Oaktree in its agreement with B. Riley Financial to establish a partnership in Great American Holdings

On October 13, 2024, B. Riley Financial, Inc. (Nasdaq: RILY), a diversified financial services platform, and funds managed by Oaktree Capital Management, L.P., signed a definitive agreement to establish a partnership in Great American Holdings, LLC, a newly formed holding company, which will hold B. Riley’s Appraisal and Valuation Services, Retail, Wholesale & Industrial Solutions and Real Estate Advisory businesses.

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, with an implied total enterprise value for the Great American NewCo of $386 million.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Oaktree.