B. Riley Financial Announces the $117.8 Million Sale of GlassRatner to TorQuest Partners
B. Riley Financial (NASDAQ: RILY) has announced the sale of its advisory services business, GlassRatner, to TorQuest Partners for $117.8 million. The company expects to record a gain of approximately $66 million from the sale in Q2 financial results.
The divestment aligns with B. Riley's strategy to focus on its middle-market investment bank and B. Riley Wealth Management businesses. The transaction will provide additional capital for growth initiatives and strengthen the company's capital structure. GlassRatner, which was acquired by B. Riley in August 2018, delivered record results in 2024 and will become TorQuest Partners Fund VI's third platform investment.
B. Riley Financial (NASDAQ: RILY) ha annunciato la vendita della sua divisione di servizi di consulenza, GlassRatner, a TorQuest Partners per 117,8 milioni di dollari. L'azienda prevede di registrare un utile di circa 66 milioni di dollari dalla vendita nei risultati finanziari del secondo trimestre.
La dismissione è in linea con la strategia di B. Riley di concentrarsi sulle sue attività di banca d'investimento per il mercato medio e sulla gestione patrimoniale B. Riley Wealth Management. La transazione fornirà capitale aggiuntivo per iniziative di crescita e rafforzerà la struttura patrimoniale dell'azienda. GlassRatner, acquisita da B. Riley nell'agosto 2018, ha conseguito risultati record nel 2024 e diventerà il terzo investimento di piattaforma del Fondo VI di TorQuest Partners.
B. Riley Financial (NASDAQ: RILY) ha anunciado la venta de su negocio de servicios de asesoría, GlassRatner, a TorQuest Partners por 117,8 millones de dólares. La compañía espera registrar una ganancia de aproximadamente 66 millones de dólares por la venta en los resultados financieros del segundo trimestre.
La desinversión está alineada con la estrategia de B. Riley de centrarse en su banco de inversión para el mercado medio y en sus negocios de gestión patrimonial B. Riley Wealth Management. La transacción proporcionará capital adicional para iniciativas de crecimiento y fortalecerá la estructura de capital de la compañía. GlassRatner, adquirida por B. Riley en agosto de 2018, obtuvo resultados récord en 2024 y se convertirá en la tercera inversión de plataforma del Fondo VI de TorQuest Partners.
B. Riley Financial (NASDAQ: RILY)는 자사의 자문 서비스 사업부인 GlassRatner를 TorQuest Partners에 1억 1,780만 달러에 매각했다고 발표했습니다. 회사는 2분기 재무 결과에서 이 매각으로 약 6,600만 달러의 이익을 기록할 것으로 예상하고 있습니다.
이번 매각은 B. Riley가 중견 시장 투자은행과 B. Riley Wealth Management 사업에 집중하려는 전략과 부합합니다. 이 거래는 성장 이니셔티브를 위한 추가 자본을 제공하고 회사의 자본 구조를 강화할 것입니다. 2018년 8월 B. Riley가 인수한 GlassRatner는 2024년에 기록적인 실적을 달성했으며, TorQuest Partners Fund VI의 세 번째 플랫폼 투자가 될 예정입니다.
B. Riley Financial (NASDAQ : RILY) a annoncé la vente de son activité de services de conseil, GlassRatner, à TorQuest Partners pour 117,8 millions de dollars. La société prévoit d'enregistrer un gain d'environ 66 millions de dollars provenant de cette vente dans ses résultats financiers du deuxième trimestre.
Cette cession s'inscrit dans la stratégie de B. Riley de se concentrer sur sa banque d'investissement pour le marché intermédiaire et sur ses activités de gestion de patrimoine B. Riley Wealth Management. La transaction apportera des capitaux supplémentaires pour les initiatives de croissance et renforcera la structure financière de l'entreprise. GlassRatner, acquis par B. Riley en août 2018, a réalisé des résultats record en 2024 et deviendra le troisième investissement plateforme du Fonds VI de TorQuest Partners.
B. Riley Financial (NASDAQ: RILY) hat den Verkauf seines Beratungsdienstleistungsbereichs GlassRatner an TorQuest Partners für 117,8 Millionen US-Dollar bekannt gegeben. Das Unternehmen erwartet, im zweiten Quartal einen Gewinn von etwa 66 Millionen US-Dollar aus dem Verkauf zu verbuchen.
Der Verkauf entspricht der Strategie von B. Riley, sich auf seine Investmentbank für den Mittelstandsmarkt und das Vermögensverwaltungsunternehmen B. Riley Wealth Management zu konzentrieren. Die Transaktion wird zusätzliches Kapital für Wachstumsinitiativen bereitstellen und die Kapitalstruktur des Unternehmens stärken. GlassRatner, das im August 2018 von B. Riley übernommen wurde, erzielte 2024 Rekordergebnisse und wird die dritte Plattforminvestition des TorQuest Partners Fund VI sein.
- Expected gain of $66 million from the sale to be recorded in Q2
- Sale price of $117.8 million provides significant capital for growth initiatives
- Strategic focus on core business units and strengthening capital structure
- GlassRatner achieved record performance in 2024
- Divestment of a performing business unit that delivered record results
- Reduction in business diversification with the sale of advisory services segment
Insights
B. Riley's $117.8M sale of GlassRatner yields $66M gain while strategically refocusing on core investment banking and wealth management operations.
B. Riley Financial's
The sale proceeds are earmarked for two critical purposes: strengthening the capital structure and funding growth initiatives specifically within B. Riley Securities (BRS) and B. Riley Wealth Management. This reallocation of capital demonstrates management's intention to narrow operational focus while addressing balance sheet priorities.
The divestiture occurs against a backdrop of GlassRatner's strong performance, with the press release noting record results in 2024. This suggests B. Riley is selling from a position of strength rather than necessity, timing the market effectively to maximize shareholder value while the asset is performing well.
For TorQuest Partners, this represents their third platform investment from their
This strategic realignment signals B. Riley's commitment to concentrate resources on what management views as its core value drivers, potentially streamlining operations while strengthening financial flexibility at a time when capital deployment efficiency is paramount for financial services firms.
Company Expects to Record Gain on Sale of Approximately
BRF expects to record a gain on the sale of GlassRatner, which it acquired in August 2018, of approximately
Bryant Riley, Chairman and Co-Chief Executive Officer of BRF commented: "BRF's primary focus moving forward is to return to its historic roots by investing in BRS, our middle-market investment bank, and its complimentary business, B. Riley Wealth Management. Divesting GlassRatner will provide additional capital to support growth initiatives and strengthen our capital structure. Maximizing shareholder value through ongoing reinvestment in our business remains a critical priority.
"We've worked closely with Ian Ratner and his team to build a leading boutique advisory services firm, and we are incredibly proud of what we've accomplished together. GlassRatner delivered record results in 2024, and continues to perform well across its core expertise. We're pleased to have found the ideal partner in TorQuest, which is focused on extending GlassRatner's track record."
Ian Ratner, Chief Executive Officer of GlassRatner added: "Growing GlassRatner in close partnership with Bryant, Tom, and the entire BRF team, has been an incredible journey. We've built a leading platform providing bankruptcy and restructuring services, forensic accounting and litigation support, and other specialty advisory solutions. Joining forces with TorQuest marks an exciting new chapter for GlassRatner. TorQuest's proven expertise in partnering with management teams to drive growth and innovation makes them the ideal partner for this next phase. This transaction positions us to capitalize on new opportunities, while building on the strong foundation we've laid over the years. I'm grateful for the support we've had and enthusiastic about what lies ahead."
Justin Catalano, Partner at TorQuest said: "We are excited to be partnering on this investment with Ian and the GlassRatner team. GlassRatner is an attractive business with significant growth potential and a strong reputation for service excellence. We look forward to supporting their continued growth in this next chapter." GlassRatner will be the third platform investment for TorQuest Partners Fund VI, a
About B. Riley Financial
B. Riley Financial (BRF) is a diversified financial services company that through its operating entities or affiliates deliver tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. BRF leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its subsidiaries and affiliated entities, BRF provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, appraisal and valuation, auction, and liquidation services. BRF opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. BRF refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.
About GlassRatner
GlassRatner is a leading provider of specialty professional and advisory services, including bankruptcy and restructuring, forensic accounting and litigation support, construction engineering consulting, transaction support services, retained executive searches, and compliance, risk, and resilience consulting. GlassRatner works with law firms, lenders, private equity sponsors, and companies of all types on complex business challenges such as planning and executing a major acquisition or divestiture, pursuing a fraud investigation or corporate litigation, or managing through a business crisis or bankruptcy. GlassRatner is headquartered in
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than
Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward-looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's 2023 Annual Report on Form 10-K and in B. Riley Financial's Quarterly Reports on Form 10-Q for the period ended September 30, 2024 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and the Company undertakes no duty to update this information.
Contacts
Investors
ir@brileyfin.com
Mike Frank
VP Corporate Development & Investor Relations
mfrank@brileyfin.com
Media
press@brileyfin.com
TorQuest
Ian.Hamilton@fgslongview.com
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SOURCE B. Riley Financial, Inc.
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