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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 reported record financial results for Q4 and FY 2020, with total revenues of $410.2 million for Q4, up from $165.2 million in Q4 2019, and $902.7 million for FY 2020, compared to $652.1 million in FY 2019. Net income for Q4 surged to $170.1 million, or $6.55 per share, versus $16.9 million, or $0.59 per share a year earlier. The company declared an increase in its regular dividend to $0.50 and a special dividend of $3.00, citing strong earnings potential. Investment banking activities and SPAC transactions significantly contributed to Q4 profitability.
B. Riley Financial (RILY) has successfully completed its merger with National Holdings Corporation (NHLD), transforming National into a wholly-owned subsidiary of B. Riley. This strategic merger adds nearly 700 registered representatives and $20 billion in assets to B. Riley’s platform, which now features over 900 representatives managing a total of $30 billion in assets. The integration aims to enhance B. Riley Wealth Management's competitive advantage by providing clients with a broader suite of investment solutions and improved service capabilities.
B. Riley Financial (NASDAQ: RILY) has successfully completed its cash tender offer for National Holdings Corporation (NASDAQ: NHLD) shares, acquiring 5,364,675 shares for approximately $17.4 million, representing about 39% of National's outstanding shares. The offer expired on February 24, 2021, and will lead to National becoming a wholly owned subsidiary of B. Riley, with each outstanding share converting into $3.25 in cash. The merger is expected to finalize soon, and National shares will subsequently be delisted from Nasdaq.
B. Riley Principal 150 Merger Corp. closed its initial public offering (IPO) on February 23, 2021, raising gross proceeds of $172.5 million. The offering consisted of 17,250,000 units, priced at $10.00 per unit, with trading beginning under the ticker symbol BRPMU. Each unit includes one share of Class A common stock and one-third redeemable warrant. The company plans to use the proceeds for potential business combinations, focusing on firms with an enterprise value of $300 million to $1 billion. B. Riley Securities, Inc. was the sole book-running manager.
On February 23, 2021, B. Riley Financial (NASDAQ: RILY) announced the launch of its new Compliance, Risk and Resilience practice within B. Riley Advisory Services. Led by seasoned experts Scott Corzine and Duane Lohn, this initiative aims to enhance clients' capabilities in risk management, cybersecurity, and crisis preparedness. The practice will cater to both public and private sector clients, providing crucial support to navigate operational resiliency and regulatory compliance.
B. Riley Principal 150 Merger Corp. announced the pricing of its initial public offering (IPO) of 15 million units at $10.00 each, set to trade on Nasdaq under the symbol BRPMU starting February 19, 2021. Each unit includes one share of Class A common stock and one-third of a redeemable warrant, with the warrants exercisable at $11.50 per share. The IPO aims to raise capital for business combinations. The offering is expected to close on February 23, 2021, and B. Riley Securities, Inc. serves as the sole book-running manager.
B. Riley Financial (NASDAQ: RILY) will hold a conference call on February 25, 2021, at 4:30 p.m. ET to discuss its fourth-quarter and full-year results for 2020. The financial results will be released shortly after market close, prior to the call. Co-CEOs Bryant Riley and Tom Kelleher, along with CFO Phillip Ahn, will host the call, which includes a question and answer session. Investors can access the live broadcast and recording through the investor relations website.
B. Riley Financial (NASDAQ: RILY) announced a cash tender offer to purchase outstanding shares of National Holdings Corporation (NASDAQ: NHLD) for $3.25 per share. The offer commences on January 27, 2021 and is set to expire at midnight on February 24, 2021, unless extended. National's Board of Directors unanimously recommends shareholders accept the offer. The completion of the tender offer is contingent upon a majority of shares being validly tendered. Following this, a merger is expected to occur, making National a wholly owned subsidiary of B. Riley Financial.
B. Riley Advisory Services has been awarded the title of Middle Market Turnaround Consulting Firm of the Year at the 12th Annual Turnaround Atlas Awards, recognizing its leadership in restructuring. The firm also achieved accolades for its roles in significant bankruptcy matters, including the Power & Utilities Restructuring of the Year for Agera Energy’s Chapter 11 process and the Special Situation M&A Deal of the Year for the Aceto Pharmaceuticals case. Co-CEO Ian Ratner emphasized the trust clients place in their expertise to navigate complex strategic challenges.
B. Riley Financial, Inc. (NASDAQ: RILY) has successfully closed an underwritten public offering of $200 million in 6.00% senior notes due 2028. The offering generated net proceeds of approximately $193.7 million after costs and will fund the redemption of existing 7.50% senior notes and support general corporate activities. The notes received a BBB+ investment-grade rating from Egan-Jones Ratings Company and will trade under the symbol RILYT. The company aims to use excess proceeds for acquisitions and debt repayment.
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