Core Insights - Houlihan Lokey, Inc. has appointed Géraud Estrangin as a Managing Director in its Industrials Group, focusing on aerospace and defense in Europe [1][2] Group 1: Appointment and Role - Géraud Estrangin will coordinate with the global Aerospace, Defense & Government team and support France-related transactions, enhancing the firm's European capabilities during a period of sustained deal activity [2] - Estrangin has nearly three decades of experience in investment banking and corporate finance, previously co-founding Lincoln International in Paris and leading the European Aerospace & Defense practice [3] Group 2: Leadership Comments - Bill Peluchiwski, Global Head of Industrials, expressed confidence that Estrangin's expertise will solidify Houlihan Lokey's position as a leading advisory platform in Europe and globally [4] - Matteo Manfredi, Co-Head of Industrials, Europe, highlighted Estrangin's exceptional track record and expertise in building advisory platforms, which will strengthen the Industrials Group [4] Group 3: Industry Performance - Houlihan Lokey's Industrials Group is recognized for its superior service in M&A advisory, capital-raising, restructuring, and financial advisory services [5] - The global Aerospace, Defense & Government practice has completed approximately 30 transactions in the past 18 months, indicating sustained momentum in the sector [5]

Core Insights - Perella Weinberg Partners (PWP) reported strong second quarter results, exceeding analyst estimates with non-GAAP EPS of $0.09 and GAAP revenue of $155.3 million, despite a significant year-on-year decline in revenue due to the absence of a large one-off transaction from the previous year [1][5][10] Financial Performance - Non-GAAP EPS for Q2 2025 was $0.09, surpassing the estimate of $0.05, while GAAP revenue was $155.3 million compared to an estimate of $140.7 million [2] - Year-on-year, non-GAAP EPS decreased by 79.1% from $0.43 in Q2 2024, and GAAP revenue fell by 42.9% from $272.0 million [2] - The operating margin (non-GAAP) dropped to 9.6% from 23.0% a year earlier, indicating tighter profitability [2][6] Business Model and Strategy - PWP operates as an independent advisor focusing on M&A, capital raising, and restructuring, emphasizing long-term client relationships and high-value strategic advice [3] - The firm is diversifying its advisory offerings and expanding into fast-growing segments like GP-led secondaries, while managing compensation costs and sustaining shareholder returns through buybacks and dividends [4][10] Recent Developments - PWP announced the acquisition of Devon Park Advisors, enhancing its advisory services for private fund sponsors and asset managers, with the deal expected to close in early Q4 [7] - The firm returned $145.2 million to equity holders through share buybacks and dividends in the first half of 2025, maintaining a quarterly dividend of $0.07 per share [8][9] Outlook - Management noted a robust start to Q3 2025 with improved client activity and a healthier deal environment, while the integration of Devon Park Advisors is anticipated to drive future revenue growth [10][11]