Sand Ridge Materials' operations and assets including real estate, machinery and equipment to be sold
February 26, 2024 - B. Riley Real Estate and B. Riley Wholesale & Industrial Solutions (collectively, "B. Riley"), subsidiaries of B. Riley Financial, Inc. (Nasdaq: RILY), have been retained as advisors in connection with the Chapter 11 bankruptcy of Prize Management, LLC and Sand Ridge Development Association, Inc. dba Sand Ridge Materials ("Sand Ridge"). B. Riley was retained to lead the sale process for Sand Ridge's mine assets, including its real estate, machinery, and equipment.
Sand Ridge is a locally operated small business and sand and gravel mining operation in Garysburg, North Carolina. The minority-owned and operated company is a supplier of building, roadway, and landscaping materials that includes concrete sand, asphalt sand, fill material, and a variety of stones from pea gravel to larger. Its products are used for the construction of roads, buildings, landscaping projects, fill, and other commercial applications. Sand Ridge has a backlog of orders and strong customer interest that significantly exceeds its current operational output.
Sand Ridge filed for Chapter 11 protection in the North Carolina Eastern Bankruptcy Court (Case No. 23-02681) on September 14, 2023.
B. Riley Real Estate specializes in restructuring, dispositions, financing, leasing, acquisitions, and development of commercial property for both public and private companies. Our experienced team of professionals help clients execute strategies to maximize real estate value for healthy and distressed assets across a broad range of sectors.
B. Riley Wholesale & Industrial Solutions provides equipment management and capital recovery solutions to leaders in various industries. Solutions include auctions, private treaty sales, liquidations, valuations and a host of asset planning and recovery strategies to maximize return.
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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. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com and follow us on LinkedIn and on X (formerly known as Twitter).