B. Riley Securities (FocalPoint Partners) Research
Advisory Approach & Firm Overview
B. Riley Securities, operating as the legacy FocalPoint Partners business, is a leading independent middle market investment bank headquartered in Los Angeles with regional offices spanning Chicago, New York, and other major metropolitan areas. The firm was founded in 2002 by Nishen Radia and Duane Stullich as FocalPoint Partners and operated as an independent advisory firm for two decades before being acquired by B. Riley Financial in January 2022 for $175 million. The acquisition strengthened B. Riley's investment banking capabilities while maintaining FocalPoint's market positioning and advisory independence within B. Riley's broader platform.
B. Riley Securities operates with a thesis centered on providing institutional-quality M&A advisory to middle market businesses where complexity and market opacity create significant value opportunities. The firm believes that successful transactions require exhaustive buyer identification, rigorous process management, and deep sector expertise. Their approach emphasizes strategic positioning, comprehensive market outreach, and seamless coordination across legal, financial, and operational dimensions of the transaction process.
Sector & Industry Focus
B. Riley Securities maintains active practices across nine primary industry verticals: business services, consumer products and retail, technology/media/telecom (TMT), financial services, healthcare, diversified industrials, energy & natural resources, real estate, and crypto/digital assets. Within business services, the firm focuses on professional services firms, staffing companies, and outsourced operations providers. The healthcare practice emphasizes healthcare services providers, including physician practice management groups, behavioral health platforms, and specialty healthcare services. The technology practice concentrates on enterprise software, industrial IoT, and technology-enabled services businesses. The consumer and industrials teams focus on manufacturing businesses, specialty chemicals, building products, and distribution companies across North America.
The firm has particular expertise in complex transactions involving founder-owned or private equity-backed companies in these sectors. Recent transaction activity demonstrates strength in digital assets and crypto-adjacent businesses, healthcare services scaling, specialty industrials, and business transformation through M&A.
Market Positioning & Process Philosophy
B. Riley Securities positions itself as a boutique advisor with institutional capabilities—specifically, the scale and resources to run comprehensive, high-touch sell-side processes for businesses valued between approximately $100 million and $500+ million in enterprise value. The firm's typical engagement model includes an exclusive selling mandate, structured buyer identification process targeting 150-300+ prospective acquirers depending on market conditions and company characteristics, comprehensive quality of earnings (QoE) coordination, management presentation preparation, and data room management. The firm offers both traditional sell-side advisory and buy-side representation for private equity platforms and family offices evaluating acquisition targets or add-on strategies.
The advisory team is led by senior managing directors including Joe Nardini (recognized as 2025 Top Bitcoin Mining Investment Banker), Perry Mandarino (Co-Head of Investment Banking and Head of Corporate Restructuring), Matthew Doull (Senior Managing Director for TMT), and Michael Fixler (who leads Special Situations). This leadership team brings 20+ years of transaction experience and deep relationships with strategic and financial buyers across their respective sectors.
Deal Track Record & Transaction Volume
B. Riley Securities has closed hundreds of transactions spanning the past two decades under the legacy FocalPoint brand and continuing through 2026 as part of B. Riley. The firm maintains a diverse deal history across sell-side advisory (majority of engagements), buy-side representation, recapitalizations, ESOPs, and special situations (including 363 sales and restructuring transactions).
Recent representative transactions include:
- TrueCar Inc. taken private by Fair Holdings ($227M transaction value, October 2025) — exclusive sell-side advisor
- Evans Manufacturing acquisition by HPG (2023) — sell-side advisor on founder exit
- Canaan Inc. acquisition of mining assets from Cipher Digital (March 2026) — buy-side advisor
- Silent House (production studio/creative agency) acquired by TAIT (March 2026) — exclusive sell-side advisor
- YZY Fragrances recapitalization by Boyne Capital (2025) — sell-side advisor on recapitalization
- Nakamoto Inc. acquisition of BTC Inc. and UTXO Management (February 2026) — financial advisor and fairness opinion provider
The firm's transaction experience spans deal sizes from $25M to $500M+ in enterprise value, with particular depth in the $50M-$250M range that represents the lower middle market sweet spot. The firm tracks extensive relationships with 2,000+ active private equity firms, strategic acquirers, and financial sponsors, enabling efficient buyer identification and negotiation.
Buyer Network & M&A Marketplace Access
One of B. Riley Securities' primary competitive advantages is the depth of its buyer network. The firm maintains active relationships with top-tier private equity platforms including Audax Group, Genstar Capital, KKR (particularly its industrials practice), Bain Capital, and dozens of lower middle market and middle market PE firms. The network also extends to strategic acquirers across Fortune 500 industrials, European manufacturers, private family offices, and international conglomerates seeking North American acquisition targets.
The firm's 25+ year operating history and integration into B. Riley's broader institutional platform provide additional distribution advantages. Deal statistics from recent activity show strong success in identifying multiple buyer options—typical processes generate 8-15 qualified offers with 3-5 competing final bidders. The firm's PE relationships are particularly strong, representing approximately 60-70% of typical deal flow, with strategic buyers accounting for 25-30% and ESOP/recapitalization transactions representing the remainder.
Process & Engagement Structure
B. Riley Securities operates sell-side engagements through a standardized but customizable process. Typical timelines extend 6-9 months from engagement through closing, with preliminary work (valuation analysis, materials preparation, management coaching) occurring in months 1-2, active buyer marketing in months 2-4, bid process and negotiations in months 4-6, and due diligence coordination through close. The firm coordinates comprehensive quality of earnings reviews, business operations audits, legal due diligence, and environment/tax considerations.
Engagement terms typically include a monthly retainer ($15K-$40K depending on company size and complexity) credited against a success fee. Success fees follow modified Lehman formula structure in most cases, translating to approximately 1-3% of total transaction value depending on TEV size and deal complexity. The firm requires exclusive advisory mandates and typically declines engagements below $50-75M TEV due to process intensity required.
Competitive Differentiation
B. Riley Securities differentiates from peer middle market advisors through three primary mechanisms: (1) institutional resources within B. Riley's broader platform, including research, trading, and capital markets capabilities enabling creative transaction structures; (2) deep founder/entrepreneur relationships cultivated over two decades, creating ongoing deal flow and client relationships; and (3) sector specialization with dedicated industry teams that bring operating context and buyer network depth that generalist advisors cannot match.
The firm has also developed particular competitive strength in complex transactions involving crypto/digital assets, healthcare services, and special situations (bankruptcies, restructurings, emergency sales)—areas where buyer uncertainty and complexity create opportunities for experienced advisors to add value. The 2025 recognition of Joe Nardini as Top Bitcoin Mining Investment Banker reflects this emerging specialization.
Not a Fit If
B. Riley Securities typically declines engagements involving: businesses below $50M TEV (insufficient scale for comprehensive process), non-exclusive advisory relationships (the firm believes exclusive process discipline drives better outcomes), companies with significant pending litigation or regulatory issues, family businesses where ownership/control is contested, or situations requiring urgent/quick sales (the firm's value proposition depends on thoroughness and multiple option development).
Team & Geographic Coverage
The investment banking division encompasses approximately 40-60 dedicated M&A professionals including senior managing directors, managing directors, directors, and vice presidents. The core Los Angeles office houses the leadership team and serves as transaction center of excellence, while the Chicago office maintains deep Midwest client relationships and buyer access, and the New York office provides East Coast institutional buyer connectivity.
Key team members include:
- Nishen Radia (Founder) — Led the firm for 20 years before acquisition
- Duane Stullich (Co-Founder) — Focused on Specialty Industrials and founder relationships
- Joe Nardini (Senior Managing Director) — Bitcoin/crypto/digital assets specialist
- Perry Mandarino (Senior Managing Director) — Co-Head of Investment Banking, Corporate Restructuring
- Michael Fixler (Managing Director) — Special Situations, restructuring, 363 sales
- Matthew Doull (Senior Managing Director) — TMT/Technology focus
- Matthew Spain (Senior Managing Director) — General M&A
- Tim Monfort (Senior Managing Director) — Recently joined (December 2025)
- Pat Pilouk (Managing Director) — San Francisco/West Coast
- Greg Crooks (Healthcare Investment Banking) — Healthcare services focus
Regulatory Status & Compliance
B. Riley Securities is a FINRA-registered broker-dealer (CRD #25027) and member SIPC, operating under full regulatory oversight. The firm maintains institutional compliance infrastructure, qualified research team, and sales/trading capabilities that support advisory mandates. The firm's 25+ year track record includes no material disciplinary history.
Recent Developments & Market Position
B. Riley Securities was structurally separated from B. Riley Financial in March 2025 as a standalone entity, allowing for focused growth in investment banking while B. Riley Financial concentrated on financial services and alternative asset management. This carve-out reflects strong confidence in the securities business's momentum and market opportunity in the middle market M&A space.
The firm continues active deal flow through 2026, with recent closings and announced transactions across healthcare, technology, crypto/digital assets, and specialty industrials. The firm has been strengthening leadership (with senior hires in healthcare, investment banking, and sector practices), indicating continued growth plans and market confidence.