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Investing.com -- B. Riley Financial Inc (NASDAQ:RILY) stock surged 6% after announcing the sale of its advisory services business, GlassRatner, to funds managed by TorQuest Partners for $117.8 million.
The diversified financial services company expects to record a gain of approximately $66 million on the sale of GlassRatner, which it originally acquired in August 2018. The transaction represents a significant move as B. Riley refocuses on its core businesses.
"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," said Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial. "Divesting GlassRatner will provide additional capital to support growth initiatives and strengthen our capital structure."
The company indicated that the proceeds from the sale will be used to support growth initiatives and strengthen its capital position. The transaction marks TorQuest Partners’ third platform investment for its Fund VI, a C$2.3 billion fund.
GlassRatner, which provides bankruptcy and restructuring services, forensic accounting, litigation support, and other specialty advisory solutions, reportedly delivered record results in 2024 and continues to perform well in its core areas of expertise.
Ian Ratner, Chief Executive Officer of GlassRatner, described the sale as "an exciting new chapter" that positions the firm to capitalize on new opportunities while building on its established foundation.
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