B. Riley Financial, Inc. (NASDAQ: RILY) (“BRF” or the “Company”), a diversified financial services company, announced it has sold its advisory services business, GlassRatner Advisory & Capital Group, LLC (dba B. Riley Advisory Services) and B. Riley Farber Advisory Inc. (collectively “GlassRatner”), to funds managed by TorQuest Partners (“TorQuest”) for $117.8 million.
BRF expects to record a gain on the sale of GlassRatner, which it acquired in August 2018, of approximately $66 million.
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 C$2.3 billion fund.
