B. Riley acquires Targus for ~$250M enterprise value; adds steady cash flow portfolio company

BRC Group Holdings, Inc.

Acquired Targus for ~$250M enterprise value (5.2x TTM Adjusted EBITDA); Targus revenue ~$415M in TTM June 2022.
Financing: ~$85.5M bank debt and ~$114M seller financing/B. Riley bonds; consideration includes cash, 6.75% notes, and common stock.
Mikel H. Williams resigned from B. Riley board (not due to disagreement) and continues as Targus CEO.
Acquisition aligns with B. Riley's strategy of using episodic business capital to invest in steady free-cash-flow companies.

item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Mikel H. Williams

director

RILY · BRC Group Holdings, Inc.

Effective: 2022-10-18
Filed: October 19, 2022, 7:59 PM ET

On October 18, 2022, Mikel H. Williams resigned from the board of directors of B. Riley Financial, Inc. (the “Company”), effective immediately.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

Mikel H. Williams resigned as director at BRC Group Holdings, Inc..

Action: resigned
Role: director

Exact text from the filing

On October 18, 2022, Mikel H. Williams resigned from the board of directors of B. Riley Financial, Inc. (the “Company”), effective immediately.

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BRC Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-22-064960

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