LOS ANGELES and SOUTHFIELD, Mich., June 23, 2020 - B. Riley Financial, Inc. (NASDAQ:RILY) ("B. Riley" or the "Company") today announced it has completed an acquisition of substantially all of the assets of Alderney Advisors, LLC ("Alderney"), a leading business advisory services firm based in the greater Detroit, Michigan region. The transaction closed on June 22, 2020.
Alderney Advisors specializes in supply risk management, financial restructuring and turnaround situations, transaction advisory, strategic advisory, and dispute resolution for the automotive manufacturing and supplier industry. Its clients include major automakers in North America, Europe and Asia. Alderney served as the leading financial advisory firm for global automakers in the largest vehicle recall in the automotive industry's history.
"Joining forces with Alicia and the incredibly talented team at Alderney allows us to provide clients with unparalleled end-to-end services amid this particularly challenging current economic climate. Alderney has built a stellar reputation of providing sound financial and strategic solutions to clients facing high-risk, high-stakes complex situations, and we could not be more excited to welcome this team to GlassRatner. Not only does this combination continue to enhance our amazing restructuring practice, it also adds a terrific office in Detroit to our national footprint," said Ian Ratner, principal and co-founder of B. Riley's GlassRatner.