B. Riley Securities Research
Advisory Approach
B. Riley Securities is a full-service middle market investment bank with over 25 years of proven experience advising corporations, financial sponsors, and institutional investors on capital markets and M&A transactions. The firm operates with a client-centric philosophy, emphasizing long-term relationships over transactional engagement. Their approach combines deep industry expertise with institutional-quality execution, positioning themselves as trusted advisors to healthy growth-stage companies as well as stakeholders navigating financial distress or restructuring situations.
B. Riley Securities was strategically carved out from B. Riley Financial in March 2025, emerging as an independent, well-capitalized platform with a debt-free balance sheet and $68M in cash. This independence has reinforced their ability to move with agility and speed while maintaining the infrastructure of a comprehensive investment banking operation.
Sector Focus & Industry Expertise
B. Riley Securities maintains dedicated practices across multiple industry verticals including Business Services, Consumer, Software/Technology, Financial Services, Healthcare, Real Estate, Energy, and Manufacturing. Their expertise is particularly pronounced in emerging and specialized sectors—notably digital assets and cryptocurrency, where they have established themselves as a market leader. The firm's positioning as a leading SPAC investment bank, combined with their strong track record in tech/blockchain transactions, differentiates them from traditional middle market advisors.
Within each sector, the firm deploys dedicated senior investment banking teams led by partners who bring deep domain expertise. For example, their cryptocurrency practice has earned recognition as top advisors in the Bitcoin mining and blockchain sectors, with industry recognition for expertise in mining companies, media platforms, and digital asset transactions.
Deal Track Record
B. Riley Securities has completed hundreds of transactions across diverse deal types and industries. Recent notable transactions include:
- $227M Take-Private Acquisition: Fair Holdings' acquisition of TrueCar (January 2026), where BRS served as exclusive financial advisor. This transaction demonstrates capability in complex, multi-party public-to-private conversions involving tech platforms and digital innovation.
- $107M Nakamoto Inc. Transaction: Acquisition of BTC Inc. and UTXO Management (February 2026), showcasing expertise in the cryptocurrency/media space and valuation complexity in emerging sectors.
- Digital Assets & Crypto: Multiple completed transactions in Bitcoin mining, blockchain infrastructure, and digital media platforms (Canaan, Bit Digital, Bitdeer, OTG Acquisition Corp.).
- Cross-Sector Depth: Recapitalizations (YZY Fragrances with Boyne Capital, Q4 2025), technology/media acquisitions, and financial services transactions demonstrating institutional competency across multiple industries.
The firm's deal pipeline spans from $5M to $250M+ in enterprise value, with particular strength in the $25M-$150M range where middle market businesses typically execute major transactions. Total transaction value exceeds $5B+ across all completed deals.
Process & Advisory Approach
B. Riley Securities runs institutional-quality engagement processes characterized by:
- Senior-Led Teams: All engagements are structured around senior bankers (Senior Managing Directors, Managing Directors) rather than junior-led teams.
- Bespoke Execution: Each transaction receives custom process design focused on maximizing valuation and strategic optionality for sellers.
- Due Diligence Coordination: Comprehensive coordination of third-party advisors, quality of earnings specialists, and data room management.
- Global Buyer Outreach: Aggressive, geographically diverse buyer identification and marketing to strategic and financial acquirers worldwide.
- Speed & Agility: The firm emphasizes rapid decision-making and streamlined processes, particularly valuable in competitive situations or time-sensitive transactions.
Fee structure information is not publicly detailed, but the firm operates on modified engagement models typical for middle market advisors, typically involving retainers and success fees.
Buyer Network & Strategic Relationships
B. Riley Securities maintains extensive relationships across multiple buyer categories:
- Private Equity: Strong, documented relationships with Audax, Genstar Capital, Bain Capital, and numerous other mid-market PE firms.
- Strategic Acquirers: Fortune 500 industrials, multinational manufacturers, and specialized operators in verticals where they advise sellers.
- Crypto/Digital Asset Buyers: Unique positioning in Bitcoin mining and blockchain infrastructure with direct access to leading digital asset firms.
- International Buyers: Cross-border capability with relationships to European and Asian strategic buyers and financial sponsors.
From deal history, the firm has successfully closed transactions with PE buyers, strategic acquirers, family offices, and alternative investors, with proven ability to source buyers willing to pay competitive valuations.
Competitive Positioning
B. Riley Securities differentiates through:
- Specialization in Emerging Sectors: Unmatched expertise in cryptocurrency, digital assets, and blockchain—sectors where traditional banking coverage remains limited.
- Speed & Independence: Post-carve-out status provides agility and flexibility compared to larger, more bureaucratic institutions.
- Senior-Led Engagement Model: All transactions involve senior principals, not junior bankers, ensuring decision-making authority and experience.
- Institutional Research Platform: Proprietary, thematic equity research provides additional client touchpoints and market intelligence.
- Full-Service Capabilities: Integrated capital markets, M&A, restructuring, and equity research create comprehensive solutions for complex situations.
Not a Fit If
B. Riley Securities typically focuses on institutional-quality transactions with:
- Experienced management and clear financial records
- Established buyer appeal across multiple buyer categories
- Sellers committed to competitive, market-tested processes
- Transactions above minimum size thresholds ($5M-$10M TEV)
Team
B. Riley Securities' investment banking team includes:
- Joe Nardini, Senior Managing Director, Head of Investment Banking (recognized industry expert in crypto and emerging sectors)
- Michael Lowell, Senior Managing Director (led major transactions including TrueCar take-private)
- James Richard Baker, Chief Executive Officer (CRD# 5834046)
- Andrew Thomas Moore, Chairman
- Michael Richard McCoy, Chief Financial Officer
The firm employs 150+ professionals across all business lines, with concentrated senior talent in the M&A advisory practice.
Geographic Coverage & Locations
B. Riley Securities operates from multiple offices across the United States, with primary locations in Los Angeles, CA (headquarters), New York, and Chicago. They maintain relationships with buyers globally and serve companies across all U.S. states and territories (licensed in 53 U.S. states and territories per FINRA).
Regulatory & Compliance
- FINRA-registered broker-dealer (CRD# 25027, SEC# 8-41426)
- Member SIPC
- Delaware corporation established June 16, 1989
- 14 total disclosures on FINRA record with no material compliance issues impacting firm reputation