B. Riley & Co. Acts as Sell-Side Advisor to Luna Innovations Incorporated in the Sale of its High-Speed Optical Receivers Tec...
August 22 2017 - 9:00AM
B. Riley & Co., LLC (“B. Riley”), a full service investment
bank and wholly-owned subsidiary of B. Riley Financial, Inc.
(NASDAQ:RILY), served as the sell-side advisor to Luna Innovations
Incorporated (the “Company”), a developer and manufacturer of
new-generation products for the aerospace, automotive, energy,
defense, and telecommunications markets, in connection with the
Company’s sale of its high speed optical receivers technology
(HSOR) to MACOM Technology Solutions Holdings, Inc. (“MACOM”).
MACOM, a leading supplier of semiconductor
products, agreed to buy the assets and operations related to the
Company’s HSOR business on August 10, 2017, for a total cash
purchase price of $33.5 million, of which $4 million will be held
in escrow until December 15, 2018. The Company currently intends to
utilize a portion of the proceeds to invest in expanding its fiber
optic sensing product offering.
B. Riley & Co. provided a fairness opinion in
addition to facilitating, negotiating and structuring the
transaction on behalf of the Company. The B. Riley deal team was
led by Managing Director Michael Lowell, Vice President Grant
Hustedt, and Analyst Grayson Largman.
“We are very pleased to announce this closing. Luna
has developed their HSOR business into a significant growth area
which is well-aligned with MACOM’s growth strategy,” said Mike
Lowell. “We thank Luna Innovations for selecting us as their
advisor and allowing us to assist them in this sale.”
“B. Riley’s strong sector expertise combined with
its proven track record of maximizing shareholder value were key
factors in distinguishing B. Riley as the right choice to represent
us in this transaction,” said My Chung, President and CEO of Luna
Innovations, Inc. “The B. Riley team worked diligently over the
course of this process and we are exceptionally pleased with the
results.”
About LunaLuna Innovations
Incorporated (NASDAQ:LUNA) is a leader in optical technology,
providing unique capabilities in high speed optoelectronics and
high performance fiber optic test products for the
telecommunications industry and distributed fiber optic sensing for
the aerospace and automotive industries. Luna is organized into two
business segments, which work closely together to turn ideas into
products: a Technology Development segment and a Products and
Licensing segment. Luna’s business model is designed to accelerate
the process of bringing new and innovative technologies to market.
To learn more, please visit www.lunainc.com.
About B. Riley & Co.B.
Riley & Co., LLC is a leading investment bank which
provides corporate finance, research and sales and trading to
corporate, institutional and high net worth individual clients.
Investment banking services include initial, secondary and
follow-on offerings, institutional private placements and merger
and acquisitions advisory services. The firm is nationally
recognized for its highly ranked proprietary equity
research. B. Riley & Co., LLC is a member
of FINRA and SIPC.
B. Riley Financial, Inc. is a publicly traded,
diversified financial services company which takes a collaborative
approach to 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 & Co., LLC, FBR
Capital Markets & Co., Wunderlich Securities,
Inc., Great American Group, LLC, B. Riley Capital
Management, LLC (which includes B. Riley Asset
Management, B. Riley Wealth Management, and Great
American Capital Partners, LLC) and B. Riley Principal Investments,
a group that makes proprietary investments in other businesses,
such as the acquisition of United Online, Inc.
Media Contact
press@brileyfin.com
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