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B. Riley Financial, Inc. (NASDAQ: RILY) is a publicly traded, diversified financial services company that takes a collaborative approach to the capital raising and financial advisory needs of public and private companies, as well as high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc., Wunderlich Securities, Inc., Great American Group, LLC, B. Riley Capital Management, LLC, which encompasses B. Riley Asset Management, B. Riley Wealth Management, and Great American Capital Partners, LLC. Additionally, B. Riley Principal Investments focuses on proprietary investments in other businesses, such as the acquisition of United Online, Inc.
The company's core segments include Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer products. B. Riley Financial offers a broad range of services including investment banking, financial consulting, asset disposition, valuation, and appraisal, catering to corporate, institutional, and high-net-worth clients across the United States, Canada, and Europe. Recent highlights include:
- Financial Performance: Preliminary unaudited financial results for the year ending December 31, 2023, indicate a strategic focus on core business growth and reducing dividend payouts to invest in business opportunities. The company reported a 36% increase in financial consulting revenues and an 86% rise in operating income for 2023.
- Strategic Initiatives: B. Riley has retained Moelis & Company as an independent financial advisor to review strategic alternatives for its appraisal and asset disposition businesses.
- Leadership: The recent addition of Virginia Schnippel as Managing Director to B. Riley Advisory Services highlights the company's commitment to expanding its advisory capabilities.
- Partnerships and Investments: The firm continues to make significant investments, such as funding the redevelopment of a recycling processing facility in New Jersey, and partnering with strategic investors to support environmental sustainability initiatives.
- Dividend Declaration: The Board of Directors announced a quarterly dividend of $0.50 per common share, emphasizing the company's commitment to shareholder value.
With an extensive portfolio of services and a proactive investment strategy, B. Riley Financial is positioned to provide comprehensive financial solutions tailored to the unique needs of its diverse client base. Visit www.brileyfin.com to learn more about their services.
B. Riley Financial announced the full redemption of its 7.25% Senior Notes due 2027, totaling $122,793,450. The redemption will occur on July 26, 2021, at 100% of the principal amount along with accrued interest until the redemption date. Following the redemption, the Notes will be delisted from NASDAQ (ticker: 'RILYG') and will cease trading. Investors are advised to contact their brokers for details on the redemption payment. The company continues to provide financial solutions through its various subsidiaries.
B. Riley Principal 250 Merger Corp. (NASDAQ: BRIVU, RILY) announced that, starting June 28, 2021, holders of its units can trade shares of Class A common stock and warrants separately on Nasdaq under the symbols 'BRIV' and 'BRIVW.' Units that remain intact will continue to trade under 'BRIVU.' This allows for greater flexibility in trading for investors. The company aims to pursue a business combination with established enterprises valued between $800 million and $2 billion.
Thompson Pipe Group (TPG), a leader in large-diameter pipe solutions, has engaged B. Riley Securities for buy-side advisory services to enhance its presence in North America. Founded in 1972, TPG has grown into a significant provider of infrastructure products, specializing in water and wastewater systems. The company aims to expand through strategic acquisitions, having completed four to date. TPG is well-positioned financially, with a robust balance sheet and no third-party debt, ready to pursue tuck-in acquisitions to support organic growth.
B. Riley Principal 250 Merger Corp. (NASDAQ: BRIVU, BRIVW, BRIV) announced on June 14, 2021, the underwriters of its IPO exercised an overallotment option, resulting in the sale of an additional 2,250,000 shares at $10.00 each. This increased the total shares sold to 17,250,000, generating gross proceeds of approximately $172.5 million. Additionally, the company completed a private sale of 45,000 units at the same price, raising $450,000. B. Riley Securities, Inc. was the sole manager for the offering, which aims to engage in business combinations with enterprises valued between $800 million and $2 billion.
B. Riley Securities has been named the SPAC Investment Bank of the Year at the 2021 M&A Atlas Awards. This prestigious recognition highlights the firm's excellence in executing value-creating SPAC transactions and solidifies its leadership in the investment banking sector. Jonathan Mitchell, Senior Managing Director, emphasized the award as a validation of their strong track record. The award winners are chosen based on a comprehensive scoring method that evaluates various deal criteria, reflecting the firm's commitment to long-term client partnerships.
B. Riley Principal 250 Merger Corp., a special purpose acquisition company, has priced its initial public offering (IPO) of 15,000,000 units at $10.00 each, raising $150 million. The units, which comprise one share of Class A common stock and one-third of a redeemable warrant, will begin trading on Nasdaq under the ticker symbol 'BRIVU' on May 7, 2021. The company aims to merge with businesses that demonstrate potential for strong cash flow and revenue growth. B. Riley Securities, Inc. is the sole book-running manager for the offering.
B. Riley Financial (NASDAQ: RILY) reported strong financial results for Q1 2021, including a net income of $252.9 million or $8.81 per diluted share. Total revenues reached $600.2 million, with operating revenues at $333.2 million, marking an 83% year-over-year increase. The company achieved significant investment gains of $266.9 million and completed the acquisition of National Holdings, enhancing its wealth management services. A quarterly dividend of $3.00 per share was declared, reflecting strong capital returns to shareholders.
B. Riley Wealth Management, a subsidiary of B. Riley Financial (NASDAQ: RILY), has announced the hiring of Eve Glatt and Maurice Onyuka as Senior Portfolio Managers. Previously Co-Heads of U.S. Equities at UBP Asset Management, they will continue to manage the UBAM - US Equity Growth sub-fund with assets over $215 million. CEO Chuck Hastings emphasized the strategic partnership with UBP, marking a continued expansion for B. Riley. Glatt and Onyuka bring over 45 years of combined investment management experience to their new roles.
B. Riley Financial (NASDAQ: RILY) will hold a conference call on May 3, 2021 at 4:30 p.m. ET to discuss its Q1 2021 financial results. Results will be released shortly after market close before the call. The conference will feature Co-CEOs Bryant Riley and Tom Kelleher, along with CFO Phillip Ahn. Investors can access the live broadcast and archived recordings on B. Riley's investor relations website.
B. Riley Financial (RILY) will join the S&P SmallCap 600 index effective April 15, 2021. This comes as The Michaels Companies (MIK) is set to be acquired by Apollo Global Management, leading to its removal from the index. The changes will take effect prior to the market opening on the specified date. This realignment reflects ongoing adjustments in the marketplace and could present new investment opportunities for shareholders of B. Riley Financial.
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