B. Riley acquires Targus®, a leader in technology solutions and protective sleeves

Los Angeles and Anaheim, California, October 19 January 2022 /PRNewswire/ — B. Riley Financial, Inc. (NASDAQ: RILY) (“B. Riley”) and Targus Cayman HoldCo Limited (“Targus”) announced today that B. Riley Principal Investments, LLC has acquired Targus products, a multinational company that designs, manufactures and sells consumer and business productivity. The Targus® product line includes laptop and tablet cases, backpacks, universal docking stations and computer accessories.

B. Riley with about $250 million Equivalent to approximately 5.2 times adjusted EBITDA for the trailing 12-month period on an enterprise value basis June 2022. Targus earns approx. $415 million during the same past twelve months.The financing of the transaction includes approximately $85.5 million or bank financing, and $114 million Or seller financing and B. Riley bonds.

Regarding the acquisition, Targus CEO Michael Williams Retired from the Board of Directors of B. Riley Financial and will continue to lead Targus as a portfolio company of B. Riley Principal Investments.

“We thank Mikel for his contributions as a board member and are delighted to continue working with him at Targus,” said Bryant Riley, Chairman and Co-CEO of B. Riley Financial. “This increase is in line with our strategy of using excess capital from temporary operations to invest in companies with strong and stable free cash flow. Growth in our stable portfolio of cash-generating businesses, coupled with profits generated from our loan book, allows us to The majority of the capital will be distributed to our shareholders in the form of dividends and buybacks.”

With a strong market position and attractive operating model, the acquisition of Targus provides accretive growth to B. Riley’s dividend capability and complements B. Riley’s existing investments in branding and communications companies.

Michael WilliamsTargus CEO added: “Since 1983, Targus has been a market leader focused on delivering premium design and innovative features to meet the needs of our large global consumer base. I am excited about the opportunities B. Riley can provide. We are excited to connect with Targus as we continue to serve our customers and accelerate our global expansion.”

Sullivan & Cromwell LLP acted as legal counsel to B. Riley. O’Melveny & Meyers LLP acted as legal counsel to Targus.

About Tagus

For more than 35 years, Targus has been revolutionizing mobile computing accessories for industries ranging from enterprise to consumer—connecting people and technology in meaningful ways. From laptop bags to tablet cases to peripherals and universal docking stations, we continually conceive, engineer and produce innovative, productivity-enhancing solutions that complicate, simplify; and seamlessly integrate into the lives of mobile professionals way, no matter where they work—at home, in the office, or anywhere. We offer breadth and depth across categories, regions, industries and lifestyles, giving you the solutions you need to live, dream and act.Headquartered in Anaheim, California, Targus has more than 24 offices and distribution points in more than 100 countries around the world. Learn more about us at targus.com, like or follow us on Facebook and LinkedIn.

About B. Riley Financial

B. Riley Financial is a diversified financial services platform that provides tailored solutions to meet the strategic, operational and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to deliver full-service, collaborative solutions to clients at every stage of the business lifecycle. Through its affiliated subsidiaries, B. Riley specializes in investment banking, prime brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisals and valuations, auctions and clearing services. B. Riley invests speculatively to benefit its shareholders, and certain registered affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley means B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, visit www.brileyfin.com.


SOURCEB. Riley Financial

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