LOS ANGELES, Sept. 12, 2019 /PRNewswire/ -- B. Riley
Financial, Inc. (NASDAQ:RILY) ("B. Riley" or the "Company"), a
diversified financial services company, today announced the
appointment of Dan Shribman as Chief
Investment Officer. He is based in New
York.
"I am pleased to announce Dan's promotion as our Chief
Investment Officer," said Bryant
Riley, Chairman and Co-CEO, B. Riley Financial. "Our
continued growth provides us with a wider view of compelling ideas
that benefit not only our clients, but also B. Riley. As the
dynamic between active and passive continues to shift towards
passive investing, our diversified platform provides us with unique
insight and an ability to invest in and alongside our clients and
partners, which in turn creates opportunities for us. Dan's
significant experience and track record, along with flexibility in
our balance sheet, has allowed us to further capitalize on the
proprietary opportunities our growing platform offers."
B. Riley operates through several wholly-owned subsidiaries
which provide complementary, end-to-to business advisory and
financial services to public and private companies and investors.
The Company aims to use its capital base to both assist in creating
lucrative opportunities for its operating subsidiaries, in addition
to making proprietary investments on behalf of its shareholders. As
Chief Investment Officer, Mr. Shribman will help identify value
investments for B. Riley with a focus on maximizing the Company's
capital allocation.
"We believe our diverse platform is well-positioned to source
unique ideas that present attractive risk adjusted returns. The
number of exciting prospects for us to leverage our balance sheet
into profitable opportunities seems to grow by the day. We
currently own a compelling group of assets and hope to continue to
grow each of our subsidiaries through thoughtful capital
allocation," said Dan Shribman,
Chief Investment Officer, B. Riley Financial. "I look forward to
continuing to work with Bryant, Kenny, Nick and the rest of our
leadership team in this expanded role for our firm."
In addition to serving as Chief Investment Officer for B. Riley
Financial, Mr. Shribman will also continue to serve as President of
its B. Riley Principal Investments, LLC, subsidiary which acquired
United Online and magicJack in July
2016 and November 2018,
respectively. Kenny Young serves as
CEO of B. Riley Principal Investments and Nick Capuano serves as its Chief Investment
Officer. Mr. Young also serves as President of B. Riley
Financial.
Prior to joining B. Riley in 2018, Mr. Shribman served as a
portfolio manager for a New York
based special situation asset manager. During his tenure, he led
investments in dozens of public and private opportunities across
the industrials, transportation, automotive, aerospace, gaming,
hospitality and real estate industries -- ranging from public
equities and bonds to distressed securities, par bank debt,
minority owned private equity and majority owned private equity.
Mr. Shribman has deep investment and operational experience
spanning corporate turnarounds, capital markets financings, and
communication and capital deployment initiatives. He earned a B.A
in Economics and History from Dartmouth
College.
For more information, visit www.brileyfin.com.
About B. Riley Financial
B. Riley Financial provides
collaborative financial services tailored to fit the capital
raising and business advisory needs of public and private companies
and high-net-worth individuals. B. Riley operates through several
wholly-owned subsidiaries which offer complementary end-to-end
capabilities spanning investment banking and institutional
brokerage, private wealth and investment management, corporate
advisory, restructuring, due diligence, forensic accounting and
litigation support, appraisal and valuation, and auction and
liquidation services. Certain registered affiliates of B. Riley
originate and underwrite senior secured loans for asset-rich
companies. The Company also makes proprietary investments in
companies and assets with attractive return profiles. For more
information, visit www.brileyfin.com.
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. 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. Such forward looking statements include, but are not
limited to, statements regarding the Company's anticipated results
of operations for 2019, expectations regarding the size and
consistency of returns, expectations regarding market dynamics, as
well as statements regarding our excitement and the expected growth
of our business segments. Other factors that could adversely affect
our operating results and cash flows include (without limitation)
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, 2018 under the captions "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations." Additional information will
be set forth in our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2019. 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
McCusker
B. Riley Financial
jmccusker@brileyfin.com
(646) 885-5425
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SOURCE B. Riley Financial