Back to News
Mergers & Acquisitions

B. Riley Registers New SPAC

|
Published: June 22nd, 2020
The Los Angeles investment bank has returned to the special purpose sector sponsoring its second SPAC, B. Riley Principal Merger Corp. II.

Investment bank B. Riley Financial Inc. (BRY) has registered its second special purpose acquisition company after the first one closed a $414 million deal.

B. Riley Principal Merger Corp. II filed its draft registration last month and the registration went official April 23. The SPAC hopes to raise $230 million to chase an acquisition with an enterprise value of $400 million to $1 billion.

B. Riley’s first SPAC, B. Riley Principal Merger Corp., completed a business combination with Alta equipment Group Inc. (ALTG) in February.

The Los Angeles-based investment bank became the first SPAC to register since Covid-19 put the IPO market into a cold snap. The new SPAC is also part of a recent trend that has investment bank moving beyond their traditional roles as underwriters for special purpose acquisition IPOs into sponsoring the vehicles.

Over the last 18 months Goldman Sachs & Co. (GS), Chardan Capital Markets LLC along with Roth Capital Partners LLC and Craig-Hallum Capital Group LLC have all backed their own SPACs.

B. Riley’s latest SPAC entry has some commonality with its initial vehicle.

Editor’s note: The original version of this article, including advisers and other details, was published earlier on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.

This Content is Only for The Deal Subscribers

The Deal provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control to institutional investors, private equity, hedge funds and the firms that serve them.

If you’re already a subscriber, log in to view this article here.

More From Mergers & Acquisitions

Mergers & Acquisitions

T-Mobile/Sprint: Building the Strategy for an 'Unwinnable Case'

By Tom Terrarosa
|
Published: September 11th, 2020
In part one of The Deal’s podcast series in partnership with Cleary Gottlieb, T-Mobile and its advisers discuss the strategy to navigate the company's blockbuster deal with Sprint.
Mergers & Acquisitions

Drinks With The Deal: Cooley's Jamie Leigh

By David Marcus
|
Published: September 3rd, 2020
Cooley's Jamie Leigh discusses advising tech and life sciences companies, her work for Mirror on its agreement to sell to Lululemon and how she's staying sane in the pandemic.
Mergers & Acquisitions

Drinks With The Deal: Leo Strine Jr.

By David Marcus
|
Published: August 20th, 2020
The longtime Delaware judge discusses DuPont, Joe Biden, corporate law in the wake of Covid-19 and Thomas Cromwell on the latest Drinks With The Deal.