《華利安（Houlihan Lokey）：2025年上半年酒店行業更新報告（英文版）（14頁）.pdf》由會員分享，可在線閱讀，更多相關《華利安（Houlihan Lokey）：2025年上半年酒店行業更新報告（英文版）（14頁）.pdf（14頁珍藏版）》請在三個皮匠報告上搜索。

1、H1 2025Hospitality Sector Update2Houlihan Lokey Houlihan Lokey View on the MarketIts Not About Valuation,Its About DemandThe Middle Is Squeezed AgainUnsurprisingly,Value Is KeyThe ExperientialConundrumAuction UnicornsWingstop has proven that for the right asset,where there is significant demand,valu

2、ations are as high as ever.For the top-performing sector assets,we see valuations capable of matching historical levels.For instance,we suspect Dishoom,if and when it comes to market,will have plenty of suitors and fetch a strong multiple.The challenge is that demand falls sharply below A*assets.(1)

3、Then,it becomes not a question of valuation but whether there is a buyer,full stop.It is an age-old adage in the consumer sector that,in tough times,the middle eventually gets squeezed the hardest.There is a flight to value,while luxury invariably survives.Gyms are probably the best example,but casu

4、al dining is catching up.Through no fault of its own,the industry has had to push a lot of price to survive.As a result,a family going out for a pizza lunch has seen it become an increasingly expensive treat rather than a previously regular,affordable,and convenient routine.This has been seen even m

5、ore starkly in delivery where,outside of London,Monday to Thursday deliveries have dropped off a cliff as expense trumps convenience.Harking back to Wingstop,you could argue a combination of flavour,value and convenience is always going to win in tough times.Indeed,QSR more broadly appears to be a t

6、hematic winner right now and,as a result,is getting more attention from investors.Similarly,Loungers consistently strong trading is undoubtedly underpinned by the fact that it offers everything from all-day breakfast and coffee to burgers and alcohol at very competitive prices.Right now,value seems

7、like the safest harbour outside of iconic,high-end destination restaurants.Experiential comes up in nearly all our sector discussions with investors.The opportunity is clearmass appeal to a younger generation less fixated on alcohol and more on experiences and photo-friendly events.The challenge eve

8、ry one of these conversations ends with is two-fold:barriers to entry and fashion/fad risk.Outside of capex,what is the barrier to entry?There are now multiple operators of digital darts,shuffleboard,batting cages,etc.,as well as canny operators who offer all the above and more under one roof.Invest

9、ors are rightly wary of the boom/bust seen in trampolines and,to a lesser degree,padel(at least in parts of Europe).As a result,the sector seems to be screaming out for consolidation,single-site multiformat,or a combination of the two over the medium term.For all but the A*assets,the M&A auction is

10、a thing of the past,at least for now.Vast swathes of U.K.consumer assets,let alone leisure and hospitality,are available.How could they not be with so little M&A outside of a short-lived e-commerce IPO spurt in 2021?However,owners and advisors are rightly wary of sending out information memorandums

11、and process letters.Instead,it is a world of under-the-counter sales,with discrete processes involving a handful of interested parties and significantly less rigid timetables.The challenge is that,without set deadlines and meaningful competitive tension,timetables lengthen,pricing softens,and buyers

12、 procrastinate.Building a fan club has never been more important;if you want to exit,preparation must start at least 12 months in advance.It goes without saying that you also need an experienced advisor who knows where interest lies and,just as importantly,where it does not.Timing and process manage

13、ment have never been more important.Our thoughts on the key themes running through the market in 2024 and into 2025.Source:Market data.(1)A*asset refers to a top-tier or prime-quality asset,distinguished by high liquidity,stability,and strong returns.1.8k1.8k0.6k0.7k20232024European Other ConsumerEu

14、ropean Hospitality3M&A Is Returning to the Sector Houlihan Lokey View There has been recovery in European consumer deals,including in the hospitality vertical(with deal volumes growing by 12%YoY).Geographically,the U.K.has seen the greatest improvement in hospitality M&A activity(+25%).Within casual

15、 dining,there remains significant pent-up supply with many assets owned for much longer than the typical three to four years by private equity and a raft of stalled or failed sale mandates.Buyers are spoiled for choice.QSR remains more attractive;there are invariably buyers for clusters of franchise

16、 units or upcoming brands.Despite macro challenges,the hospitality M&A market is gradually returning,with high-value deals and opportunistic acquisitions fuelled by new capital sources.Source:Mergermarket.Note:The deals on the right-hand side represent a selected set of transactions only from the U.

17、K.,European,and U.S.markets.European Consumer DealsVolumeM&A Activity in the Hospitality Sector Is ImprovingH1 2023Elite Restaurant GroupSeveral InvestorsH2 2023H1 2024H2 2024Christian Louboutinand Alexis Dyevre+12%+2%4Acquisition of Loungers by FortressA deep dive into the Houlihan LokeyA deep dive

18、 into the Houlihan Lokey-advised sale processadvised sale processSource:Loungers Rule 2.7.(1)Premium to the closing price of 238 pence per share on 27 November 24.(2)Nightcap taken private by existing shareholder group,no share premium available.*Selected transactions were executed by Houlihan Lokey

19、 professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.Houlihan Lokey Insights Loungers is a repeat client of Houlihan Lokey,having sold the Piper-backed business to Lion and later floated it.*We remained financial advisor and n

20、ominated advisor.The sale process was the culmination of extended strategic discussions aimed at addressing the struggles of Loungers share price to reflect the business strong operational performance.Houlihan Lokey was mandated to find a buyer.The Fortress final offer was the highest offer received

21、 for Loungers following its comprehensive and competitive sale process involving both private equity and strategic potential acquirors and several rounds of negotiations.Key points of attraction included:Genuinely strong management/founders who are passionate about the business.Loungers performs con

22、sistently well across multiple locations and a variety of formats.An ability to deliver a relatively complex offer efficiently and at great value.Consistent LFL performance and,crucially,volume growth.Main questions were consistent with every other process we have been involved in over recent years:

23、WhitespaceWith many operators in retreat,parties understandably focus on pipeline and headroom.Future exitPE remain nervous about the consumer sector and the IPO market is dead.Single-country consumer exposureseveral larger PE houses now insist on multi-territory.Public Market ValuationsThe Loungers

24、 acquisition represents the sixth P2P transaction in the hospitality space in the past c.18 months.367MEV9.4xDecember 2024 EBITDA multiple(after preopening costs)37%Premium(1)All-Time HighShare price35%34%33%48%37%37%1.TheFulhamShore(Jul-23)2.TheRestaurantGroup(Dec-23)3.TenEntertainment(Feb-24)4.Cit

25、y PubGroup(Mar-24)5.Nightcap(Jul-24)6.Loungers(Feb-25)Share PremiumN/AAverage:The acquisitions have been made at an average premium of 37%to pre-announcement share prices.There appears to be a value and perception arbitrage between public and private markets.(2)5Valuation LandscapeSource:S&P Capital

26、 IQ as of 12 February 2025,on an IFRS basis.Notes:(1)Pre-COVID-19 average relates to the period from 1 January 2015 to 31 December 2019.(2)Autumn Budget delivered on 30 October 2024.U.S.Hospitality:Starbucks Corp.,The J.M.Smucker Co.,Dennys Corp.,Cracker Barrel Old Country Store,The Cheesecake Facto

27、ry,Krispy Kreme,Wingstop,Restaurant Brands International,Chipotle Mexican Grill,Yum!Brands,McDonalds Corp.,Dominos Pizza,Shake Shack,Papa Johns International,El Pollo Loco,The Wendys Co.U.K./European Hospitality:Dominos Pizza Group,Loungers(now delisted),Greggs,Tortilla Mexican Grill,Fuller,Smith&Tu

28、rner,Marstons,Mitchells&Butlers,J D Wetherspoon,Young&Co.s Brewery,AmRest,DP Poland.Trading multiples are based on share price,other market data,and broker consensus future revenue and earnings estimates from S&P Capital IQ as of 28 February,2025.Commentary Freehold pub valuations are sitting at mat

29、erial discounts to pre-COVID-19 averages,with NAVs reflecting some investor caution post-COVID-19 and some of the challenges experienced across the sector in relation to NMW,NICs,energy,etc.Given the strong freehold backing and enduring appeal of the pub,there appears to be a lot of valuation upside

30、,particularly compared to their long-term valuations.This was clear in the valuation applied to City Pub Group when Youngs acquired the business for 16.6x CY EBITDAa 48%premium to the pre-announcement share price on 14 November 2023.We continue to see investor interest in high-quality estates,partic

31、ularly strong freehold portfolios and premium offerings with rooms.Strategics are always looking to raise their freehold percentages and boost KPIs.Brunning&Price,Chestnut,Heartwood,Butcombe,et al.would all be hard to resist if they came to market.Valuations of hospitality groups marginally declined

32、 over 2024.U.S.valuations continue to outstrip those of the U.K.and EU substantially.EV/NTM EBITDAGlobal HospitalityDeep Dive Into Freehold Pub ValuationsEV/NTM EBITDAListed PubGroup Average7.9x7.9x7.0 x7.1x6.3x7.2 x8.9 x16.6xNet Debt/EBITDAFreehold%62%Consensus CY EBITDA MultipleCY EBITDA Multiple

33、One Week Before OfferCommentary There is a clear valuation premium for U.S.operators vs.European peers.This has been driven by market sentiment,macroeconomic outlook and,ultimately,the volume of investors seeking to deploy meaningful capital in the U.S.hospitality space.In short,the U.S.takes a much

34、 more positive approach to consumer sector investing.We would note that a size premium will be attached to U.S.operators($30 billion average market cap vs.c.1 billion in the U.K./Europe),which will boost U.S.valuations.Furthermore,several of the U.S.operators are QSR master franchisors with asset-li

35、ght,highly cash-generative business modelsno doubt being valued at a premium to many European operators.Prem.to NAV2.1x92%-23%5.0 x84%-58%2.5x82%-39%3.1x72%+75%2.5x84%-45%Pre-COVID-19Average(1)10.4x11.2x11.1x9.1x7.8x9.9xShare Price Mvmt.Since Budget(2)-24%-15%-7%-10%-9%17.5x8.1x0 x5x10 x15x20 x25xJa

36、n-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24Jan-25Feb-25U.S.HospitalityU.K./European Hospitality6U.K.Hospitality LFL Performance Over 20242024 saw mixed results across hospitality subsectors,with pubs leading the way and bars continuing to struggle.LFLs by Operator Group202

37、4 AverageSource:CGA RSM Hospitality Business Tracker.(20%)(15%)(10%)(5%)-5%10%15%Jan-24Apr-24Jul-24Oct-24TotalPubsRestaurantsBarsOn-the-GoCommentary2024 has seen a wide range of performance across hospitality subsectors,with overall LFLs up a muted 1.9%on 2023 despite widespread price increases.Pubs

38、(+2.9%2024 Average)The highest performer for the second year running.Pubs appeared to be the only British winner of the UEFA Euro 2024 championships over the summer,with many patrons spending more time in pubs and less in restaurants,with LFLs in July up c.5%(even when compared with 2023 which benef

39、itted from the Rugby World Cup).Listed managed pub groups reported LFL sales up c.5%6%in 2024,indicating that tenanted groups and smaller groups/independents had a more challenging 2024.Restaurants(+1.9%2024 Average)A close second behind pubs in terms of LFL performance.Houlihan Lokeys conversations

40、 with business leaders indicate substantial variance across individual operators.There again appears to be a strong variance between London and the rest and North vs.South.Bars/Clubs(-5.9%2024 Average)Late-night woes continue with a second consecutive LFL contraction in the sectorperforming some bas

41、ic maths,2024 was c.14%down vs.2022(given 2023s-8.2%LFL).This is despite supply coming out of the marketNTIA estimates that a third of clubs(400+sites)have closed since COVID-19.We would note that in December 2024,the bars segment clocked its first month of LFL growth since December 2023,demonstrati

42、ng improvement in festive trading.On-the-Go(+0.9%2024 Average)A new category monitored by the CGA RSM Hospitality Business Tracker includes fast-casual concepts with limited dine-in and a focus on grab-and-go food and drink,primarily through counter service.A strong H2 helped recover from a challeng

43、ing start to the yearimprovement no doubt buoyed by the affordability of the segments low price point.+1.9%(2023:+5.0%)TOTAL+2.9%(2023:+7.5%)PUBS+1.9%(2023:+6.0%)RESTAURANTS-5.9%(2023:-8.2%)BARS+0.9%(2023:n/a)ON-THE-GO7What Does Good Look Like?Pre-FY17FY18FY19FY2021FY22FY23FY24Monthly Revenue Demons

44、trating Life Beyond November and DecemberRegular Trading,All WeekNot dependent on weekendsConsistent ROCE Across All Cohorts Proving an Operator Hasnt Opened the Best Units FirstRobust EBITDA Performance Across the Estate Not Skewed by a One-Off Outperformer and With Minimal TailAverageAverage NPS60

45、+MondayTuesdayWednesdayThursdayFridaySaturdaySundayDAILYREVENUEVolumeVolumeVolumePricePricePrice202220232024Whitespace3xLFL Performance Driven by Volume and Not Just PriceHoulihan Lokeys view on what sector investors want to see in high-performing hospitality businesses.1357911 13 15 17 19 21 23 25

46、27 29 31 33 35 37 39 41 43 45 47 49EBITDASitesMorningLunch/AfternoonEveningSALES MIX BYTIMEAll-Day Proposition,Working the ShouldersConsistent,Estate-Wide NPS Scores and Substantial Whitespace Opportunity40%Average ROCEConsensusForecastsConsensusForecastsU.K.Consumer Outlook3.9%1.9%0%5%10%15%20%25%D

47、ec-20Dec-21Dec-22Dec-23Dec-24Dec-25U.K.CPIHBoE Target8(20%)(10%)-10%20%180200220240260Dec-20Dec-21Dec-22Dec-23Dec-24Average U.K.Household Income(Per Week;LHS)YoY Change(RHS)(50.0)(25.0)0.025.0Dec-20Dec-21Dec-22Dec-23Dec-24GfK U.K.Consumer ConfidenceIn August 2024,food price inflation dropped below h

48、eadline CPIH for the first time since January 2022.CPIH had been nearing the 2%target until recent months,sparking rising concerns of persistent inflation in 2025.U.K.spending power reached its highest-ever level in December 2024 and has recorded double-digit annual growth for 10 consecutive months.

49、U.K.consumer confidence had been broadly improving since October 2022,only to be dented by the Autumn Budget,as well as rising fears of an inflationary 2025.The Bank of England interest rate was cut to 4.5%in February 2025.Economists forecast three further cuts by the end of 2025,leaving interest ra

50、tes at 3.75%by December 2025.Sources:Eurostat,ONS,Focus Economics,FactSet,CGA Service,Bank of England,Asda Income Tracker,GfK.Macro indicators trended in the right direction in 2024,with reducing inflation and interest rate cuts lifting consumer spending and confidence in the U.K.However,post-electi

51、on/-budget gloom means we anticipate a stagnating consumer outlook over the first six months of the year as inflation returns in early 2025.Bank of England Base RateHeadline CPIH and Food Price InflationBank of England Base RateAsda Income TrackerU.K.Consumer Confidence IndicesU.K.2.5-year highOct-2

52、4:Autumn BudgetDec-24:Highest-ever level of U.K.household income0%1%2%3%4%5%6%Dec-20Dec-21Dec-22Dec-23Dec-24Dec-254.5%9Outlook for 2025First-half M&A may be limited,with scope for a real acceleration as the year progresses.Budget ImpactSubsector ViewKey Value DriversReasons for OptimismPositive inve

53、stor sentiment was building through 2024,only to be spiked by the Autumn Budget.2025 will be the first year of budget impact on NIC/NLW,with hospitality groups anticipating a c.7%10%increase in labour costs.Mitchells&Butlers:additional 100 million on cost linesGreene King:“20 million shock”J D Wethe

54、rspoon:60 million jump in labour costsYoungs:11 million in additional annual costs Pizza Hut UK(HWS):4 million impact on labour costsLoungers:impacted c.10 millionEvery operator we know is planning to raise prices in April.Morgan Stanley research indicates this will likely be 2%3%(assuming no volume

55、 impact),UKHospitality has estimated a 6%8%price increase,demonstrating substantial variances across estimates.One can only imagine how consumers will react to widespread price rises across leisure,hospitality,retail,and more.Indeed,we believe the past few months have already seen wallets stay in po

56、ckets.The governments gloomy rhetoric and the media/business leaders response to the budget are not a great backdrop for discretionary spending!In terms of M&A,we suspect H1 2025 will be subdued as the cost increases and price rises wash through.Strategics will have enough on their plate and PE will

57、 want to watch and wait.Pubs:Freehold pub groups are persistent M&A targets for strategics,with substantial synergies available(e.g.Youngs City Pub Company and Fullers Lovely Pubs in 2024),as well as for private equity seeking asset-backed,resilient businesses with opportunities for buy-and-build(e.

58、g.Epiris Amber Taverns).We expect selective M&A to continue through 2025.QSR:Remains highly attractive to investors.The market still sees great value in the asset-light QSR franchise model,as well as the strong returns available from an equity-owned rollout.We expect momentum to continue through 202

59、5 with further assets,such as GAILs,which are expected to attract investor attention.Experiential:As mentioned on page 2,we are confident a consolidation play will happen in the medium term.Most larger-scale operators have institutional investor backing and plenty of firepower to consider a roll-up

60、strategy.2025 may well be too soon,but as the macro environment improves,it could unfold quickly.Casual Dining:Much of the sector remains effectively up for sale.Many processes are underway,with an overhang from slow-burn 2024 mandates catching up with new 2025 deals.Such is the volume of supply tha

61、t we believe there will continue to be M&A in the space.Picking winners should be easy,as strong performers stand out.From a financial/quantitative standpoint,we expect the key value drivers from 2024 to persist in 2025.We would note that excelling in two or three of the below is likely not enough i

62、n the current market to transact at a premium multiple(or perhaps at all):1.Whitespace:The ultimate gauge of scalability in the hospitality space.Scepticism of 100+unit promises remains on the minds of boards and investment committees.Credible,diligent growth stories are crucial.2.ROCE:30%is becomin

63、g the new 40%returns have been impacted by rapidly inflating capex,labour,and utility costs in recent years,resetting the benchmark for“what good looks like.”3.Volume LFLs:Remains front of mind for investors given just how much price is in the systemwith more to come.4.Exit:Who buys a business next

64、and maybe even after that?Will there still be enough whitespace?Will an operator have opened the best sites and be facing diminishing returns?Will competition have eaten brands up as per the“Burger Wars”of the past 10 years?Some positive trends:Labour is as benign as it has been for a long time.We a

65、re hearing of low vacancies,many applicants,sites increasingly available,and reasonable rents.Competition will reduce(sad and good!).U.S.acquirors:We are seeing more interest in U.K.and European hospitality assets than ever beforefrom PE and trade alike.This is the result of much lower valuations th

66、an the U.S.and a greater number of U.S.investors with a more positive approach to consumer.Strategic consolidators:Apollo will surely buy for TRG,Azzurri(in time),Toridoll,Zensho,Gustoso Gruppe,McWin,and Epiris sector platform,Big Table.All have stated consolidation strategies,while Dominos was in t

67、he press bidding for Wingstop.The list is the longest in memory.Debt is back:It is not cheap,which might explain its return,but its available from a range of traditional and more innovative sources.Valuations are increasingly realistic:8x EBITDA with 3x4x leverage sounds a lot better than 10 x with

68、no debt!Sources:Financial Times,company statements.Houlihan Lokey has comprehensive global coverage and specialised resources dedicated to the hospitality sector.Sam FullerManaging DirectorSam.FullerHL.com +44(0)20 7550 7334Tom BarnardDirectorTom.BarnardHL.com+44(0)7825 843 180Hugh RipleyVice Presid

69、entHugh.RipleyHL.com +44(0)7471 995 168Robert WagonVice PresidentRobert.WagonHL.com +49(160)100 6010Kenny KraftManaging DirectorKenny.KraftHL.com+1 404.495.7010Theodore ShawManaging DirectorTShawHL.com+1 310.712.6556Investment BankingWe have a track record of structuring and executing value-optimisi

70、ng transactions for our clients.We run efficient,momentum-driven processes that drive results in M&A and capital raising for our clients.Our team has an extensive and expansive reach of the highest likelihood debt and equity investors within the hospitality and leisure sector globally.We are well-ve

71、rsed in crafting tailored solutions to achieve client objectives,with deep experience across sectors,company types,and market cycles.We advise clients on strategic alternatives that enable them to accomplish next-level strategic goalswhether the aim is accelerated growth,partial,or full sale.We know

72、 the KPIs buyers are looking for and how best to present them.Please reach out to us to schedule a call to discuss this quarters market update or to explore how we can serve your business needs.Contact UsRequest a MeetingLearn More About Us10Houlihan Lokey Houlihan Lokey Hospitality CoverageCoverage

73、 Team SummaryEuropeNorth AmericaJapanYoshitomo TakahashiManaging DirectorYoshitomo.TakahashiHL.com+81 80 4368 349011Houlihan Lokey Houlihan Lokey Is a Global PowerhouseExceptional global connectivity and product expertise.No.1Global M&A AdvisorCORPORATE FINANCEFINANCIAL RESTRUCTURINGFINANCIAL AND VA

74、LUATION ADVISORYTOP U.S.M&A CONSUMER ADVISORNo.1Global Restructuring AdvisorNo.1Global M&A Fairness Opinion Advisor Over the Past 25 YearsLeading Capital Markets Advisor1,800+Transactions Completed Valued at More Than$3.8 Trillion Collectively2,000+Valuation Engagements2024 M&A Advisory RankingsAll

75、Global TransactionsDealsAdvisor415Houlihan Lokey1406Rothschild2371Goldman Sachs3342JP Morgan4309Morgan Stanley5Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.2024 M&A Advisory RankingsAll U.S.Consumer TransactionsDealsAdvisor26Houlihan Lokey120William Blair219Jefferies317Gener

76、ational Equity417Lincoln International4Source:LSEG(formerly Refinitiv).2000-2024 Global M&A Fairness Advisory RankingsDealsAdvisor1,243Houlihan Lokey11,045Duff&Phelps,A Kroll Business21,020JP Morgan3792UBS4698Morgan Stanley5Source:LSEG(formerly Refinitiv).Announced or completed transactions.2024 Glo

77、bal Distressed Debt&Bankruptcy Restructuring RankingsDealsAdvisor88Houlihan Lokey159PJT Partners Inc248Rothschild344Lazard440Perella Weinberg Partners LP5Source:LSEG(formerly Refinitiv).12Leading Advisor in the Leisure and Hospitality SectorHighlighted European Credentialshas been acquired bySellsid

78、e AdvisorGrowth FinancingFinancing Advisora portfolio company ofhas been acquired bySellside Advisor(German business)has been acquired bySellside AdvisorHoulihan Lokey advised its long-standing client,Loungers PLC,on the sale to funds managed by affiliates of Fortress Investment Group by way of a re

79、commended scheme of arrangement.The transaction implies an enterprise value of 366.6 million.Houlihan Lokey advised Kindred Concepts Ltd.,trading as F1 Arcade,on a growth financing raise.The$130 million commitments were funded by Cheyne Capital,Liberty Media Corp.,Permira Credit,and OakNorth.Houliha

80、n Lokey advised The City Pub Group PLC on the recommended cash-and-share offer of approximately 162 million from Young&Co.s Brewery,PLC.The offer represented a 48%premium to the closing share price on 14 November 2023.Houlihan Lokey advised premium hospitality group,Rhubarb Hospitality Collection,a

81、portfolio company of LGT Private Debt,on the sale to Oak View Group,a portfolio company of Silver Lake.Houlihan Lokey advised BAUM Unternehmensgruppe on the sale of a majority stake in Burger King Deutschland GmbH to McWin Food Ecosystem Fund.Burger King Deutschland is the master franchisee of Burge

82、r King in Germany.North American Credentialshas been acquired bySellside Advisorhas acquired membership interestsfrom select minority investors in several parks in its portfolioCompany Advisorhas acquireda subsidiary ofAcquisition FinancingBuyside&Financing Advisorhas confirmed a Chapter 11 Plan of

83、ReorganizationCreditor Advisora portfolio company ofSummit Partners Credit Advisors,LPhas been acquired bySellside Advisorhas been acquired pursuantto 363 sales transactions byCompany AdvisorELITE RESTAURANT GROUP,a Wyoming Corporationhas been acquired pursuantto 363 sales transactions byCompany Adv

84、isorhas been acquired pursuantto 363 sales transactions byCompany Advisorhas been acquired bySellside AdvisorFunds managed byhave entered into an agreement forto acquireFairness OpinionCertain funds of purchased newly issued shares inFairness Opinionhas completed the sale of substantially all of its

85、 assets for$814mm in transactions with Flynn Restaurant Group and Wendys International LLCSecured Lender Advisorhas sold substantially all its assets,pursuant to Section 363 of the U.S.Bankruptcy Code,toCompany AdvisorLeague Holdings LLCThunderbird Brothers LLChas successfully completed a restructur

86、ing of its USD 460m convertible bonds via a Cayman Islands scheme of arrangement including entering into a binding term sheet to settle class action claims filed on behalf of purchases of the Companys ADS in historical periodsCompany AdvisorA majority stake ofhas been acquired bySellside Advisora po

87、rtfolio company ofRevolver,Term Loan&Delayed Draw Term LoanDividend Recapitalization&Growth CapitalExclusive Placement Agenthas acquiredWoodys BrandsFinancial and Tax Due Diligencehas received a major investment fromSellside AdvisorTombstones included herein represent transactions closed from 2018 f

88、orward.has been acquired byYoungsSellside AdvisorDisclaimer13 2025 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without the prior written consent of Houlihan Lokey.Houlihan Lokey is a trade name for Houlihan Lokey,Inc.,and its sub

89、sidiaries and affiliates,which include the following licensed(or,in the case of Singapore,exempt)entities:in(i)the United States:Houlihan Lokey Capital,Inc.,Houlihan Lokey Advisory,Inc.,and Waller Helms Securities,LLC,each an SEC-registered broker-dealer and members of FINRA(www.finra.org)and SIPC(w

90、ww.sipc.org)(investment banking services);(ii)Europe:Houlihan Lokey UK Limited(FRN 792919),authorized and regulated by the U.K.Financial Conduct Authority;Houlihan Lokey(Europe)GmbH,authorized and regulated by the German Federal Financial Supervisory Authority(Bundesanstalt fr Finanzdienstleistungsa

91、ufsicht);Houlihan Lokey Private Funds Advisory S.A.,a member of CNCEF Patrimoine and registered with the ORIAS(#14002730);(iii)the United Arab Emirates,Dubai International Financial Centre(Dubai):Houlihan Lokey(MEA Financial Advisory)Ltd.,regulated by the Dubai Financial Services Authority;(iv)Singa

92、pore:Houlihan Lokey(Singapore)Private Limited an“exempt corporate finance adviser”able to provide exempt corporate finance advisory services to accredited investors only;(v)Hong Kong SAR:Houlihan Lokey(China)Limited,licensed in Hong Kong by the Securities and Futures Commission to conduct Type 1,4,a

93、nd 6 regulated activities to professional investors only;(vi)India:Houlihan Lokey Advisory(India)Private Limited,registered as an investment adviser with the Securities and Exchange Board of India(registration number INA000001217);and(vii)Australia:Houlihan Lokey(Australia)Pty Limited(ABN 74 601 825

94、 227),a company incorporated in Australia and licensed by the Australian Securities and Investments Commission(AFSL number 474953)in respect of financial services provided to wholesale clients only.In the United Kingdom,European Economic Area(EEA),Dubai,Singapore,Hong Kong,India,and Australia,this c

95、ommunication is directed to intended recipients,including actual or potential professional clients(UK,EEA,and Dubai),accredited investors(Singapore),professional investors(Hong Kong),and wholesale clients(Australia),respectively.No entity affiliated with Houlihan Lokey,Inc.,provides banking or secur

96、ities brokerage services,nor is any such affiliate subject to FINMA supervision in Switzerland or similar regulatory authorities regarding such activities in other jurisdictions.Other persons,such as retail clients,are NOT the intended recipients of our communications or services and should not act

97、upon this communication.Houlihan Lokey gathers its data from sources it considers reliable;however,it does not guarantee the accuracy or completeness of the information provided within this presentation.The material presented reflects information known to the authors at the time this presentation wa

98、s written,and this information is subject to change.Any forward-looking information and statements contained herein are subject to various risks and uncertainties,many of which are difficult to predict,that could cause actual results and developments to differ materially from those expressed in,or i

99、mplied or projected by,the forward-looking information and statements.In addition,past performance should not be taken as an indication or guarantee of future performance,and information contained herein may be subject to variation as a result of currency fluctuations.Houlihan Lokey makes no represe

100、ntations or warranties,expressed or implied,regarding the accuracy of this material.The views expressed in this material accurately reflect the personal views of the authors regarding the subject securities and issuers and do not necessarily coincide with those of Houlihan Lokey.Officers,directors,a

101、nd partners in the Houlihan Lokey group of companies may have positions in the securities of the companies discussed.This presentation does not constitute advice or a recommendation,offer,or solicitation with respect to the securities of any company discussed herein,is not intended to provide inform

102、ation upon which to base an investment decision,and should not be construed as such.Houlihan Lokey or its affiliates may from time to time provide financial or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.Corporate Finance Financial Restructuring Financial and Valuation AdvisoryHL.com