Los Angeles-based B. Riley Financial Inc. has completed an acquisition of substantially all of the assets of Southfield’s Alderney Advisors, a business advisory services firm. Details of the transaction, which closed on Monday, were not disclosed.
Alderney specializes in supply risk management, financial restructuring and turnaround situations, transaction advisory, strategic advisory, and dispute resolution for the automotive manufacturing and supplier industry. Its clients include automakers in North America, Europe, and Asia.
“The acquisition of Alderney serves as a perfect example of our strategic efforts and continued progress to enhance the B. Riley platform,” says Bryant Riley, chairman and co-chief executive of B. Riley Financial. “This team of experienced advisers provides complementary advisory services and deepens our in-house automotive industry expertise, while broadening our market presence and professional network. We look forward to introducing this group to our clients and partners as an additional resource to help address and navigate their most complex issues.”
Founded by Alicia B. Masse in 2013, Alderney is comprised of a team of senior advisors who have guided companies, lenders, investors, municipalities, and management teams to execute restructuring initiatives, evaluate transactions, design and implement sustainable strategies, and navigate dispute matters.
Alderney’s professionals join GlassRatner Advisory and Capital Group LLC, which was acquired by B. Riley Financial in 2018 to establish a dedicated business consulting services unit that enhances services provided by its Great American Group and B. Riley FBR affiliates.
“Joining forces with Alicia and the incredibly talented team at Alderney allows us to provide clients with unparalleled end-to-end services amid this particularly challenging current economic climate,” says Ian Ratner, principal and co-founder of B. Riley’s GlassRatner. “Alderney has built a stellar reputation of providing sound financial and strategic solutions to clients facing high-risk, high-stakes complex situations, and we could not be more excited to welcome this team to GlassRatner. Not only does this combination continue to enhance our amazing restructuring practice, it also adds a terrific office in Detroit to our national footprint.”
The combination of GlassRatner and Alderney provides B. Riley and its affiliates with enhanced financial advisory capabilities in addition to an expanded network and broadened market presence. GlassRatner has advised companies, shareholders, creditors, and investors on matters related to bankruptcy, restructuring, forensic accounting, and litigation. The firm is a founding member of BTG Global Advisory, a network of professional services firms across the Americas, Europe, Africa, and Asia focused on addressing situations for companies that are experiencing financial challenges.
“Automotive OEMs and their supply chains are faced with unprecedented challenges driven by the financial impact of the COVID-19 pandemic, compounded by progressive technological innovation, regulatory changes, and a constantly evolving global competitive landscape,” says Masse. “The ability to work with the world-class teams at B. Riley, GlassRatner and BTG Global could not come at a better time for our clients as they look for end-to-end solutions to address their most complex, pressing needs, often on a global stage.”
Prior to founding Alderney, Masse served as Midwest restructuring leader and global automotive supplier risk network leader for Ernst and Young, where she created a global restructuring network of practitioners focused on serving clients across the U.S. China, Europe, and Canada on supply risk issues. Masse began her career in audit at Arthur Andersen and continued at Ford Motor Co. Finance and BBK, a boutique restructuring firm serving the automotive industry. She earned a Master of Business Administration in finance and strategy from the University of Michigan. Masse serves on the board of the Belle Isle Conservancy and the Detroit Institute of Arts Auxiliary Board, Friends of Asian Arts and Culture.