LOS ANGELES, Nov. 5, 2020 /PRNewswire/ -- B. Riley
Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"),
a leading business advisory and financial services company, today
announced the launch of B. Riley Operations Management Services,
LLC. The new entity was formed following the acquisition of certain
assets from Anchor Resource Management (ARM) Consulting, LLC, a
firm with a reputation of developing repeatable operational
improvements for companies with troubled manufacturing processes.
Dan Ruskin and Don Weathers, founders of ARM Consulting, will
lead B. Riley Operations Management Services, which will operate
under B. Riley Advisory Services.
B. Riley Operations Management Services' focus is to assist
middle market manufacturing companies that are seeking ways to
produce more efficiently and operate leaner at any point during
their business life cycle. With their expert assistance, B. Riley
Operations Management Services helps clients to achieve these
operational goals and generate substantial financial savings for
their clients' businesses.
"Dan Ruskin and Don Weathers are highly respected individuals
and industry visionaries who have built ARM Consulting into an
extraordinary company with over 450 successful engagements with
businesses in transition, helping their clients achieve billions in
annual savings and enhancing stockholder value," said Tom Kelleher, co-Chief Executive Officer, B.
Riley Financial. "We're thrilled to have Dan and Don lead our new
B. Riley Operations Management Services business."
"The launch of B. Riley Operations Management Services will
deepen and expand B. Riley's expert restructuring capabilities and
help us service our clients with additional offerings around
acquisition diligence, executive management, launch coordination,
purchasing and inventory management, and quality systems," said
Bryant Riley, Chairman and co-Chief
Executive Officer, B. Riley Financial. "Working seamlessly with our
other B. Riley Advisory Services offerings, we believe that B.
Riley Operations Management Services will also help us in
identifying and assessing many middle market manufacturing
companies seeking investments in the form of equity or debt
capital."
Dan Ruskin, co- founder of Anchor
Resource Management and now president of B. Riley Operations
Management Services, stated, "Our team is thrilled to be a part of
the B. Riley Financial platform of services. The combination of B.
Riley and Anchor will enhance our firm's hands-on operational
capabilities and create great value for our clients."
Dan Ruskin has thirty years of
private equity experience and has been instrumental for increasing
value and monetizing portfolio investments. He has been recognized
as one of the top operational restructuring executives in the
country. Dan has led projects at many well-known companies such as
Dell, Caterpillar, The Carlyle Group, Sun Capital, Wells Fargo, VF
Corporation, GM, Ford, KKR, Chrysler, Boeing, Mercedes Benz, Cerberus, Bank of America,
Delphi, and Nissan.
Don Weathers has over thirty
years of experience in operational and leadership positions. His
background includes extensive experience in turnaround and
restructuring, logistics, business and strategy development,
materials management, lean manufacturing, systems development and
implementation, personnel development, supplier development, plant
consolidations and relocations, and others. Some of Don's past
clients include Textron, Tridon, Federal Mogul, Peregrine, Dow
Chemical, and Frigidaire.
About B. Riley Financial, Inc.
B. Riley Financial
(NASDAQ: RILY) provides collaborative financial services solutions
tailored to fit the capital raising, business, operational, and
financial advisory needs of its clients and partners. B. Riley
operates through several subsidiaries that offer a diverse range of
complementary end-to-end capabilities spanning investment banking
and institutional brokerage, private wealth and investment
management, corporate advisory, restructuring, due diligence,
forensic accounting and litigation support, appraisal and
valuation, and auction and liquidation services. Certain registered
affiliates of B. Riley originate and underwrite senior secured
loans for asset-rich companies. B. Riley also makes proprietary
investments in companies and assets with attractive return
profiles. For the latest Company news and developments, follow B.
Riley on Twitter @BRileyFinancial and LinkedIn. For more
information about B. Riley, visit our website at
www.brileyfin.com.
Forward-Looking Statements
Statements in this press
release that are not descriptions of historical facts are
forward-looking statements that are based on management's current
expectations and assumptions and are subject to risks and
uncertainties. If such risks or uncertainties materialize or such
assumptions prove incorrect, our business, operating results,
financial condition, and stock price could be materially negatively
affected. You should not place undue reliance on such
forward-looking statements, which are based on the information
currently available to us and speak only as of the date of this
press release. Factors that could cause such actual results to
differ materially from those contemplated or implied by such
forward-looking statements include, without limitation, the risks
associated with the unpredictable and ongoing impact of the
COVID-19 pandemic and other risks described from time to time in B.
Riley Financial, Inc.'s periodic filings with the SEC, including,
without limitation, the risks described in B. Riley Financial,
Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Report on Forms
10-Q for the quarters ended March 31,
2020 and June 30, 2020, under
the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations."
Additional information will be set forth in our Quarterly Report on
Form 10-Q for the quarter ended September
30, 2020. These factors should be considered carefully, and
readers are cautioned not to place undue reliance on such
forward-looking statements. All information is current as of the
date this press release is issued, and B. Riley Financial, Inc.
undertakes no duty to update this information.
Contacts
Investor Relations
Brad
Edwards
ir@brileyfin.com
(818) 746-9310
Media Relations
Scott
Cianciulli
press@brileyfin.com
(212) 739-6753
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SOURCE B. Riley Financial