NEW YORK--(BUSINESS WIRE)--Focus Financial Partners, LLC (“Focus”), the leading international partnership of independent, un-biased and un-conflicted wealth management firms, announced today that it has closed a $220 million revolving credit facility. The new facility can be increased by $100 million through an accordion feature, expanding the credit facility to $320 million.
The credit facility is supported by a consortium of leading financial institutions, including Bank of America, BMO Capital Markets, J.P. Morgan, SunTrust Robinson Humphrey, Comerica and UBS.
“We are pleased to receive this level of support and partnership from these leading institutions,” said James Shanahan, CFO of Focus Financial Partners. “The credit facility enhances the capital structure of Focus, and aligns with our plans to support our existing Partner firms and further expand with future acquisitions.”
The closing of the credit facility follows a year of growth and achievement for Focus Financial and its Partner firms; in 2011 Focus completed 8 deals, including sub-acquisitions and full-partnerships. Additionally, Focus marked its inclusion on the Inc. 500|5000, Inc. magazine’s ranking of the nation’s fastest-growing private companies.
Rudy Adolf, Founder and CEO of Focus Financial Partners said, “The marketplace has continued to support the success of Focus’ business model. Our strategy of bringing together high-performing, entrepreneurial firms to help them perform even better is well-recognized by other industry leaders. The addition of this credit facility supports the overall growth of the firm, and our Partners will benefit from having access to this powerful source of financing.”
Founded in 2006, Focus Financial Partners has grown to include 23 firms in the U.S. and U.K. Focus will use the capital to continue growing the business with acquisitions of quality wealth management firms and wirehouse teams.
Focus also continues to dedicate additional resources to a variety of activities to support the growth of its Partners including: recruiting and sub acquisitions, expansion of services, technology advancement, marketing and business development.
About Focus Financial Partners
Founded in 2006, Focus Financial Partners, LLC, is the leading international partnership of independent, un-biased and un-conflicted wealth management firms. With over $45 billion in client assets and approximately 750 employees, Focus’ Partners provide wealth management, benefit and investment consulting services to individuals, families, employers and institutions. Clients benefit from Focus’ Partners independence, unrivaled access and continuity. Focus principals maintain their entrepreneurial independence, benefit from the synergies, scale, economics and best practices of the market leader, and achieve an eventual, smooth ownership transition. For more information, please visit www.focusfinancialpartners.com.