B. Riley Financial Sells GlassRatner for $117.8 Million to TorQuest Partners

B. Riley Financial Sells GlassRatner for $117.8 Million

B. Riley Financial, Inc. (NASDAQ: RILY), a prominent financial services provider, has successfully sold its advisory services arm, GlassRatner Advisory Capital Group, to TorQuest Partners for $117.8 million. This strategic decision marks a pivotal moment for B. Riley as it aims to refocus on its core operations in middle-market investment banking and wealth management.

Key Details of the Sale

The transaction, announced on June 27, 2025, is expected to yield a significant gain of approximately $66 million for B. Riley in its Q2 financial results. The sale not only underscores B. Riley’s commitment to enhancing its capital structure but also allows the firm to pursue growth initiatives more aggressively, while simultaneously maximizing shareholder value.

Bryant Riley, Chairman and Co-CEO of B. Riley, expressed pride in the achievements of GlassRatner and emphasized the company's focus moving forward. He stated, “Divesting GlassRatner will provide additional capital to support growth initiatives and strengthen our capital structure. Maximizing shareholder value through ongoing reinvestment in our business remains a critical priority.”

GlassRatner, which was acquired by B. Riley in August 2018, has seen substantial success, culminating in record results in 2024 thanks to its expertise in areas such as bankruptcy and restructuring services, forensic accounting, and litigation support.

A New Chapter for GlassRatner

Ian Ratner, the CEO of GlassRatner, shared his sentiments regarding the transition, noting the incredible journey the firm has had under B. Riley’s guidance. He stated, “Joining forces with TorQuest marks an exciting new chapter for GlassRatner. TorQuest's proven expertise in partnering with management teams to drive growth and innovation makes them the ideal partner for this next phase.” With the support of TorQuest, GlassRatner is well-positioned to capitalize on new opportunities while building on its established foundation.

TorQuest Partners, a distinguished Canadian private equity firm, is currently managing its sixth fund, which has C$2.3 billion in capital. Justin Catalano, a partner at TorQuest, expressed enthusiasm about the investment, understanding the attractiveness and growth potential of GlassRatner.

The Future for B. Riley

As B. Riley transitions away from its association with GlassRatner, the company is re-centering its focus on B. Riley Securities (BRS) and its wealth management sector, areas that align closely with its historical roots. This realignment is intended to enhance the firm's capabilities and solidify its position in the financial services landscape.

B. Riley Financial operates through various subsidiaries, providing a spectrum of financial services, including investment banking and corporate restructuring, which positions it uniquely in the competitive arena of financial management.

Moving forward, B. Riley aims to harness its expertise across its operating entities to present tailored solutions that cater to the evolving needs of its clientele. The shift not only strengthens capital structures but also indicates a commitment to invest wisely, ensuring the shareholder base is supported and growth is prioritized.

Conclusion

The sale of GlassRatner to TorQuest Partners represents a significant strategic move for B. Riley Financial as it seeks to enhance its operational focus and maximize shareholder value. This transition not only opens up possibilities for growth for both entities but also signals a robust future as they leverage their strengths in the financial services industry.

For more information on this transition, visit B. Riley Financial and GlassRatner.