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B. Riley Financial to Acquire FBR & Co.
[Photo: Bryant Riley, Chair/CEO; Tom Kelleher, President; Alan Forman, EVP/GC; Phillip Ahn CFO/COO]
B. Riley Financial, a diversified financial services company, has agreed to acquire FBR & Co., a leading investment banking and brokerage firm, in a transaction valued at $160 million. The combined firm proclaims it will be a leader in small cap investment banking and brokerage in the U.S. with 600 names under research coverage.
Upon closing, Richard Hendrix, FBR's current Chairman and CEO, will assume the role of CEO of the combined investment banking and brokerage business, which will be a subsidiary of B. Riley Financial.
"Merging with B. Riley creates a market leader in investment banking and brokerage services. We benefit by becoming an important component of a broader and more diversified financial services company led by like-minded and trusted professionals. Together we can scale and strengthen our business," said Hendrix.
The transaction further diversifies the overall business of B. Riley Financial and adds FBR's market leading initial equity franchise to B. Riley & Co.'s capital markets capabilities. In addition, the combination allows for expanded geographic distribution reach with significant operations on the East and West coasts.
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