J.P. and his team. As part of the Houlihan Lokey team, we will be able to deliver additional products and continue to deliver the best advice to our clients, which is at the core of what we do.”
Hugh E. “Skip” McGee III, CEO of Intrepid Financial Partners
“Intrepid’s strength in corporate M&A advisory, particularly in the upstream, midstream, and alternative energy sectors, combined with Houlihan Lokey’s global strength in M&A across upstream, midstream, and downstream, as well as technical asset-level acquisition and divestiture advisory in the upstream sector, establishes one of the most comprehensive energy advisors, with superior capabilities across all facets of the oil and gas industry and broader energy spectrum. I’m excited to partner with Skip, Chris, and the Intrepid team to grow the business and continue to provide outstanding advice and results to our energy clients.”
J.P. Hanson, Global Head of Oil & Gas at Houlihan Lokey
“This combination is exceptionally timely. We are currently navigating a highly compelling seller’s market, driven by volatility with stark pricing dislocations and massive pools of dedicated capital actively seeking deployment amid uncertainty in the energy markets. I have no doubt our clients will benefit tremendously from the strong synergies and centers of expertise that this acquisition establishes.”
Christopher F. Winchenbaugh, President of Intrepid Financial Partners
