Investors recognize the Focus model as the clear winner in wealth management
NEW YORK--(Business Wire)--
Focus Financial Partners, LLC, ("Focus") the leading partnership of independent
wealth management firms, today announced that Polaris Venture Partners
("Polaris") and Summit Partners have invested $50 million growth capital in
Focus, with Polaris contributing $35 million and Summit Partners, Focus` initial
backer in January 2006, an additional $15 million. Concurrent with the
investment, Focus extended and amended their bank credit facility with a $30
million accordion to further expand the capital structure.
Focus will use the capital to continue with acquisitions of quality wealth
management firms. Focus is also dedicating additional resources to a variety of
activities to support growth for partners including: recruiting and sub
acquisitions, expansion of services, marketing and business development.
Rudy Adolf, Founder and CEO of Focus said, "We continue to attract new partner
firms and stay committed to investing in the growth of our existing partner
firms. This funding provides us with the additional firepower we need to further
accelerate our growth in the face of the tremendous opportunity that lies before
the RIA industry at this time."
Polaris is a partnership of experienced venture capital investors and operating
executives. Polaris is committed to providing growth equity and shareholder
liquidity to established companies in a variety of sectors. The firm has over $3
billion under management and current investments in more than 100 companies.
In analyzing companies for its portfolio, the firm considers many factors
including industry and demographic trends, the financial track record of the
firm, and the strength of the management team. Alan Spoon, General Partner at
Polaris Ventures said, "After analyzing the Focus strategy and its individual
partner firms in detail, we were convinced that the Focus partnership is
delivering precisely what clients are looking for - high quality, independent
investment advice and an exceptional client experience - all within an
outstanding overall business model."
Kevin Mohan, Managing Director at Summit Partners explains, "We invested
initially at the founding of Focus in January 2006. Since then, we have seen
Focus and its partner firms grow beyond our expectations -- through both good
markets and volatile ones. We are excited to increase our commitment and pleased
to welcome Polaris as a co-investor."
About Focus Financial Partners
Focus Financial Partners, LLC, is the leading international partnership of
independent, fiduciary wealth management firms. With over $31 billion in assets
and over 600 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.
About Polaris Venture Partners
Polaris Venture Partners is an early stage venture capital firm with two
locations in the U.S.: Boston, Massachusetts, and Seattle, Washington. Polaris
currently has over $3.0 billion under management with investments in more than
90 diversified information technology and life sciences companies. Through its
philosophy of active lead investing and partnering with early and revenue stage
companies, the firm`s team of experienced venture investors and technology
executives has generated triple-digit returns from investments across its four
funds. For more information, please visit www.polarisventures.com.
About Summit Partners
Summit Partners is a growth equity investor providing private equity and venture
capital to rapidly growing companies. Summit seeks outstanding management teams
that have built their companies to profitability and market leadership, and
provides capital for growth, for recapitalizations and for management buyouts.
Founded in 1984, Summit has raised more than $11 billion in capital since
inception and invested in more than 300 growing companies across a range of
geographies and industries. For more information, please visit
www.summitpartners.com.
Focus Financial Partners, LLC
Jennifer Geoghegan, 646-576-6586
jgeoghegan@ffpar.com
or
Cognito
Loretta Mock, 646-395-6300
Loretta.Mock@cognitomedia.com
Copyright Business Wire 2009
