---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-22-064960"
form_type: "8-K"
ticker: "RILY"
cik: "0001464790"
company_name: "BRC Group Holdings, Inc."
filed_at: "2022-10-19T23:59:59+00:00"
generated_at: "2026-06-23T02:38:11.544650+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-22-064960
- form_type: 8-K
- ticker: RILY
- cik: 0001464790
- company_name: BRC Group Holdings, Inc.
- filed_at: 2022-10-19T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1464790/000121390022064960/0001213900-22-064960-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1464790/000121390022064960/ea167296-8k_brileyfin.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-22-064960
- JSON: https://secwatch.observer/filing/0001213900-22-064960.json
- Plain text: https://secwatch.observer/filing/0001213900-22-064960.txt

## Key facts
- Executive change
  Mikel H. Williams resigned as director at BRC Group Holdings, Inc..
  - Action: resigned
  - Role: director
  source text: On October 18, 2022, Mikel H. Williams resigned from the board of directors of B. Riley Financial, Inc. (the “Company”), effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1464790/000121390022064960/0001213900-22-064960-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.