News

IRVINE, Calif.--(BUSINESS WIRE)--Aug. 9, 2018-- GlassRatner, a specialty financial advisory services firm and wholly-owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), announced today that Orange Coast Auto Group of Costa Mesa, consisting of Jeep Chrysler, Dodge, Ram, Fiat, Alfa Romeo, Nissan, and OC Motorsports, has acquired Costa Mesa-based South Coast Acura. Financial terms were not disclosed.

GlassRatner Principal and seasoned auto industry expert J. Michael Issa collaborated with veteran automotive professional Andy Coyle, of Laguna Classic Cars, in the negotiations. Issa and Coyle have a long-time strategic alliance in the automotive space, collaborating with great success on dealership sales and interim management assignments.

“The sale of South Coast Acura to Orange Coast had all the characteristics of a challenging deal,” said Coyle. “It made sense to bring Mike Issa to the table as he's an expert at navigating the most complex financial situations, including dealing with challenging tax issues.” Coyle and Issa worked together in 2011 on the successful sale of a downtown Los Angeles Honda dealership.

According to Coyle and Issa, many smaller auto dealerships may feel under attack from larger operations that benefit from their large scale. “Profitability is a huge issue for a lot of dealerships, and many owners considering selling their operation worry that they’d never get a return on their investment based on their current balance sheet,” said Issa. “We maximize value by taking a variety of criteria into consideration and can often negotiate a deal resulting in a tremendous amount of value for the seller.”

“There are no easy deals in the auto industry, especially in the current business climate,” said Coyle. “But, like me, Mike relishes the more arduous transactions. He’s an expert at navigating the most complex financial situations.”

About GlassRatner

GlassRatner is a national specialty financial advisory services firm providing solutions to complex business problems and Board level agenda items. The firm applies a unique mix of skill sets and experience to address matters of the utmost importance to an enterprise. Through its affiliates, GlassRatner can offer clients end-to-end services at any stage during the business life cycle. The combination of proven operating and financial expertise, cross-platform resources, a hands on approach and an absolute focus on assignment execution makes GlassRatner a unique and valuable ally for its clients and partners. Visit us on our website at www.glassratner.com.

About B. Riley Financial, Inc. (NASDAQ: RILY)

B. Riley Financial provides collaborative financial services and solutions tailored to fit the capital raising and financial advisory needs of public and private companies and high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, a full-service investment bank and institutional brokerage; Great American Group, a leading provider of asset disposition, appraisal, corporate advisory and valuation services; GlassRatner, a specialty financial advisory services and consulting firm; B. Riley Wealth Management, B. Riley Asset Management and B. Riley Alternatives, which offer investment management to institutional and high net worth investors; Great American Capital Partners, which originates and underwrites senior secured loans for asset-rich companies; and B. Riley Principal Investments, which invests in or acquires companies and assets with attractive return profiles.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180809005233/en/

Source: GlassRatner

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