Houlihan Lokey, an investment banking firm based in New York, has acquired Milestone Advisors LLC, Washington, whose clientele includes mortgage bankers. Milestone also works in the distressed real estate sector.
Among the recent mortgage industry transactions Milestone was involved with include specialty servicer Rushmore Loan Management in a deal to purchase mortgage wholesaler ICON Residential from Grand Bank NA of Hamilton, N.J., back in September.
Terms of the deal were not announced. Both firms acted as their own advisors on the transaction.
Milestone’s employees will become part of Houlihan Lokey’s Financial Institutions Group in McLean, Va. Its co-founder and CEO Eugene Weil will become co-head of the expanded group with Michael McMahon, Houlihan Lokey’s managing director and head of financial institutions.
John Nelligan, Jeffrey Levine and Timothy Suite will become managing directors at Houlihan Lokey.
“Milestone’s core competencies, comprising merger and acquisition advisory, capital raising, restructuring and asset sales and valuation, could not be a more perfect complement to Houlihan Lokey’s business platform and our approach to client service. Together we have closed nearly 500 transactions valued at more than $400 billion since 2001,” said Bob Hotz, senior managing director and co-head of corporate finance at Houlihan Lokey.
McMahon added the deal triples the number of people who focus on providing advisory services for financial institutions.