B. Riley Financial Inc. has acquired Alderney Advisors, an automotive restructuring firm in Southfield, Mich., near Detroit.
Financial terms of the transaction, which closed Monday, were not disclosed.
Alderney Advisors specializes in risk management, financial restructuring, turnaround situations and dispute resolution for car manufacturers and suppliers. It has advised automakers in some of the largest vehicle recall cases in the industry's history.
Following the acquisition, Alderney’s advisors will join B. Riley subsidiary GlassRatner Advisory and Capital Group LLC, a bankruptcy and restructuring vertical acquired by the Woodland Hills financial services company in 2018.
According to B. Riley Co-Chief Executive Bryant Riley, “This team of experienced advisors provides complementary advisory services and deepens our in-house automotive industry expertise, while broadening our market presence and professional network. We look forward to introducing this group to our clients and partners.”
Not only does the acquisition boost B. Riley’s restructuring practice, “it also adds a terrific office in Detroit to (GlassRatner’s) national footprint," said Ian Ratner, principal and co-founder of B. Riley's GlassRatner.
Shares of B. Riley (RILY) closed Tuesday down 3 cents, or a fraction of a percent, to $21.47 on the Nasdaq.