B. Riley Asset Management Acquires Rights to Manage Dialectic Hedge Funds
- Press Release
LOS ANGELES & NEWPORT BEACH, Calif., Jan 08, 2013 (BUSINESS WIRE) -- B. Riley & Co., LLC, (www.brileyco.com ), a leading independent investment bank, has acted as exclusive financial advisor to Tustin, California-based LightWorks Optics, Inc. ("LightWorks") in its sale to Pittsburgh-based II-VI Incorporated IIVI +0.11% for approximately $31 million in an all cash transaction.
In addition, the agreement provides for approximately $4 million of cash earn-out opportunities based on LightWorks achieving certain future financial targets and is subject to customary closing adjustments including a working capital adjustment.
B. Riley's Managing Director Michael Lowell led the banking team which included Senior Vice Presidents Adam Little and Salomon Kamalodine as well as Senior Associate Grant Hustedt.
Founded in 1997, LightWorks maintains manufacturing locations in Tustin and Vista, California. It manufactures precision optical systems and components, including visible, infrared and laser-based systems and subassemblies addressing the Defense, Aerospace, Industrial and Life Science markets.
In its December 21, 2012 press release announcing the acquisition, II-VI said that LightWorks will complement II-VI's military and materials business, particularly Exotic Electro-Optics (EEO) which manufactures infrared products for military applications.
Daniel Barber, Co-Founder, President and CEO of LightWorks said,
"B. Riley's depth of experience and relationships in the Optics and Aerospace and Defense industries played a key role in marketing to the appropriate suitors and in receiving the right value for our company. LightWorks received significant interest from multiple suitors and ultimately selected II-VI, which was an ideal fit because its culture, engineering and manufacturing expertise were similar to those of LightWorks."
In addition, Mr. Barber said, "The professional and thorough process B. Riley conducted gave us great confidence we had chosen the right Investment Bank to represent our shareholders."
ABOUT B. RILEY & CO.
B. Riley & Co. is a leading independent investment bank which provides a full array of corporate finance, research, sales, trading and otcqx dad services to corporate, institutional and high net worth individual clients. Investment banking services include merger and acquisitions advisory to public and private middle market companies, initial and secondary public offerings and institutional private placements. Its Corporate Governance Advisory Services Group is engaged by both companies and investors to help maximize value for shareholders. The firm is recognized for its distinguished Equity Research. Founded in 1997, B. Riley is headquartered in Los Angeles and maintains offices in Newport Beach, San Francisco, New York, Boston and Atlanta. It is a member of FINRA and SIPC. For more information, please visit www.brileyco.com .
SOURCE: B. Riley & Co., LLC
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