Focus Financial Partners is looking ahead to a new era of growth following its acquisition by funds affiliated with Clayton Dubilier & Rice and Stone Point Capital.
The deal which takes Focus off the public market — it was previously listed on the Nasdaq — and into private hands was first reported by InvestmentNews in February and completed last week in an all-cash transaction for an enterprise value in excess of $7 billion.
Focus is a leading buyer and aggregator of RIA firms, allowing them to operate independently while enjoying economies of scale and back-office resources. It will now have a substantial injection of dry powder to fuel its growth.
"We are thrilled to mark this significant achievement in Focus's journey," said Rudy Adolf, founder and CEO of Focus. "Our partnership with CD&R and Stone Point opens doors to new opportunities, enhanced resources, and increased value for our partner firms and their clients. We look forward to this next chapter of growth and evolution."
Dan Glaser, chairman of Focus and an operating partner at CD&R, paid tribute to the business that Focus has built.
"We are excited to work alongside the Focus leadership team to build on the tremendous foundation they have already established by investing in the Company's capabilities, operations and talent within Focus and across its partner firms," he said. "We have deep appreciation for the entrepreneurial flair that exists within Focus, and we look forward to weaving the partnership closer together with a common purpose, shared capabilities and greater collaboration."
Meanwhile, Fayez Muhtadie, managing director and co-head of private equity at Stone Point, added that there are exciting opportunities for growth ahead.
"We look forward to continuing to work with the Focus team as they take advantage of the enhanced financial and operating flexibility they will have as a private company," he said. "As a leader in independent wealth management, Focus is uniquely positioned to capitalize on the trends driving industry growth and consolidation."
The experienced advisory teams join Ameriprise and Janney as the race for experienced talent continues.
Additional investment and partnership will see joint development of wealth management, brokerage and digital asset platforms.
Rising drug and outpatient costs are pushing plan members to demand more financial guidance and most insurers are falling short.
FINRA's proposed rule filing would create a new 10-day fraud delay and nearly triple the maximum hold period for exploited senior investors.
Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
