AMERICAS DISTRESS DAILY: B Riley Sells Advisory Unit Amid Woes

B. Riley Financial has sold its financial advisory services business GlassRatner to Canadian private equity firm TorQuest Partners, adding to a series of asset sales as the financial services firm deals with its woes. The transaction entails a $118 million sale and is expected to score a $66 million gain for B. Riley Financial.

• GlassRatner, also known as B. Riley Advisory Services, offers services including appraisal and valuation, restructuring and turnaround management, and forensic accounting, among others
• B. Riley’s financial woes were complicated by a series of soured investments, including the implosion of key holding Franchise Group Inc.

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