B. Riley Financial Appoints Dan Shribman as President of Principal Investments
October 02 2018 - 9:00AM
B. Riley Financial, Inc. (NASDAQ: RILY), a diversified financial
services company which operates through several wholly-owned
subsidiaries, announced today that Dan Shribman has joined the firm
as President of B. Riley Principal Investments. He is based in the
firm’s New York office.
“Our firm’s recent growth has afforded us with a
wider field of vision for proprietary deal flow that benefits the
B. Riley Financial platform,” said Kenny Young, President of B.
Riley Financial and CEO of B. Riley Principal Investments. “Dan’s
extensive industry expertise and background makes him a strong
addition to our Principal Investments team as we look to capitalize
on the unique investment ideas our expanded network of businesses
and professionals offer.”
The firm’s Principal Investments subsidiary
invests in or acquires undervalued businesses and assets, and
typically involve investment ideas which are sourced and originated
from within the B. Riley platform. By leveraging the firm’s assets
and industry expertise, this division seeks to deliver financial
and operational improvements to maximize cash flows and shareholder
returns. Established through the acquisition of United Online in
2016 and under the leadership of Kenny Young, the firm has since
added other principal investments including an investment in bebe
stores, inc. Additionally, the firm’s pending acquisition of
magicJack VocalTec is anticipated be held under B. Riley Principal
Investments upon closing.
In this newly-established role, Mr. Shribman
will help manage and oversee B. Riley Principal Investments’
portfolio of companies.
Mr. Shribman joins from Anchorage Capital Group
where he worked in close collaboration with management teams and
corporate boards to maximize shareholder value in the form of both
operational turnarounds, capital markets financings, and
communication and capital deployment initiatives. As portfolio
manager, he was responsible for overseeing public and private
investment opportunities across industrials, transportation,
automotive, aerospace, gaming, hospitality, and real estate
industries. His expertise includes investments ranging from public
equities and bonds to deeply distressed securities, par bank debt,
minority-owned private equity, and majority-owned private
equity.
Through its diverse mix of operating
subsidiaries, the B. Riley platform offers a range of services
including corporate finance, capital raising and transaction
advisory, restructuring, bankruptcy and crisis management,
litigation support, forensic accounting, direct lending, appraisal,
liquidation, valuation and wealth management services to public and
private companies and investors. This unique combination of
businesses offers B. Riley Principal Investments with multiple
points of entry for deal origination through the firm’s extended
network of companies and professionals.
“I am very excited to join the B. Riley
Financial organization. The firm’s leadership has built an
impressive platform that combines proprietary deal flow and
distribution,” said Shribman. “That, combined with a phenomenal
track record, drew me to the opportunity. I hope to help this firm
continue to grow in all facets of the business.”
To learn more about B. Riley Principal
Investments, visit www.brileyfin.com/principalinvestments.
About B. Riley Financial,
Inc. (NASDAQ:RILY)B. Riley Financial provides
collaborative financial services and solutions tailored to fit the
capital raising and financial advisory needs of public and private
companies and high net worth individuals. The company operates
through several wholly-owned subsidiaries, including B. Riley
FBR, a full-service investment bank and institutional
brokerage; Great American Group, a leading provider of asset
disposition, appraisal, corporate advisory and valuation
services; GlassRatner, a specialty financial advisory services
and consulting firm; B. Riley Wealth Management, B. Riley
Asset Management and B. Riley Alternatives, which offer
investment management to institutional and high net worth
investors; Great American Capital Partners, which originates
and underwrites senior secured loans for asset-rich companies;
and B. Riley Principal Investments, which invests in or
acquires companies and assets with attractive return profiles.
Forward-Looking Statements
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. In some cases, you can identify
forward-looking statements by terminology including “anticipates,”
“believes,” “can,” “continue,” “could,” “estimates,” “expects,”
“intends,” “may,” “plans,” “potential,” “predicts,” “should,”
“will,” “would” or the negative of these terms or other comparable
terminology. 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. Because these forward-looking statements involve
known and unknown risks and uncertainties, there are important
factors that could cause actual results, events or developments to
differ materially from those expressed or implied by these
forward-looking statements. Factors that could cause actual results
to differ include (without limitation) the Company’s financial
performance; and those 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,
2017 under the captions “Risk Factors” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations.”
Additional information is also set forth in our Quarterly Report on
Form 10-Q for the quarter ended June 30, 2018. 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.
Media Contact:Jo Anne
McCuskerMedia Relationsjmccusker@brileyfin.com(646) 885-5425
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