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B. Riley Securities Holdings, Inc. reports corporate developments tied to its completed carve-out from B. Riley Financial and its role as a middle-market investment bank. Recurring news themes include independent operating and governance structures, financial transparency, capital markets execution, M&A advisory, restructuring and liability-management services, institutional private placements, SPAC-related services, and proprietary equity research for corporate, financial sponsor and institutional clients.
B. Riley Financial (NASDAQ: RILY) has announced a strategic carve-out transaction involving its investment banking subsidiary, B. Riley Securities (BRS). Through a merger with Cascadia Investments, BRS will now operate independently with its own governance structure and trade on the OTC Pink market under 'BRLY'. B. Riley Financial retains approximately 89% ownership, with remaining shares held by BRS employees and certain Cascadia shareholders.
BRS, which will be debt-free and well-capitalized, will be led by Andy Moore and Jimmy Baker as Co-CEOs. Since 2017, BRS has led over 250 capital markets transactions, raised more than $115 billion in debt and equity, and advised on M&A and restructuring deals exceeding $33 billion in total value.
The tax-free separation aims to provide enhanced transparency for stakeholders and enable independent valuation of BRS as a pure-play investment bank focused on small cap and middle markets. BRS will maintain its own board of directors, with four members appointed by BRF, including two independent directors within 30 days.