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Focus Financial Partners (NASDAQ:FOCS) has successfully closed a new $800 million tranche to its existing First Lien Term Loan. The initial $650 million has been drawn, with a further $150 million available on a delayed draw basis. This tranche will carry a LIBOR + 250 basis points interest rate, aiding the firm in pre-funding anticipated M&A transactions. Currently, the Term Loan balance stands at approximately $2.3 billion. Focus aims to increase its M&A activities significantly in the coming months, showcasing a robust pipeline and financial flexibility.
Focus Financial Partners (NASDAQ:FOCS) announced a definitive agreement for New Providence Asset Management to join The Colony Group, enhancing its institutional investment capabilities. This merger, expected to close in Q3 2021, marks Colony's eighth merger this year. New Providence, founded in 2003, specializes in OCIO services for ultra-high net worth clients and institutions. The transaction aims to strengthen Colony's offerings and is part of Focus' strategy to expand its presence in the ultra-high net worth sector, showcasing significant M&A momentum.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced its second Investor Day for the investment community on December 9, 2021, beginning at 8:00 a.m. Eastern Time. The event will cover the company's business, competitive positioning, financial performance, and long-term growth strategy. Presentations will be made by Focus' management and partner firms. A live video webcast and materials will be available through the Investor Relations section of their website. Focus assists independent wealth management firms with resources and best practices to enhance operations.
Focus Financial Partners (NASDAQ:FOCS) announced that Connectus Wealth Advisers has signed an agreement for the George Ferizis Group to join its network. This transaction is expected to finalize in Q3 2021, pending customary conditions. Ferizis, based in Bankstown, New South Wales, specializes in comprehensive wealth management and has been a trusted partner for small businesses since 1979. This acquisition enhances Connectus's client service and expands its tax and accounting capabilities, particularly in the Sydney area.
Focus Financial Partners (NASDAQ:FOCS) announced that Badgley Phelps Wealth Managers, a prominent RIA in Seattle, will join its partnership, pending closure in Q3 2021. Established in 1966, Badgley Phelps specializes in customized wealth and investment management for high net worth clients. The partnership is expected to enhance Badgley Phelps' growth opportunities by providing access to advanced tools and resources while allowing operational independence. Focus aims to leverage scale advantages and sophisticated solutions to meet evolving client needs and maintain industry leadership.
Focus Financial Partners (NASDAQ:FOCS) has announced the pricing of its underwritten secondary offering of 7,417,929 shares of Class A common stock at a price of $50.30 per share. This offering includes shares from KKR, which will exit their remaining interests in Focus. The offering is expected to close on June 23, 2021. Although Focus will not receive proceeds from KKR’s shares, it will contribute proceeds from its own shares to its operating subsidiary. This offering is not expected to dilute existing shareholder equity.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced a secondary offering of 7,419,939 shares of its Class A common stock. This includes 7,144,244 shares from certain stockholders affiliated with Kohlberg Kravis Roberts & Co. L.P. and 275,695 shares from Focus itself. KKR will exit ownership interests in Focus post-offering. The net proceeds from the shares offered by Focus will be directed to Focus LLC for unit purchases. Importantly, this offering will not dilute existing shareholders. Goldman Sachs is the sole book-running manager for the offering.
Focus Financial Partners (NASDAQ:FOCS) announced plans to add a $800 million tranche to its First Lien Term Loan, targeting a 3.5x to 4.5x net leverage ratio. The new 7-year tranche, which includes a $400 million delayed draw feature, is expected to close in early July. Proceeds will pre-fund anticipated acquisitions. Current outstanding balances under the Term Loan are approximately $1.6 billion. Focus is optimistic about its record M&A pipeline while exercising capital allocation prudence.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced its participation in the Morgan Stanley 2021 US Financials, Payments & CRE Conference on June 14, 2021, at 8:45 a.m. ET. CEO Rudy Adolf and CFO Jim Shanahan will discuss the company's business strategy, financial performance, and outlook.
A live webcast will be available on the company's website, with a replay accessible later for those unable to attend.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced that ARS Wealth Advisors, an integrated wealth management firm based in Florida, will join its partnership. The transaction is anticipated to close in Q3 2021, contingent on standard closing conditions. Founded in 1997, ARS Wealth provides tailored fiduciary wealth management services to high-net-worth clients across the U.S. This partnership marks Focus's fourth new partner firm this year and expands its footprint in Florida's growing wealth market, enhancing its competitive edge through scale and resources.