Houlihan Lokey Doubles Down on Europe With French Mid-Cap Powerhouse and Real Estate Advisory Buy

Houlihan Lokey isn’t nibbling at Europe anymore—it’s taking decisive bites. The global investment bank announced two strategic transactions that materially expand its European advisory bench, strengthening both its geographic reach and sector depth at a time when dealmaking is becoming more selective, complex, and capital-structure driven.

The firm has agreed to acquire a controlling stake in Audere Partners, a leading French corporate finance boutique currently operating under the Natixis Partners banner, while also snapping up the real estate capital advisory business of Mellum Capital, with teams in Munich and London. Together, the moves sharpen Houlihan Lokey’s mid-cap advisory credentials in France and broaden its capital solutions offering across Europe’s increasingly fragmented real estate market.

A Bigger, Bolder Bet on France

France has long been a strategic gap for U.S.-based advisory firms trying to build truly pan-European platforms. With Audere Partners, Houlihan Lokey is addressing that gap head-on.

Audere is well known in French mid-cap circles, advising financial sponsors, entrepreneurs, and family-owned businesses—precisely the segment that continues to transact even when mega-deals slow. By securing a controlling interest, Houlihan Lokey instantly scales its French presence into what it describes as one of the country’s premier mid-cap-focused advisory platforms.

The deal brings more than 50 finance professionals into Houlihan Lokey, growing its French team to roughly 80 bankers. Audere’s entire senior leadership is making the jump, including founder Patrick Maurel and partners Boris Picchiottino, François Rivalland, Nicolas Segretain, Bruno Stern, and Ludovic Tron. Cultural fit is often cited in press releases, but in relationship-driven markets like France, continuity of leadership can make or break client trust.

The transaction is expected to close in the first quarter of 2026, after which Audere will fully rebrand under the Houlihan Lokey name.

Expanding Capital Solutions as Real Estate Resets

While the French deal strengthens Houlihan Lokey’s traditional M&A advisory muscle, the Mellum Capital acquisition reflects a different—and arguably timelier—priority: navigating Europe’s stressed and restructuring-prone real estate sector.

Founded in 2021 as a Brookfield Financial spin-out, Mellum Capital has built a niche advising investors, financial institutions, and corporates on equity investments, debt placements, structured finance, and liability management. In today’s higher-rate, refinancing-heavy environment, that skill set is in demand.

Houlihan Lokey has already been expanding into infrastructure debt advisory in Europe, and adding Mellum deepens its ability to advise clients across the entire capital structure—from rescue financings to balance-sheet reworks. Eleven professionals, including founding partners Heinrich Hauss and Markus Reule, have joined Houlihan Lokey as Managing Directors in its Capital Solutions Group to lead European real estate capital advisory.

Notably, Mellum’s real estate brokerage arm is excluded from the deal, signaling Houlihan Lokey’s focus on advisory over transactional brokerage—consistent with its asset-light, advice-first model.

Why This Matters Now

These moves land at a pivotal moment for European dealmaking. Mid-cap M&A remains relatively resilient compared to large-cap transactions, while real estate owners and lenders are grappling with valuation resets, covenant pressure, and refinancing risk. Firms that can blend sector expertise with access to alternative capital are increasingly differentiated.

Houlihan Lokey has built its reputation on exactly that mix, particularly in restructuring and complex advisory. With approximately 550 financial professionals now across EMEA, the firm is no longer a niche U.S. player in Europe—it’s a scaled competitor to entrenched advisory names like Rothschild, Lazard, and Evercore in key markets.

CEO Scott Adelson framed the expansion as a natural extension of a decade-long European growth strategy, emphasizing the firm’s access to alternative capital and sector depth. Europe President Phil Adams was more explicit about momentum, pointing to France as a “key market” and highlighting how capital solutions—especially in real estate—are becoming central to client needs.

The Competitive Implications

For rivals, the message is clear: Houlihan Lokey intends to compete across more of Europe, and across more advisory scenarios, not just restructurings. The French mid-cap market, in particular, is crowded with boutiques and bank-affiliated advisors. Audere gives Houlihan Lokey local credibility without starting from scratch.

Meanwhile, the Mellum acquisition underscores a broader industry trend: advisory firms racing to build specialized capital advisory teams as traditional lending retrenches. As banks pull back and private credit fills the gap, advisors that can bridge both worlds gain leverage.

In short, Houlihan Lokey is positioning itself for a Europe defined less by blockbuster deals and more by nuanced, capital-intensive problem-solving. That may not grab headlines like a mega-merger—but for clients navigating today’s markets, it’s exactly the kind of capability that matters.