Riley Financial, a diversified financial services company, and funds managed by Oaktree Capital Management have launched a partnership in the Great American Group, a provider of valuation, appraisal, asset disposition and real estate services, as an independent business.
Prior to the closing, B. Riley undertook a pre-closing internal reorganization resulting in the contribution of all of the interests in B. Riley’s appraisal and valuation services, retail, wholesale and industrial solutions and real estate businesses into Great American Holdings, a newly formed holding company known as Great American NewCo.
At the closing, B. Riley received total consideration consisting of approximately $203 million in cash, subject to certain purchase price adjustments; Class B Preferred Units of Great American NewCo with an initial aggregate liquidation preference of approximately $183 million; and Class A Common Units of Great American NewCo representing approximately 47 percent
