LOS ANGELES, Nov. 5, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a leading business advisory and financial services company, today announced the launch of B. Riley Operations Management Services, LLC. The new entity was formed following the acquisition of certain assets from Anchor Resource Management (ARM) Consulting, LLC, a firm with a reputation of developing repeatable operational improvements for companies with troubled manufacturing processes. Dan Ruskin and Don Weathers, founders of ARM Consulting, will lead B. Riley Operations Management Services, which will operate under B. Riley Advisory Services.
B. Riley Operations Management Services' focus is to assist middle market manufacturing companies that are seeking ways to produce more efficiently and operate leaner at any point during their business life cycle. With their expert assistance, B. Riley Operations Management Services helps clients to achieve these operational goals and generate substantial financial savings for their clients' businesses.
"Dan Ruskin and Don Weathers are highly respected individuals and industry visionaries who have built ARM Consulting into an extraordinary company with over 450 successful engagements with businesses in transition, helping their clients achieve billions in annual savings and enhancing stockholder value," said Tom Kelleher, co-Chief Executive Officer, B. Riley Financial. "We're thrilled to have Dan and Don lead our new B. Riley Operations Management Services business."
"The launch of B. Riley Operations Management Services will deepen and expand B. Riley's expert restructuring capabilities and help us service our clients with additional offerings around acquisition diligence, executive management, launch coordination, purchasing and inventory management, and quality systems," said Bryant Riley, Chairman and co-Chief Executive Officer, B. Riley Financial. "Working seamlessly with our other B. Riley Advisory Services offerings, we believe that B. Riley Operations Management Services will also help us in identifying and assessing many middle market manufacturing companies seeking investments in the form of equity or debt capital."
Dan Ruskin, co- founder of Anchor Resource Management and now president of B. Riley Operations Management Services, stated, "Our team is thrilled to be a part of the B. Riley Financial platform of services. The combination of B. Riley and Anchor will enhance our firm's hands-on operational capabilities and create great value for our clients."
Dan Ruskin has thirty years of private equity experience and has been instrumental for increasing value and monetizing portfolio investments. He has been recognized as one of the top operational restructuring executives in the country. Dan has led projects at many well-known companies such as Dell, Caterpillar, The Carlyle Group, Sun Capital, Wells Fargo, VF Corporation, GM, Ford, KKR, Chrysler, Boeing, Mercedes Benz, Cerberus, Bank of America, Delphi, and Nissan.
Don Weathers has over thirty years of experience in operational and leadership positions. His background includes extensive experience in turnaround and restructuring, logistics, business and strategy development, materials management, lean manufacturing, systems development and implementation, personnel development, supplier development, plant consolidations and relocations, and others. Some of Don's past clients include Textron, Tridon, Federal Mogul, Peregrine, Dow Chemical, and Frigidaire.
About B. Riley Financial, Inc.
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, corporate advisory, restructuring, due diligence, forensic accounting and litigation support, appraisal and valuation, and 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 Company news and developments, follow B. Riley on Twitter @BRileyFinancial and LinkedIn. For more information about B. Riley, visit our website at www.brileyfin.com.
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in B. Riley Financial, Inc.'s periodic filings with the SEC, including, without limitation, the risks described in B. Riley Financial, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Report on Forms 10-Q for the quarters ended March 31, 2020 and June 30, 2020, under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Additional information will be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and B. Riley Financial, Inc. undertakes no duty to update this information.
SOURCE B. Riley Financial