Business
B. Riley Financial to launch B. Riley Venture Capital
New Subsidiary Will Focus on Later-Stage Private Growth Companies LOS ANGELES, Oct. 6, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B.
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"New Subsidiary Will Focus on Later-Stage Private Growth Companies\n\n\nLOS ANGELES, Oct. 6, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\"), a leading business advisory and financial services company, today announced it is launching a new line of business, B. Riley Venture Capital. A subsidiary of B. Riley, the new division will be headed by Todd D. Sims, who stepped down from B. Riley Financial's board of directors to take this position.\n\n \n \n \n \n \n \n\n \nSupported by B. Riley's strong balance sheet and syndication platform, B. Riley Venture Capital will pursue investments in late-stage growth companies with a path toward public markets. The venture capital business will benefit from the depth and breadth of B. Riley's investment banking, capital markets and advisory businesses, with syndication opportunities across B. Riley's institutional, banking and retail client base.\n\"The addition of a venture capital arm will further enhance our ability to identify, acquire and strategically invest in emerging growth companies in fast-growing markets,\" said Bryant Riley, Chairman and co-Chief Executive Officer, B. Riley Financial. \"We are thankful for Todd's service on our board and are excited about his new role in leading our venture capital initiative. Together, with the support of our company's diversified and established resources, we are well positioned to drive shareholder value through sound investing in promising companies that meet our investment criteria.\"\n\"I am thrilled to expand my role with B. Riley though this important venture capital platform,\" commented Todd D. Sims. \"This is an ideal situation that will allow me to utilize my experience, skills and relationships to pursue growth opportunities that can benefit from B. Riley's portfolio of banking and advisory resources.\"\nTodd D. Sims has served as a member of the company's Board since October 2016. A board replacement has not yet been named. Since August 2018, Mr. Sims also sits on the board of directors of TheMaven, Inc. as a designee of B. Riley Financial, Inc. Mr. Sims has served as Senior Vice President of Digital Strategy of Anschutz Entertainment Group, Inc., one of the leading sports and entertainment presenters in the world, overseeing business and corporate development for its ticketing business,...