Focus Financial Partners - FOCS STOCK NEWS

Focus Financial Partners Inc. (NASDAQ:FOCS) has announced an agreement with Westcourt Capital Corporation, an independent investment advisory firm based in Toronto, to join its partnership, marking the fifth partner firm in Canada. The transaction is set to close in Q2 2023, subject to customary conditions. Westcourt Capital, recognized for its expertise in alternative investment strategies, will enhance Focus's presence in the ultra-high net worth market. This addition reflects Focus's ongoing expansion strategy, with 16 transactions completed year-to-date.

Focus Financial Partners Inc. (NASDAQ:FOCS) has announced a definitive agreement for Hausman Advisors, LLC to join Buckingham Strategic Wealth, LLC. This acquisition enhances Buckingham's presence in Oregon, where Hausman has served clients in technical and scientific disciplines since 2008. The transaction is expected to close in the second quarter of 2023, pending customary closing conditions. Both firms emphasize client service and evidence-based investment strategies, aligning their philosophies. The partnership is anticipated to benefit Hausman's clients by providing access to Buckingham's extensive wealth management resources.

Focus Financial Partners Inc. (NASDAQ:FOCS) has entered into a definitive agreement to be acquired by Clayton, Dubilier & Rice (CD&R) in an all-cash transaction valued at over $7 billion.

Stockholders will receive $53 per share, approximately 36% more than the 60-day volume weighted average price as of February 1, 2023, and 48% above the closing price from December 28, 2022. The acquisition is seen as advantageous due to Focus' strong competitive positioning in the wealth management industry. The deal is anticipated to close in the third quarter of 2023, subject to stockholder and regulatory approvals.

Focus Financial Partners (NASDAQ: FOCS) announced a definitive agreement for Hotaling Investment Management to join its partner firm GYL Financial Synergies. This acquisition, which is set to close in Q2 2023, will enhance GYL's operational scale and client outreach, particularly in the Philadelphia area. Hotaling, a wealth management firm focused on high-net-worth individuals, will benefit from GYL's existing resources and expertise. The merger aims to drive growth and expand geographic presence while preserving Hotaling's legacy and client service model.

Focus Financial Partners Inc. (NASDAQ:FOCS) announced a definitive agreement for Cortina Business Management to join its partner firm Gelfand, Rennert & Feldman (GR&F). The merger, expected to close in Q1 2023, will enhance GR&F's geographic presence in the Northeast and broaden its client base. Founded in 2002, Cortina offers family office and business management services to high-profile clients, which will complement GR&F's offerings. This strategic move aims to accelerate GR&F's growth by leveraging combined resources and talent, enhancing the service experience for clients.

Focus Financial Partners Inc. (NASDAQ: FOCS) announced a definitive agreement for Davis Financial Planning, LLC (DFP) to join its partner firm Buckingham Strategic Wealth, LLC. The transaction, expected to close in Q2 2023, enhances Buckingham's presence in Asheville, NC, adding experienced advisors focused on personalized financial planning. DFP, founded in 2010, aims to improve community engagement and service quality through this partnership. Focus CEO Rudy Adolf emphasized that this expansion solidifies Buckingham's stature as a leading wealth manager.

Focus Financial Partners reported solid full-year results for 2022, achieving total revenues of $2.1 billion, a 19.2% growth year-over-year. The fourth quarter generated $547.7 million in revenue, marking a 4.5% increase from the previous year, despite facing a negative organic revenue growth of -3.5%. GAAP net loss for Q4 was ($1.4 million), with basic income per share of $0.01. Full-year GAAP net income stood at $125.3 million, with an income per share of $1.40. The company closed 24 transactions in 2022, including 5 new partner firms. As of year-end, cash and cash equivalents were $140 million. Focus plans to maintain its Net Leverage Ratio between 3.5x and 4.5x.

Focus Financial Partners (NASDAQ:FOCS) announced a minority investment in Luminary Platforms, a tech platform enhancing how advisors connect client assets with legacy goals. This strategic investment aims to strengthen the offerings for Focus' partner firms through improved client solutions.

Luminary, founded in 2022, provides integrated trust and estate planning services that enable advisors to foster deeper client relationships. Focus's CEO, Rudy Adolf, emphasized that the platform aims to enhance intergenerational wealth transfer and philanthropy, aligning with their goal of advancing wealth management services.

Focus Financial Partners (Nasdaq: FOCS) will report its fourth quarter and full year results for 2022 on February 16, 2023. The results will be available on their website in the Investor Relations section. A conference call hosted by CEO Rudy Adolf and CFO Jim Shanahan will follow at 8:30 a.m. Eastern Time to discuss the outcomes and business outlook. Due to a recent acquisition proposal with Clayton, Dubilier & Rice, the company won't take questions post-remarks. Registration for the call starts 15 minutes prior to the event, accessible via the provided link.