B. Riley Sells Financial Adviser to Private Equity Firm TorQuest

B. Riley Financial Inc. 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 of GlassRatner Advisory & Capital Group LLC and B. Riley Farber Advisory Inc., collectively GlassRatner, and is expected to score a $66 million gain for B. Riley Financial, according to a statement seen by Bloomberg News.

“Divesting GlassRatner will provide additional capital to support growth initiatives and strengthen our capital structure,” Bryant Riley, chairman and co-chief ...