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Focus Financial Partners (NASDAQ:FOCS) successfully closed a credit refinance and raised $2 billion through new term loans. The $1.76 billion Term Loan B will refinance existing debt, maturing in June 2028, with an interest rate of SOFR + 325 bps. The $240 million Term Loan A matures in November 2027 with an interest rate of SOFR + 250 bps. Additionally, the $650 million Revolver was extended to November 2027. This refinancing strategy aims to enhance financial flexibility and fund future acquisitions while maintaining a targeted Net Leverage Ratio of 3.5x to 4.5x.
Focus Financial Partners (NASDAQ:FOCS) announced its partnership with Clinstman Financial Planning, a registered investment adviser based in Southlake, TX. This definitive agreement will see Clinstman join Focus's partner firm, Buckingham Strategic Wealth, in the first quarter of 2023, pending customary closing conditions. Clinstman, founded in 2002, specializes in fee-only holistic wealth management. The partnership aims to enhance client services in the Dallas/Fort Worth area by leveraging Buckingham's resources and expertise.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced that Rudy Adolf, Founder and CEO, along with CFO Jim Shanahan, will present at the Goldman Sachs 2022 US Financial Services Conference on December 6, 2022 at approximately 10:40 a.m. ET. Their discussion will cover the company's business strategy, financial performance, and future outlook.
A live webcast of the presentation will be available on Focus's website, with a replay option for those unable to attend live.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced the upcoming partnership with Spectrum Management Group, LLC, expected to close in Q1 2023. Spectrum, a registered investment adviser based in Indianapolis, specializes in serving high-net-worth families and professionals across the U.S. Spectrum's expertise includes investment management, tax planning, and family office services. The partnership aims to enhance Spectrum's resources while retaining its core values. Focus CEO Rudy Adolf emphasized Spectrum's strong client relationships and market presence as key factors in the partnership.
Focus Financial Partners Inc. (NASDAQ:FOCS) has announced a new credit facility aimed at refinancing its existing First Lien Term Loan and Revolver, which are due in 2024. The company may also raise additional debt for general corporate purposes. This transaction is expected to close in Q4 2022. Focus reaffirms its net leverage ratio target of 3.5x to 4.5x, indicating a commitment to maintaining financial stability amidst refinancing efforts.
Focus Financial Partners Inc. (NASDAQ:FOCS) has announced the addition of Brad Parsons as a Managing Director and Senior Financial Advisor at its partner firm Edge Capital Group. Based in Dallas, Parsons specializes in catering to ultra-high net worth clients. He joins Edge after a decade in investment management, highlighting Edge's commitment to independent fiduciary advice. Focus emphasizes its role in facilitating growth for partner firms through M&A, enabling them to attract talent and enhance service offerings.
Focus Financial Partners reported robust Q3 2022 results, achieving total revenues of $519.9 million, marking a 14.4% year-over-year growth. The company experienced an organic revenue growth rate of 3.4% and a GAAP net income of $38.3 million. Adjusted net income, excluding tax adjustments, was $70.1 million, with $0.86 per share. The firm closed or announced 24 transactions so far this year, underscoring a strong M&A activity. Despite market volatility, management expresses confidence in future growth and shareholder value enhancement.
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Focus Financial Partners Inc. (NASDAQ:FOCS) announced an agreement for Schur & Sugarman, C.P.A., a business management firm, to join its partner firm Provident Financial Management, LLC. This strategic move aims to enhance Provident's service offerings and expand its client base in the entertainment industry. The acquisition is set to close in Q4 2022, pending customary conditions. Founded in 1992, Schur & Sugarman provides comprehensive business management services to high net worth individuals. This acquisition marks a significant growth opportunity for both Focus and Provident.
Focus Financial Partners Inc. (NASDAQ:FOCS) announced the addition of investment advisor Paul Guidry to its partner firm Summit Financial Wealth Advisors, enhancing their presence in the greater New Orleans area. Guidry, with over 20 years of experience, will leverage Summit's advanced technology and resources to better serve clients. This strategic move aligns with Summit's core values of humility, teamwork, and growth, aiming to provide an elevated level of personalized wealth management services. The transition ensures continuity of service for Guidry's clients.
