07:48 AM EDT, 06/27/2025 (MT Newswires) -- B. Riley Financial ( RILY ) said Friday that it sold its GlassRatner Advisory & Capital Group and B. Riley Farber Advisory units to funds managed by TorQuest Partners for $117.8 million.

"Divesting GlassRatner will provide additional capital to support growth initiatives and strengthen our capital structure," Chairman and Co-Chief Executive Bryant Riley said in a statement.

B. Riley said it acquired GlassRatner in August 2018 for approximately $66 million.

Shares of the financial services company rose 10% in recent premarket activity.