US based independent investment bank B Riley & Co has acquired San Diego-based Caris & Company, for an undisclosed sum.
B Riley & Co chairman Bryant Riley said, "In addition to several top ranked research analysts, the sales and trading professionals joining B. Riley will double our distribution capabilities and further strengthen our ability to market larger transactions."
The transaction will expand its existing New York, San Francisco and Boston offices, while strengthening presence in several new regional markets, including Atlanta.
Based on terms of the transaction, Caris & Company founder Darren Caris will assume the new post of director of capital markets, research, sales and trading at B Riley.
Caris president John Ahn will continue as head of corporate finance, managing, and actively recruiting, a corporate finance group to meet the capital raising needs of larger public and private companies.
Established in 1997 and headquartered in Los Angeles, B Riley & Co offers a range of corporate finance, research, sales, trading and otcqx dad services to corporate, institutional and high net worth individual clients.