B.
Riley Acquires Corporate Division of Farber Group,
Leading Business Advisory Firm in Canada
Expands restructuring and financial consulting services;
Increases cross-border opportunities
LOS ANGELES, CALIF. and TORONTO, CANADA, February 22, 2023 - B.
Riley Financial, Inc. (Nasdaq: RILY) ("B. Riley"), a diversified financial
services platform, today announced that it has acquired the corporate division
of Farber
Group
('Farber"),
a Toronto-based restructuring and business advisory firm.
Farber
provides corporate restructuring and related advisory services, M&A corporate
finance, wealth management, interim management and executive search, human
capital advisory, organizational and talent development and related consulting services
to corporate clients, entrepreneurs, law firms, lenders, private equity firms, regulators,
and investors across Canada.
In
connection with the acquisition, Farber's corporate division will become part
of B. Riley Advisory Services. The acquisition adds 45 staff, including 16
experienced restructuring professionals, to B. Riley's established
restructuring and turnaround management practice. The Canadian practice will
operate under the name B. Riley Farber. Farber's
consumer and tax divisions are not included in this transaction and will continue
to service their clients in the normal course.
Ian
Ratner, co-CEO of B. Riley Advisory Services, commented: "The Farber acquisition
represents an exciting addition for B. Riley. This is a world-class
organization with whom we have enjoyed a long-standing relationship for over 15
years. We look forward to growing our capabilities and collective foothold
across the North American market alongside our trusted partner."
Gary
Lifman, Senior Managing Director at Farber, commented: "We are
thrilled to become part of B. Riley. This combination catapults our firm into a
class of its own. Together, our combined resources and scale enable us to offer
our clients greater expertise, experience, and industry specialization. Our established
trust, aligned cultures, and shared values allow us to seamlessly collaborate
to provide greater value to our stakeholders. As part of B. Riley, our focus
remains dedicated to providing the same superior service our clients have known
for years."
Expands
New and Complementary Financial Consulting Services; Increases Cross-Border
Opportunities
Combined,
B. Riley and Farber creates a leading North American financial restructuring
and business advisory firm. With new and expanded capabilities, this
combination mutually benefits B. Riley's and Farber's clients in the U.S., Mexico,
and Canada.
Farber's
interim management and executive search practice, along with its human capital and
organizational development advisory services, complement B. Riley's interim
management services in which the firm is appointed interim CEO, CFO, or Chief
Restructuring Officer (CRO) for clients navigating a restructuring. These
complementary offerings facilitate the sourcing, retention, and development of
executive talent to support clients across North America, whether for growth or
distressed situations.
The
integration of the firms' resources and capabilities extends B. Riley's appraisal,
valuation, litigation support and forensic services to Farber clients, and
provides a foundation with which to expand corporate finance capabilities in
Canada and provide Canadian clients access to U.S. capital markets.
As founding members of BTG
Global Advisory, an international network of restructuring advisors, this
combination builds upon the firms' existing partnership and provides greater
opportunities to serve clients across geographies through direct collaboration on
cross-border engagements. Farber is also a member of IIC Partners, a global
network of search firms with a strong footprint in the Americas. This global
network allows Farber to collaborate on executive search and human capital
advisory mandates and other cross-border opportunities.
The
addition of Farber builds on prior successful investments to expand B. Riley's
financial consulting segment including its acquisition of GlassRatner in 2018,
and its acquisition of an automotive restructuring firm, Alderney Advisors, in
2021.
Transaction
Advisors
Arnall
Golden Gregory LLP acted as legal advisor to B. Riley, and Goodmans LLP served
as legal counsel to Farber. Financial terms of the transaction were not
disclosed.
To
learn more about B. Riley Advisory Services, please visit: www.brileyadvisoryservices.com and www.farbergroup.com.
About
Farber Group ("Farber")
Founded
in 1979, Farber was established as an insolvency and restructuring business.
Today, Farber continues to grow by fostering an unparalleled collaborative
approach and seamlessly providing services across the areas of restructuring,
financial and human capital consulting, interim management and executive
search, M&A corporate finance and wealth management. With offices in
Toronto, Calgary, Edmonton, and Vancouver, Farber is positioned to advise
businesses across Canada. For more information, visit www.farbergroup.com.
About
B. Riley Advisory Services
B.
Riley Advisory Services is a leading provider of specialty business advisory
services that works with law firms, lenders, private equity sponsors, and
companies of all types on business challenges such as planning and executing a
major acquisition or divestiture, pursuing a fraud investigation or corporate
litigation, or managing through a business crisis or bankruptcy. The firm
offers a unique mix of appraisal services including asset-based lending (ABL)
valuations, restructuring and turnaround management, forensic accounting and
litigation support, and transaction support services including due diligence
and quality of earnings reviews. For more information, visit www.brileyadvisoryservices.com.
About
B. Riley Financial, Inc. (Nasdaq: RILY)
B. Riley Financial (Nasdaq:
RILY) is a diversified financial services platform that delivers tailored
solutions to meet the strategic, operational, and capital needs of its clients
and partners. We leverage cross-disciplinary expertise and resources of our
affiliated subsidiaries to provide end-to-end, collaborative financial services
spanning investment banking, brokerage, wealth and investment management,
business advisory, valuation, and asset disposition services. On a principal
basis, B. Riley opportunistically invests to benefit its shareholders and
originates and underwrites senior secured loans for asset-rich companies. Founded
in 1997, B. Riley is headquartered in Los Angeles with more than 2,000
affiliated personnel. Learn more at
www.brileyfin.com.
B. Riley refers to B. Riley
Financial, Inc. and/or one or more of its subsidiaries or affiliates.
Contacts
Media
Jo Anne McCusker
B. Riley Financial
(646) 885-5425
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Source:
B. Riley Financial, Inc.