B. Riley Financial Inc. and National Holdings Corporation have completed a merger. In connection with the transaction, National becomes a wholly owned subsidiary of B. Riley Financial and an affiliate of B. Riley Wealth Management.
Bryant Riley, chairman and co-chief executive officer of B. Riley Financial, said, “Today marks another exciting milestone in our firm’s history. This merger creates a world-class wealth management platform under B. Riley Financial with 900 registered representatives managing over $30 billion in assets. We could not be more excited to welcome National’s professionals to B. Riley as we continue to enhance our combined platform.”
“This is a powerful combination for both our people and our clients. Joining B. Riley provides us with greater competitive advantage and expedites our goal of building the industry’s most comprehensive wealth management platform. Our financial professionals will now have access to a broader suite of investment solutions and capabilities to meet our clients’ needs and provide opportunities that were just not possible before,” added Michael Mullen, chief executive officer of National. “I am excited to partner with Chuck and the talented team at B. Riley Wealth Management as we look forward to expanding our market-leading position.”
B. Riley Securities Inc. served as financial advisor on the transaction. Sullivan & Cromwell LLP served as legal counsel to B. Riley Financial. Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to National. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to the special committee of National’s board of directors. Keefe, Bruyette & Woods served as financial advisor to the special committee of National’s board of directors.