B. Riley & Co. Acts as Exclusive Financial Advisor to Autobytel in Acquisition of Dealix and Autotegrity
NEWPORT BEACH, Calif., May 28, 2015 /PRNewswire/ -- B. Riley & Co., LLC (B. Riley), a leading full service independent investment bank and a wholly-owned subsidiary of B. Riley Financial, Inc. (OTCBB: RILY), served as the exclusive financial advisor to Autobytel Inc. (NASDAQ: ABTL) in its $25 million acquisition of Dealix and Autotegrity (both formerly wholly-owned subsidiaries of CDK Global). B. Riley also provided a fairness opinion in connection with the transaction.
Autobytel, based in Irvine, California, is a leading provider of online automotive services that connects consumers to auto dealers and manufacturers. Dealix, with offices in Cambridge, Massachusetts and San Mateo, CA, operates UsedCars.com and is engaged in lead generation for a network of approximately 600 retail new and 300 retail used dealers unique to Dealix. Combined, the total Autobytel network exceeds 4,900 dealers. Both companies have consistently ranked as top auto sales lead providers in the industry.
The transaction team was led by B. Riley managing director Michael Lowell, and supported by managing director Adam Little, along with vice president Grant Hustedt and associate Noah Franz. The deal marks the seventh transaction B. Riley has completed for Autobytel since 2007. In January 2014, B. Riley represented Autobytel in its acquisition of AutoUSA, a Fort Lauderdale-based provider of Web-based auto leads and services.
"This transaction represents another major milestone in our longstanding relationship with B. Riley," said Jeff Coats, president and CEO of Autobytel. "B. Riley's guidance and capabilities, particularly its strong expertise and relationships in the automotive and Internet services sectors, have played an instrumental role as we've strategically expanded our business."
About Autobytel
Autobytel Inc. provides high quality consumer leads and associated marketing services to automotive dealers and manufacturers throughout the United States. The company also provides consumers with robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive Internet in 1995 with its flagship website www.autobytel.com and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and has helped every major automaker market its brand online. For more information, visit www.autobytel.com.
About B. Riley & Co
B. Riley & Co., LLC is a leading investment bank which provides corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, and merger and acquisitions advisory services. The firm is nationally recognized for its highly ranked proprietary equity research. B. Riley & Co., LLC is a member of FINRA and SIPC. For more information, please visit www.brileyco.com.
B. Riley & Co, LLC is part of B. Riley Financial, Inc. (OTCBB: RILY) which provides collaborative financial services and solutions through several subsidiaries, including: Great American Group, LLC, a leading provider of advisory and valuation services, asset disposition and auction solutions, and commercial lending services; B. Riley Asset Management, LLC, a provider of investment products to institutional and high net worth investors, and B. Riley Wealth Management, a division of B. Riley Capital Management, LLC, a multi-family office practice and wealth management firm focused on the needs of ultra-high net worth individuals and families. B. Riley Financial, Inc. is headquartered in Los Angeles with offices in major financial markets throughout the United States and Europe. For more information on B. Riley Financial, Inc., please visit www.brileyfin.com.
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SOURCE B. Riley & Co.
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