B. Riley以1.18亿美元的价格将GlassRatner出售给TorQuest

B. Riley Financial (NASDAQ:RILY) sold its advisory services business, GlassRatner Advisory & Capital Group and B. Riley Farber Advisory, to funds managed by TorQuest Partners for $117.8M, the company said on Friday.

Proceeds from the sale will help provide capital to support its growth initiatives and strengthen its balance sheet.

B. Riley (NASDAQ:RILY) stock rose 1.0% in Friday morning trading.

"BRF's primary focus moving forward is to return to its historic roots by investing in BRS (B. Riley Securities), our middle-market investment bank, and its complementary business, B. Riley Wealth Management," B. Riley Financial (NASDAQ:RILY) Chairman and Co-CEO Bryant Riley. "Maximizing shareholder value through ongoing reinvestment in our business remains a critical priority."

B. Riley (RILY) has been refocusing after one of its big investments, Franchise Group, filed for bankruptcy in November. Last August, RILY suspended its dividend and announced an expected writedown on losses from its investment in Franchise Group.

In the past year, the company sold a stake in its Great American Group, a stake in its securities business, and executed a deal for bebe Stores'  brand assets, and a portion of its wealth management unit to Stifel (SF). It was also able to trim debt through a private bond exchange.