Stock Entry Point Article

B. Riley, Alta Equipment to merge

Investment firm B. Riley Principal Merger has agreed to merge with Alta Equipment. The deal is subject to regulatory and stockholder approvals.

Both companies will retain their headquarters in the United States following completion. The deal was approved by both boards and is expected to close in the first quarter of next year.

The nearly $550 million merger will be funded through a combination of equity and debt financing. Those include $300 million in new credit facility provided by JPMorgan Chase, $170 million in a new term loan credit facility from institutional investors. An additional $35 million of common stock in a private placement is also secured.

Alta management team will continue to be led by CEO Ryan Greenawalt. He will also be appointed on the board to will serve as chairman. Additionally, Dan Shribman, CIO of B. Riley Financial and the CFO of B. Riley, will continue his roles.

Proceeds from the financings will be used to complete deal and repay all of Alta debt.

Winston & Strawn is served as legal advisor to BRPM. BRPM is a blank check company created for the purpose of a merger. KPMG acted as financial adviser to Alta, while Howard & Howard is served as its legal counselor.

Shares in B. Riley closed $10.11 apiece on Friday in

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