Houlihan Lokey Advises OWL Services

Houlihan Lokey is pleased to announce the successful placement of a $275 million senior secured term loan for OWL Services, Inc. (OWL), a portfolio company of Trive Capital (Trive). Proceeds from the transaction were used to refinance existing indebtedness. The transaction closed on March 6, 2026.

Headquartered in Irving, Texas, OWL is a one-stop-shop solution for repair, maintenance, construction, inspection and testing, compliance, replacement parts, security infrastructure, and in-store services for more than 84,000 fuel and convenience store sites across the United States. OWL has completed multiple strategic acquisitions to expand service offerings and geographic reach, creating an industry-leading platform. The company leverages a robust network of skilled technicians with expertise across equipment categories, including fueling, EV charging, electrical, in-store equipment, and other assets critical to customers.

Trive is a Dallas, Texas-based private equity firm with more than $8 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for upside through operational improvement. The Trive team comprises investment professionals who have been involved in more than 250 middle-market transactions representing in excess of $10 billion in revenue across Trive’s targeted industry sectors and situations.

Houlihan Lokey’s Capital Solutions Group served as the exclusive placement agent to OWL, assisting the company in arranging, structuring, and negotiating the financing. Houlihan Lokey ran a highly targeted financing process, leveraging differentiated lender relationships to drive efficient execution. The transaction demonstrates Houlihan Lokey’s ability to achieve outlier results for its clients. This represents the second financing transaction for which Houlihan Lokey has served as exclusive placement agent to OWL under Trive’s ownership.

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