B. Riley Securities, a middle market investment bank and subsidiary of B. Riley Financial, served as sole bookrunner on a successful underwritten public offering of Bed Bath & Beyond Series A convertible preferred stock and warrants.
The offering resulted in initial gross proceeds of approximately $225 million and an additional approximate $800 million of gross proceeds in future installments, assuming certain conditions are met.
“This transformative transaction will provide runway to execute our turnaround plan,” Sue Gove, president and CEO of Bed Bath & Beyond, said. “We continue to put our customers at the center of every decision, positioning Bed Bath & Beyond to meet and exceed their expectations, while resetting our foundation for near- and long-term success. We are optimizing our store fleet and supply chain and continuing to invest in our omni-always capabilities. This will enable us to better serve our customers, and grow profitably, by directing merchandise where and how they want to shop with us. We are also prioritizing availability of leading national and emerging direct-to-consumer brands our customers know and love. As we make important strategic and operational changes, we will continue to take disciplined steps to enhance our cost base and improve our financial position.”
Bed Bath & Beyond is an omni-channel retailer that sells a wide assortment of merchandise including bedding, bath, kitchen food prep, home organization, indoor décor, baby and personal care and operates under the names Bed Bath & Beyond and buybuy BABY.
B. Riley Securities’ deal team included Jimmy Baker, Dawn Farrell, Kathy Innis, Ryan Aceto, Alex Shaffer and Riley Slusarski.
