B. Riley Financial Names Martin Bernstein Head of Private Investments

Rhea-AI Summary

B. Riley Financial (NASDAQ: RILY) announced the appointment of Martin Bernstein as Head of Private Investments. Bernstein will oversee investment sourcing, underwriting, and management of private company investments. The firm, with about $1.3 billion in cash and investments as of December 31, 2020, aims to enhance its investment strategy by expanding beyond public companies. Bernstein brings extensive experience in credit and equity markets, having worked at Anchorage Capital Group and other notable firms. His role will strengthen B. Riley's relationships with syndication partners.

Positive

• Appointment of Martin Bernstein as Head of Private Investments may enhance B. Riley's investment capabilities.
• Expansion into private company investments diversifies B. Riley's portfolio, potentially increasing shareholder value.

Negative

• None.

LOS ANGELES, March 4, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley"), a leading provider of business advisory and financial services, today announced that Martin Bernstein has joined B. Riley Principal Investments as Head of Private Investments. In this newly created role, Bernstein is responsible for sourcing, underwriting, and managing investments with private companies in addition to leading distribution to the firm's syndication partners.

"We are pleased to welcome Marty to B. Riley," said Dan Shribman, Chief Investment Officer of B. Riley Financial. "As a firm, B. Riley employs an active investment strategy of providing debt and equity financing to client-partners. Our investment portfolio has primarily focused on public companies over the last several years and expanding our mandate to private companies is an exciting opportunity to enhance value for our partners and shareholders."

As Head of Private Investments, Bernstein will work alongside Shribman as part of the B. Riley Principal Investments team which leverages the firm's capital base to create proprietary opportunities that benefit its partners and shareholders. Current investments span public and private debt and equities with a focus on traditional merchant banking and active sponsorship of public companies. The firm has since expanded its exposure to private company investments through its venture capital business which was formed in late 2020. B. Riley Financial's cash and investments totaled approximately $1.3 billion at December 31, 2020.

Bernstein joins B. Riley from Anchorage Capital Group and brings deep experience in originating, underwriting, and investing in public and private equities, performing credit, bank debt, distressed debt, and restructuring situations across transportation, automotive, aerospace, manufacturing, power, infrastructure, and other sectors. Bernstein has worked in close collaboration with management teams and corporate boards to maximize shareholder value through capital allocation strategies, governance, financing, and operational turnarounds. He previously worked as an analyst at San Francisco-based investment firm, Bocage Capital, and was on the investment team for the endowment at Howard Hughes Medical Institute. He received an AB in History from Dartmouth College. Bernstein is based in Greenwich, CT.

"I am excited to join this growing platform and believe B. Riley's unique combination of capital markets and operational expertise makes the firm a compelling partner for investors and companies alike. We believe we are well-positioned to capitalize on the proprietary opportunities that B. Riley's diverse platform generates, and I look forward to working closely with Dan and the entire B. Riley team in contributing to the firm's well-established track record of delivering value for partners and shareholders," said Bernstein.

Since its founding in 1997, B. Riley has built upon its heritage in small caps through continued growth and an expanding breadth of end-to-end services provided by its network of affiliated companies. Its largest affiliate, B. Riley Securities, is a leading investment bank that specializes in providing tailored capital market solutions that leverage its broad syndication of retail and family office relationships, as well as a network of over 1,000 small- and mid-cap focused institutional investors.

For more information on B. Riley's approach to strategic investments, visit www.brileyfin.com/principalinvestments.

About B. Riley Financial
B. Riley Financial (NASDAQ: RILY) provides collaborative financial services solutions tailored to fit the capital raising, business, operational, and financial advisory needs of its clients and partners. B. Riley operates through several subsidiaries that offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction and liquidation services. Certain registered affiliates of B. Riley originate and underwrite senior secured loans for asset-rich companies. B. Riley also makes proprietary investments in companies and assets with attractive return profiles. For the latest news and developments, follow B. Riley on Twitter @BRileyFinancial and LinkedIn. For more information, visit www.brileyfin.com.

B. Riley refers to B. Riley Financial and/or one or more of its subsidiaries or affiliates. For more information about B. Riley's affiliated companies, visit www.brileyfin.com/platform.

Contacts
Investors
Mike Frank
ir@brileyfin.com 
(212) 409-2424

Media
Jo Anne McCusker
jmccusker@brileyfin.com 
(646) 885-5425

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SOURCE B. Riley Financial

FAQ

What is B. Riley Financial's new strategic focus with the appointment of Martin Bernstein?

B. Riley Financial is expanding its investment strategy to include private company investments in addition to its focus on public companies.

Who is Martin Bernstein and what is his role at B. Riley Financial?

Martin Bernstein has been appointed as Head of Private Investments at B. Riley Financial, responsible for sourcing and managing investments in private companies.

How much cash and investments did B. Riley Financial report as of December 31, 2020?

B. Riley Financial reported approximately $1.3 billion in cash and investments as of December 31, 2020.

What is the significance of expanding into private company investments for B. Riley Financial?

Expanding into private company investments allows B. Riley Financial to diversify its portfolio and enhance value for its partners and shareholders.