B. Riley Inc. has completed its acquisition of Wunderlich Securities, a wealth management firm based in Memphis, Tenn.
The Woodland Hills financial services company said July 5 that it had closed the $67 million purchase, the terms of which included $36 million in cash, 1.9 million shares of B. Riley stock and warrants for 820,000 additional shares of B. Riley stock. Wunderlich Chief Executive Gary Wunderlich will continue in his role and has joined B. Riley’s board, the companies said.
The companies originally announced the transaction in May. The deal adds more than 200 financial advisors and $10 billion in assets to B. Riley’s capital management platform, its second expansion in recent months. The firm completed in June the purchase of investment bank FBR & Co.
“Our combined organization ... not only gives us a national footprint in equities and fixed income, but also the necessary scale and resources to strategically expand our leading position in business services, financial advisory and investment banking,” B. Riley Chief Executive Bryant Riley said in a statement.
B. Riley stock (RILY) fell 12 cents, or less than 1 percent, on Thursday to close at $18.23 on the Nasdaq.