ORIX USA to acquire majority stake in Hilco Global to expand asset-based lending and advisory scale

ORIX Corporation USA, the New York-based investment and asset management firm, has signed a definitive agreement to acquire a majority equity stake in Hilco Global, a leading Illinois-headquartered asset-focused financial services provider. The transaction, announced in early July 2025, is expected to close by Q3 2025, subject to regulatory approvals. While financial details remain confidential, the deal marks a strategic expansion for ORIX USA’s private credit platform and significantly boosts Hilco Global’s capital base, allowing it to accelerate its growth in asset-based investing and professional advisory services.

Founded in 1987, Hilco Global is widely recognized for its deep asset valuation expertise and restructuring capabilities, with more than 770 professionals across five continents. ORIX USA, a subsidiary of the Tokyo- and NYSE-listed ORIX Corporation (TSE: 8591, NYSE: IX), aims to leverage this acquisition to create a differentiated platform in asset-based lending by combining its balance sheet strength with Hilco Global’s operational and advisory infrastructure.

Why is ORIX USA acquiring Hilco Global and what does this mean for the private credit and asset-based lending markets?

The strategic rationale for ORIX USA’s acquisition of Hilco Global is centered on combining complementary strengths at a time when institutional demand for flexible, asset-backed financing is rapidly growing. ORIX USA brings to the table a robust balance sheet and third-party fund management capabilities, with $89.8 billion in assets and commitments under management as of March 2025. Hilco Global, for its part, offers end-to-end expertise in asset valuation, advisory, and liquidation across both tangible and intangible asset categories.

The agreement allows ORIX USA to integrate Hilco Global’s proprietary sourcing network and domain-level operational insights into its broader private credit strategy. With middle-market borrowers increasingly seeking bespoke capital solutions, this tie-up positions ORIX USA to offer highly tailored asset-backed lending products that are rooted in deep sectoral knowledge—from manufacturing and real estate to intellectual property and consumer inventories.

Institutional investors have been actively increasing exposure to asset-based strategies in light of higher-for-longer interest rates and volatile equity markets. By combining Hilco’s on-the-ground advisory network with ORIX USA’s institutional capital relationships, analysts expect the new joint platform to capture a wider slice of this capital rotation, especially in non-bank lending channels.

What roles will Hilco Global’s leadership and existing ownership structure play following the acquisition by ORIX USA?

Under the terms of the agreement, Hilco Global will continue to operate as a standalone subsidiary within the ORIX USA corporate structure. Jeffrey B. Hecktman, the founder and current Chief Executive Officer of Hilco Global, will retain his leadership role as CEO, ensuring continuity of strategy and client relationships. Importantly, Hilco’s current executive team and partner network will maintain a minority equity position in the firm, preserving internal alignment and operational autonomy.

This ownership framework reflects a broader industry trend in M&A deals within financial services, where institutional acquirers preserve founder-led entrepreneurial cultures in high-specialization domains like advisory and restructuring. Analysts note that such structures can help mitigate integration risk while enhancing synergy realization over a longer strategic horizon.

ORIX USA President and CEO Terry Suzuki emphasized that Hilco Global’s integration will be additive rather than disruptive, bringing “new expertise, relationships, and sources of origination” to ORIX USA’s existing credit and investment teams. This sentiment echoes a growing preference among investors for diversified platforms that blend origination capacity with operational know-how.

How will this deal impact Hilco Global’s existing service offerings in valuation, liquidation, and restructuring?

The acquisition provides Hilco Global with substantial additional capital to scale its existing services, especially in asset valuation, restructuring, and liquidation. Over its 38-year history, the Illinois-based firm has built a reputation as a market leader in monetizing distressed or undervalued assets, often acting as both advisor and principal investor in complex transactions.

Hilco’s asset scope spans a wide range of sectors including commercial real estate, industrial machinery, consumer products, brand portfolios, and intellectual property. The partnership with ORIX USA will allow Hilco to deepen these service offerings with enhanced financing capabilities, especially for clients seeking to optimize capital structures, monetize underperforming divisions, or restructure operations.

With ORIX’s backing, Hilco is also expected to accelerate expansion in high-growth verticals such as intangible asset valuation and intellectual property financing—areas that have seen heightened activity amid evolving global capital rules and digital economy transitions.

What does this acquisition mean for institutional investors allocating capital into middle-market private credit?

From an institutional capital perspective, the ORIX USA-Hilco Global transaction represents a convergence of advisory-led sourcing and balance sheet-driven execution. This aligns well with current institutional appetite for asset-based credit vehicles that generate durable, collateralized returns.

As of March 2025, ORIX USA managed approximately $39.6 billion in funded and unfunded commitments across private credit, real estate, and equity vehicles. The Hilco acquisition opens up new proprietary origination channels and broadens the pool of asset types that can be financed or securitized. For institutional allocators, this increases exposure to differentiated deal flow, especially in illiquid markets where pricing dislocations remain.

Moreover, Hilco’s ability to operate across advisory, principal investment, and agency capacities creates unique structuring flexibility—enabling bespoke solutions not typically available from traditional lenders. Analysts expect this to attract both traditional asset managers and family offices seeking customized mandates or co-investment platforms with downside protections.

What is the projected timeline for deal closure and what regulatory steps remain before completion?

The proposed transaction is expected to close during the third quarter of 2025, pending customary closing conditions and regulatory approvals. Both parties have engaged top-tier legal and financial advisors: Davis Polk & Wardwell LLP advised ORIX USA, while J.P. Morgan Securities LLC acted as financial advisor to Hilco Global, supported by legal counsel from Kirkland & Ellis LLP and Greenberg Traurig LLP.

While the deal size has not been publicly disclosed, the complexity and cross-functional nature of the transaction—spanning private equity, structured credit, and advisory verticals—suggests close regulatory scrutiny, particularly given the asset-intensive nature of Hilco’s operations.

Once finalized, the deal will formalize Hilco Global’s transition into a capital-backed subsidiary within ORIX’s international footprint, providing new reach into Asian and European markets via ORIX Corporation’s global operations.

What is the broader strategic outlook for ORIX USA and Hilco Global following the acquisition?

Looking forward, analysts expect ORIX USA and Hilco Global to jointly launch a new asset-based lending arm that targets sectors underrepresented in traditional financing models. This unit will likely specialize in transactions that combine physical collateral with valuation-led pricing mechanisms—allowing the firm to underwrite more nuanced risk-return profiles.

This acquisition also positions ORIX USA for increased penetration into countercyclical and special-situations lending, where Hilco’s restructuring and liquidation insights offer a tactical edge. At a time when global credit markets are adjusting to tighter monetary policy, such capabilities are seen as critical differentiators in client acquisition and capital deployment.

For Hilco Global, the new capital structure provides not only operational scalability but also balance sheet flexibility to enter into co-investments and proprietary transactions—boosting profitability and client retention in a highly competitive advisory landscape.

Institutional sentiment toward the transaction is broadly positive, with investors welcoming the synergy between ORIX’s institutional rigor and Hilco’s tactical agility. Analysts believe the combination could set a new benchmark in hybrid lending platforms that integrate advisory depth with capital strength.

With this move, ORIX USA and Hilco Global are poised to reshape the middle-market lending landscape by creating a powerful new model for asset-based investing—one that merges deep asset intelligence with institutional capital precision.