Hilco Global's asset valuation expertise, extensive advisory services, and deal origination capabilities will complement ORIX USA's expertise in private credit and asset management

Proposed transaction affords Hilco Global with substantial additional capital to further its growth trajectory in asset-based investment management and professional services

ORIX Corporation USA ("ORIX USA") and Hilco Global, a diversified global financial services firm headquartered outside of Chicago, IL, today announced that they have entered into a definitive agreement (the "Agreement") under which ORIX USA will acquire a majority equity ownership of Hilco Global. The proposed transaction will accelerate ORIX USA's growth by adding Hilco Global's extensive valuation expertise, advisory platform, and asset-based lending investment capabilities to complement and expand ORIX USA's middle-market focused credit platform.

The proposed transaction will enable both firms to deepen execution capabilities for clients during a period of heightened competition. ORIX USA's investment will expedite and augment Hilco Global's growth strategy by providing financial flexibility and facilitating the expansion of Hilco Global's asset management, private credit, and advisory solutions. This will be the foundation of a new asset-based lending arm, which will combine Hilco Global's expertise in and access to tangible and intangible assets with ORIX USA's capital and lending capabilities to capture this growing, compelling market opportunity.

Under the terms of the Agreement, Jeffrey B. Hecktman, Executive Chairman, Chief Executive Officer, and Founder of Hilco Global, will continue to lead Hilco Global as Chief Executive Officer, and Hilco Global's executive leadership and partner base will retain a minority equity ownership position going forward. Additionally, Hilco Global will operate as a subsidiary of ORIX USA.

Founded in 1987, Hilco Global is one of the fastest growing financial services firms in the world. With more than 770 employees worldwide, Hilco Global provides a comprehensive range of financial services that leverage a unique blend of deep asset valuation knowledge, restructuring, and advisory experience in combination with capital solutions and principal investing.

"Hilco Global is an industry leader with an impressive reputation and robust experience, and we are proud to welcome them to ORIX USA," said Terry Suzuki, President and Chief Executive Officer of ORIX USA. "ORIX USA has achieved its steady growth in part through the strategic acquisition of best-in-class businesses. As we evaluate our next chapter, clearly Hilco Global seamlessly fits into our team while also bringing new expertise, relationships, and sources of origination that will create value for our investors, clients, and partners."

"For more than 38 years, Hilco Global has built a legacy to be proud of, partnering with lenders, advisors, and companies around the globe as their trusted agent, investor, principal, and advisor of choice," said Mr. Hecktman. "Today's announcement marks an important milestone in our journey to becoming the preeminent investment management and advisory firm, having found in ORIX USA the ideal partner to help us accelerate our momentum, expand the innovative services and solutions we offer clients, and drive growth and profitability for our company in the years ahead."

Hilco Global leverages its deep asset knowledge to identify needs and opportunities in the marketplace and close proprietary transactions, delivering significant returns for its clients. By successfully using this asset expertise, Hilco Global has developed a reputation as the gold standard across both tangible and intangible asset classes, including commercial, industrial, manufacturing, real estate, consumer inventory, iconic brands, retail and wholesale inventory, intellectual property, patents, trademarks, and accounts receivable.

"The Hilco Global platform consistently generates a unique and rich source of investment opportunities. I look forward to working with Jeff and the Hilco Global team to build out a truly differentiated asset-based lending business," said Jeff Abrams, Group Head of Private Credit and Real Estate at ORIX USA. "Furthermore, Hilco Global's advisory business is primed for growth and will be a key strategic focus going forward."

Transaction Details

The transaction is expected to close in the third quarter of 2025 after the satisfaction of customary closing conditions and the receipt of required regulatory approvals.

Advisors

Davis Polk & Wardwell LLP provided legal counsel to ORIX USA.

J.P. Morgan Securities LLC served as financial advisor to Hilco Global, and Kirkland & Ellis LLP and Greenberg Traurig LLP provided legal counsel.

About ORIX Corporation USA

Established in the U.S. in 1981, ORIX USA has grown organically and through acquisition into the investment and asset management firm we are today. With a specialization in private credit, real estate, and private equity solutions for middle-market focused borrowers and investors, we combine our robust balance sheet with funds from third-party investors, providing a strong alignment of interest. ORIX USA and its subsidiaries — ORIX Advisers, ORIX Capital Partners, Signal Peak Capital Management, Boston Financial, Lument, Real Estate Capital and NXT Capital— have approximately 1300 employees across the U.S. and have $89.8 billion in assets*, which includes $39.6 billion in assets and commitments, in addition to $50.2 billion in servicing and administering assets, as of March 2025. Our parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 30 countries and regions worldwide. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information, visit orix.com.

* As of March 31, 2025. Includes $50.2 billion in servicing and administering assets, in addition to $39.6 billion in funded assets and unfunded commitments across proprietary capital, third party capital and strategic partners investing in ORIX USA's private credit, real estate and private equity businesses. Unfunded commitments are based on a contractual commitment or an expected commitment for an established program based on ORIX USA Group's understanding.

About Hilco Global

Hilco Global is a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets. Hilco Global delivers customized solutions to undervalued, high-potential companies to resolve complex situations and enhance long-term enterprise value. The firm delivers a unique blend of restructuring and principal investing (both equity and credit) solutions across the retail, commercial industrial, real estate, manufacturing, brand, and intellectual property sectors. For 38 years, Hilco Global has operated as a holding company or more than twenty specialized business units that act as an advisor, agent, or principal in diverse transactions. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 770 professionals operating on five continents. Visit www.hilcoglobal.com.

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Media Contacts

ORIX Corporation USA

Trevor Gibbons

Pro-ORIX@prosek.com

Hilco Global

Andrew Merrill / Kiki Tarkhan

Pro-Hilco@prosek.com

ORIX Corporation USA Agrees to Acquire Majority Stake in Asset Expert Hilco Global