LOS ANGELES, Aug. 22, 2017 (GLOBE NEWSWIRE) -- B. Riley & Co., LLC (“B. Riley”), a full service investment bank and
wholly-owned subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY), served as the sell-side advisor to Luna Innovations Incorporated
(the “Company”), a developer and manufacturer of new-generation products for the aerospace, automotive, energy, defense, and
telecommunications markets, in connection with the Company’s sale of its high speed optical receivers technology (HSOR) to MACOM
Technology Solutions Holdings, Inc. (“MACOM”).
MACOM, a leading supplier of semiconductor products, agreed to buy the assets and operations related to the
Company’s HSOR business on August 10, 2017, for a total cash purchase price of $33.5 million, of which $4 million will be held in
escrow until December 15, 2018. The Company currently intends to utilize a portion of the proceeds to invest in expanding its fiber
optic sensing product offering.
B. Riley & Co. provided a fairness opinion in addition to facilitating, negotiating and structuring the transaction
on behalf of the Company. The B. Riley deal team was led by Managing Director Michael Lowell, Vice President Grant Hustedt, and
Analyst Grayson Largman.
“We are very pleased to announce this closing. Luna has developed their HSOR business into a significant growth
area which is well-aligned with MACOM’s growth strategy,” said Mike Lowell. “We thank Luna Innovations for selecting us as their
advisor and allowing us to assist them in this sale.”
“B. Riley’s strong sector expertise combined with its proven track record of maximizing shareholder value were key
factors in distinguishing B. Riley as the right choice to represent us in this transaction,” said My Chung, President and CEO of
Luna Innovations, Inc. “The B. Riley team worked diligently over the course of this process and we are exceptionally pleased with
the results.”
About Luna
Luna Innovations Incorporated (NASDAQ:LUNA) is a leader in optical technology, providing unique capabilities in high speed
optoelectronics and high performance fiber optic test products for the telecommunications industry and distributed fiber optic
sensing for the aerospace and automotive industries. Luna is organized into two business segments, which work closely together to
turn ideas into products: a Technology Development segment and a Products and Licensing segment. Luna’s business model is designed
to accelerate the process of bringing new and innovative technologies to market. To learn more, please visit www.lunainc.com.
About B. Riley & Co.
B. Riley & Co., LLC is a leading investment bank which provides corporate finance, research and sales and 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.
B. Riley Financial, Inc. is a publicly traded, diversified financial services company which takes a
collaborative approach to the capital raising and financial advisory needs of public and private companies and high net worth
individuals. The Company operates through several wholly-owned subsidiaries, including B. Riley & Co., LLC, FBR Capital Markets & Co., Wunderlich Securities, Inc., Great American Group, LLC, B. Riley Capital Management, LLC (which
includes B. Riley Asset Management, B. Riley Wealth Management, and Great American Capital Partners, LLC) and B. Riley Principal Investments, a group that makes
proprietary investments in other businesses, such as the acquisition of United Online, Inc.
Media Contact press@brileyfin.com
