RILY - B. Riley Financial buys certain assets of advisory firm ABTV

2023-05-09 12:04:17 ET

B. Riley Financial ( NASDAQ: RILY ) said Tuesday it has acquired certain assets of ABTV, a Charlotte, North Carolina-headquartered business and financial advisory firm.

RILY perked up 1.9% in late afternoon trading.

Regarding the deal, the former ABTV headquarters will be re-established as an office of B. Riley ( RILY ). Also, ABTV's senior restructuring advisors Edward Sanz and Michael Kain have joined B. Riley Advisory Services.

Financial terms of the transaction were not disclosed.

ABTV, formerly known as Anderson Bauman Tourtellot Vos, specializes in improving and restoring performance and maximizing value for distressed and underperforming entities.

The deal will enable ABTV to "deliver expanded depth and breadth of capabilities to better support our clients' needs from strategy through execution," said Sanz. Additional services offered through RILY's platform include valuation and appraisal, forensic accounting, litigation support, asset disposition, investment banking, wealth management, and asset management.

More on B. Riley Financial

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• B. Riley Financial: Sustainability Of Dividend And Interest Yields

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