Houlihan Lokey is a holding company that operates its business through its subsidiaries. Co. is an investment bank engaged in mergers and acquisitions (M&A), capital markets, financial restructurings, and financial and valuation advisory. Co. markets its services through its product areas, its industry groups and its financial sponsors group, serving its clients in three primary business practices: Corporate Finance encompassing M&A and capital markets advisory, Financial Restructuring both out-of-court and in formal bankruptcy or insolvency proceedings and Financial and Valuation Advisory, including financial opinions and a variety of valuation and financial consulting services.