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Focus Financial Partners (NASDAQ:FOCS) has announced a definitive agreement for Integer Wealth Advisors Group to join its partner firm JFS Wealth Advisors. This merger, subject to customary closing conditions, aims to enhance operational and investment capabilities for JFS and expand its geographic presence in Pennsylvania and Georgia. Integer's team, founded in 2005, focuses on high net worth clients, offering wealth management and tax advisory services. This strategic move adds experienced advisors to JFS's leadership, contributing to its growth and succession planning.
Focus Financial Partners reported strong first quarter results for 2021, with total revenues reaching $394.2 million, marking a 16.9% year-over-year growth. The organic revenue growth rate stood at 12.2%. Despite a GAAP net income of $2.5 million, adjusted net income was $63.4 million, with a per-share figure of $0.80. The company maintained a net leverage ratio of 3.79x and achieved adjusted EBITDA of $101 million, signaling positive operational momentum. New initiatives included a joint venture with Orion Advisor Solutions and the launch of Beryllus Capital.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced a definitive agreement for Carolina Capital Consulting to join its partner firm Buckingham Strategic Wealth. This transaction, expected to close in Q3 2021, will enhance Buckingham's wealth management capabilities in North Carolina. Carolina Capital, a fiduciary firm established in 1994, specializes in wealth management and tax planning, particularly for professionals in the healthcare sector. The partnership aims to improve client service and expand the firms' national reach while maintaining their operational independence.
Focus Financial Partners (NASDAQ:FOCS) announced that Connectus Wealth Advisers has entered into a definitive agreement to acquire Aspiri Financial Services Group, a wealth management firm based in Queensland, Australia. This transaction is expected to close in Q2 2021, pending customary conditions. Aspiri specializes in offering personalized financial advice and investment management services. The partnership aims to enhance Connectus's capabilities and footprint in Australia, supporting growth and resource access for Connectus and its advisors.
Focus Financial Partners Inc. (NASDAQ: FOCS) announced it will release its first-quarter results for the period ending March 31, 2021, on May 6, 2021. A slide presentation will accompany the results, available on its Investor Relations website. Founder and CEO Rudy Adolf, along with CFO Jim Shanahan, will host a conference call at 8:30 a.m. ET the same day to discuss results and future outlook. The call can be accessed via phone or through a live audio webcast, with registration beginning 20 minutes prior to the start.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced a definitive agreement for Investment Counsel, Inc. to join its partner firm LaFleur & Godfrey LLC. This merger is set to close in Q2 2021, pending customary conditions. Investment Counsel, led by Chris Walker, provides portfolio management to high-net-worth clients and will enhance L&G's investment capabilities. L&G aims to utilize Investment Counsel's expertise to strengthen client service. Rudy Adolf, Focus's CEO, highlights this transaction as a testament to their M&A strategy and succession planning.
Focus Financial Partners has announced the launch of Beryllus Capital, a joint venture with the Hinduja Group, aimed at serving ultra-high net worth families globally. Based in London, Geneva, and Singapore, Beryllus Capital will offer investment management, banking, and real estate advisory services. The firm, led by seasoned wealth advisors, will leverage its global client relationships to provide bespoke strategies for clients' investments and philanthropic activities. This venture marks a significant expansion into the ultra-high net worth segment for Focus.
Focus Financial Partners (NASDAQ:FOCS) announced a partial exercise of an underwriters' option to purchase an additional 987,367 shares of Class A common stock, priced at $48.00 per share, following a secondary offering that closed on March 2, 2021. The transaction is set to close on March 16, 2021, pending customary conditions. Focus will not receive proceeds from the sale as the shares are sold by existing stockholders. This reflects ongoing activity in the company's capital structure while facilitating liquidity for its shareholders.
Focus Financial Partners (NASDAQ:FOCS) announced an agreement for Rollins Financial, an Atlanta-based investment adviser, to join its partnership. The transaction, expected to close in Q2 2021, will enhance Focus's presence in the Southeast wealth management market. Founded in 1990, Rollins Financial specializes in a client-centric service model, providing comprehensive financial and investment management services. This partnership aims to leverage Focus's resources and expertise, enabling Rollins Financial to maintain high service levels and capitalize on growth opportunities.
Focus Financial Partners (NASDAQ:FOCS) announced an underwritten secondary offering of 7,000,000 shares at a price of $48.00 per share, with proceeds expected to be approximately $12.1 million. The offering includes shares sold by stockholders affiliated with Kohlberg Kravis Roberts and Stone Point Capital, plus a 30-day option for underwriters to purchase an additional 1,050,000 shares. Focus will not receive proceeds from the majority of the offering, but will contribute its share proceeds to its operating subsidiary, Focus LLC.