B. Riley Financial Sells GlassRatner to TorQuest Partners for $117.8 Million
- Editor
- Jun 27
- 2 min read
Whats Happening:
B. Riley Financial has sold its advisory services business, GlassRatner Advisory & Capital Group, LLC and B. Riley Farber Advisory Inc., to funds managed by TorQuest Partners for $117.8 million. The fund expects to record a gain of approximately $66 million on the sale in its Q2 financial results. This move aligns with B. Riley's strategy to focus on its core businesses and strengthen its capital structure.
Key Moves:
B. Riley Financial sells GlassRatner to TorQuest Partners for $117.8 million
Fund expects to record a gain of approximately $66 million on the sale
B. Riley refocuses on its middle-market investment bank and wealth management business
By The Numbers:
Sale price: $117.8 million
Expected gain: Approximately $66 million
GlassRatner acquisition date: August 2018
Key Quotes:
"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." - Bryant Riley, Chairman and Co-Chief Executive Officer of BRF
"We've worked closely with Ian Ratner and his team to build a leading boutique advisory services firm, and we are incredibly proud of what we've accomplished together." - Bryant Riley
"Growing GlassRatner in close partnership with Bryant, Tom, and the entire BRF team, has been an incredible journey." - Ian Ratner, Chief Executive Officer of GlassRatner
Bottom Line:
B. Riley Financial's sale of GlassRatner for $117.8 million marks a strategic shift for the fund, allowing it to refocus on its core businesses and strengthen its capital structure. The expected $66 million gain from the sale will likely boost B. Riley's Q2 financial results, while providing additional capital for growth initiatives. This transaction demonstrates B. Riley's commitment to maximizing shareholder value through strategic divestitures and reinvestment in its primary business areas.
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