Fintech PR
B. Riley Financial to Establish Partnership with Oaktree in the Great American Group Businesses
LOS ANGELES, Oct. 16, 2024 /PRNewswire/ — B. Riley Financial, Inc. (Nasdaq: RILY) (“B. Riley” and the “Company”), a diversified financial services platform, and funds managed by Oaktree Capital Management, L.P. (“Oaktree”), have signed a definitive agreement (the “Agreement”) to establish a partnership in Great American Holdings, LLC, a newly formed holding company (“Great American NewCo”).
Prior to the closing of the transactions contemplated by the Agreement, B. Riley will undertake a pre-closing internal reorganization and will contribute all of the interests in B. Riley’s Appraisal and Valuation Services, Retail, Wholesale & Industrial Solutions including the European Business, GA Europe, and Real Estate businesses (collectively known as the “Great American Group”) to Great American NewCo.
At the closing of the transaction, B. Riley will receive total consideration consisting of approximately $203 million in cash, subject to certain purchase price adjustments, Class B Preferred Units of Great American NewCo with an initial aggregate liquidation preference of approximately $183 million, and Class A Common Units of NewCo representing approximately 47% of the total outstanding common units. Oaktree will acquire Class A Preferred Units of Great American NewCo with an initial liquidation preference of approximately $203 million, as well as Class A Common Units representing approximately 53% of the aggregate amount of the issued and outstanding Class A Common Units of Great American NewCo, in exchange for cash consideration of approximately $203 million (the “Proposed Transaction”), implying a total enterprise value for the Great American NewCo of $386 million. The transaction has been approved by the Board of Directors of the Company and is subject to the receipt of required regulatory approvals and other customary closing conditions. It is expected to close in the fourth quarter of 2024.
Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley, said, “I am pleased to be partnering with Oaktree given its stellar track record and reputation as one of the world’s leading asset managers. We believe Oaktree’s scale and expertise in alternative investments and their strength as a capital provider, combined with the Great American Group’s leading position as a provider of asset disposition, financial advisory and real estate services, will prove complementary as we join forces to deliver financial products and services to better serve our clients.”
Mr. Riley continued, “As we communicated last month, this transaction is an important step in our plan to reduce our debt while reinvesting in our core financial services businesses. We are very excited about this new partnership we established with Oaktree in the Great American Group as it will enable meaningful debt reduction while retaining significant equity upside in the business with a highly capable new partner that will increase its future growth prospects.”
“Great American offers an exciting investment opportunity for Oaktree in a leading valuation appraisal, asset disposition and real estate platform. We are eager to provide both capital and our extensive operating expertise to support the future growth of the business,” said Nick Basso, Managing Director at Oaktree.
“As an experienced capital provider to the financial services sector, we are thrilled to partner with B. Riley and Great American’s talented leadership team. We look forward to bringing our resources and relationships to support Great American’s growth as an independent platform,” said Thomas Casarella, Managing Director at Oaktree.
Advisors
Moelis & Company LLC served as the exclusive financial advisor to B. Riley, and Sullivan & Cromwell LLP served as legal advisor to B. Riley. Wachtell, Lipton, Rosen & Katz served as legal advisor to Oaktree.
About B. Riley Financial
B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $193 billion in assets under management as of June 30, 2024. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real estate and listed equities. The firm has over 1,200 employees and offices in 23 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement; the inability to consummate the transactions contemplated therein or the failure to satisfy other conditions to completion of the Proposed Transaction; potential litigation relating to the Proposed Transaction that could be instituted in connection with the Agreement; and the risk that the Proposed Transaction will not be consummated in a timely manner, if at all. In addition to these factors, we encourage you to review the “Risk Factors” set forth in B. Riley’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other filings with the United States Securities and Exchange Commission, which identify important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements in this communication.
Contacts
B. Riley
Investors
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/b-riley-financial-to-establish-partnership-with-oaktree-in-the-great-american-group-businesses-302277099.html
- Closing of transaction following the approval by all required regulatory bodies
- Acquisition of industry leader in installation services, equipment, and technical facility management
- The company serves high-tech industries such as semiconductor, biopharma, and batteries
- Further strengthening of Exyte’s Technology & Services business
STUTTGART, Germany, Oct. 16, 2024 /PRNewswire/ — Exyte, a global leader in the design, engineering, and delivery of high-tech facilities, has completed the acquisition of Kinetics Group. The transaction, announced in April 2024, closed on October 15, 2024, following receipt of all required regulatory approvals.
Kinetics is a globally recognized leader in installation services, equipment, and technical facility management. The company’s expertise spans the biopharma, semiconductor, and high-tech industries, with operations across Asia, Europe, and North America. With the acquisition of Kinetics, Exyte significantly enhances the portfolio of its Technology & Services business area, reinforcing its position as a leader in high-tech facility solutions while also increasing its regional coverage.
“Through the acquisition of Kinetics, we are strengthening our capabilities and expanding our service offerings,” says Exyte CEO Dr. Wolfgang Büchele. “Kinetics is an ideal addition to Exyte, allowing us to capitalize on the ongoing investments in high-tech facilities. Together, we will leverage new opportunities and continue providing our clients with innovative solutions.”
With the transaction, Exyte also ventures into the field of technical facility management. Technical facility management services enable Exyte to extend its business activities beyond the engineering, planning, and construction phases, ensuring the continuity of its client relationships by offering services during operations.
Kinetics CEO Peter Maris adds: “Joining forces with Exyte provides Kinetics with a strategic partner committed to our sustained growth and excellence. Together, we will continue to serve our global clients with enhanced expertise and a broader range of high-tech solutions, ensuring ongoing success and innovation.”
Strategic expansion of Technology & Services
Kinetics will operate within Exyte’s business area Technology & Services, leveraging the combined strengths to foster innovation and growth. The business area consists of entities that provide cleanroom technology, installation services, and equipment for subsystems to their clients as well as off-site manufacturing (OSM). Exyte is currently pursuing its “Pathway to Ten” with the goal to achieve ten billion euros in sales by 2027. The business area Technology & Services is expected to contribute significantly to the company’s success in the coming years.
About Exyte
Exyte is a global leader in the design, engineering, and delivery of ultra-clean and sustainable facilities for high-tech industries. With cutting-edge expertise developed over more than a century, the company serves clients in the sophisticated markets of semiconductors, battery cells, pharmaceuticals, biotechnology, and data centers. Exyte offers a full range of services from consulting to managing the implementation of complete solutions with the highest standards in safety and quality to its customers worldwide. Exyte creates a better future by enabling key industries to enhance the quality of modern life. In 2023, the company generated sales of €7.1 billion with around 9,900 employees worldwide. www.exyte.net
More information about Kinetics can be found on www.kinetics.net.
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Contact
Samy Abdel Aal
Public Relations Manager
Phone: +49 711 88044696
Mobil: +49 172 840 33 01
[email protected]
www.exyte.net
View original content:https://www.prnewswire.co.uk/news-releases/exyte-completes-acquisition-of-kinetics-302277565.html
Fintech PR
Hastee reaches profitability as Earned Wage Access solutions become the norm for top employers
LONDON, Oct. 16, 2024 /PRNewswire/ — Hastee, one of Europe’s leading providers of earned wage access (EWA) and financial wellbeing solutions, is proud to announce that it has reached profitability. This marks a significant milestone in its journey to empower employees with greater financial flexibility and control. The achievement comes amid rising demand for on-demand pay solutions, with destination employers now frequently citing these as a necessary benefit to attract, retain, and engage staff.
Founded with a mission to improve the financial resilience of workers, Hastee has grown rapidly since its launch and now has over 350 employer clients spanning nearly all sectors. Notable customers include global leaders in hospitality (such as McDonald’s, Domino’s and Taco Bell), top international retailers (such as IKEA, Mediamarkt and DIA), major healthcare organisations (such as Bupa and the NHS), and many more of the world’s leading employers (such as Unilever, PayPal, Iberia Express and EY).
Hastee operates in 4 of the 5 largest European markets for earned wage access: UK, Spain, Ireland, and Portugal. In 2020, Hastee acquired Typs, one of Southern Europe’s leading financial wellbeing solutions, enabling Hastee to build a unique multi-language, multi-currency, and flexible platform ready for further international scaling. Hastee is majority-owned by IDC, a multi-fund platform with $2.2B AUM, through its innovation vertical IDC Ventures.
Hastee’s solution is built on 3 pillars of financial wellbeing: Earn, Learn, and Grow. Employees can use the award-winning Hastee app to track their earnings, access earned pay flexibly, receive personalized bite-sized financial education and save directly from their payroll. The app is one of the most popular financial wellbeing apps in the Apple App Store and Google Play Store, with a user rating of 4.7 in each.
“We are extremely proud to be among the very first EWA providers globally to reach profitability,” commented Hastee CEO Jaime Jimenez. “The combination of rapid growth of our customer base alongside a cautious approach to spending has paid off: we have built a highly sustainable business that can service its clients without the need for further external funding.”
Jimenez continued: “Financial wellbeing has risen to the very top of the agenda among HR leaders, and we are honoured to have a role to play in supporting employees improve their financial health, while also helping our clients reach their ambitious ESG targets.”
“We are thrilled to support Hastee in reaching this pivotal moment,” shared Alejandro Rodriguez, co-founder and Managing Partner at IDC Ventures. “Hastee’s focus on financial wellbeing aligns perfectly with IDC Ventures’ mission of backing impactful companies that make a positive difference. We’re excited to be part of this journey, providing real value to both the end users and our partners. This achievement reflects the strength of Hastee’s model and the growing importance of solutions that empower individuals to take control of their financial health.”
About Hastee
Hastee is a financial wellness platform that allows employees to access a portion of their earned wages before payday, helping them manage cash flow and avoid debt. The platform integrates with employers’ payroll systems and provides users with flexible, on-demand access to their earnings. Hastee currently has over 350 employer clients spanning nearly all sectors. Learn more by visiting Hastee.com.
About IDC Ventures
IDC Ventures (IDCV) is a venture capital platform within IDC Network, a global multi-fund asset manager. Serving as the Partner of Choice for over 150 family offices across 30 countries, IDCV offers a diverse range of venture capital opportunities including proprietary funds, co-investments, and co-managed funds in collaboration with industry-leading managers. With $500M in assets under management, IDCV typically leads funding rounds and holds board seats, offering founders guidance drawn from deep expertise in entrepreneurship, banking, law, and consulting. Since its inception in 2019, IDCV has backed transformative founders from Series A to growth stages, with a primary focus on fintech and marketplaces in Europe, the US, and Latin America—particularly Brazil and Mexico. For more information, visit IDCVentures.com.
Media Contact:
Ernesto Bernado
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/hastee-reaches-profitability-as-earned-wage-access-solutions-become-the-norm-for-top-employers-302277028.html
OSLO, Norway, Oct. 16, 2024 /PRNewswire/ — Akastor ASA invites investors and analysts to a webcast presentation of the third quarter 2024 financial results on Wednesday, 30 October 2024.
Date and time:
Wednesday, 30 October 2024, at 15:00 CET
Presenters:
- Akastor: Karl Erik Kjelstad, CEO, and Øyvind Paaske, CFO
- HMH: Thomas McGee, CFO, and David Bratton, SVP FP&A and Operational Finance
Link to webcast:
https://akercreativehub.eventcdn.net/events/akastor-audiocast-q3-2024
Questions can be submitted throughout the streaming event. The presentation material will be published on www.akastor.com and www.newsweb.no at 07:00 CET on 30 October.
For further information, please contact:
Øyvind Paaske
Chief Financial Officer
Mob: +47 917 59 705
E-mail: [email protected]
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act
This information was brought to you by Cision http://news.cision.com
View original content:https://www.prnewswire.co.uk/news-releases/akastor-asa-invitation-to-presentation-of-third-quarter-2024-results-302277549.html
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