Polaris, Summit back wealth management firm with $50m growth investment
Focus Financial Partners, a partnership of independent wealth management firms, has secured $50m in growth capital from Polaris Venture Partners and Summit Partners. Polaris contributed $35m and Summit Partners, Focus’ initial backer in January 2006, the additional $15m.
Focus has also extended and amended its bank credit facility with a $30m accordion to further expand its capital structure.
The capital from the $50m investment will be used to continue with acquisitions of wealth management firms.
Concurrent with the deal, Focus has acquired financial advisory, investment and tax services firm Joel Isaacson & Co Inc. The purchase grows Focus’s assets to more than $31bn and extends its presence in New York.
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.”
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Private Equity News» By News Type» Deal News
Private Equity News» By PE Sector» Venture/Growth
Private Equity News» By Region» North America» United States
Private Equity News» By News Type» Deal News
Private Equity News» By PE Sector» Venture/Growth
Private Equity News» By Region» North America» United States
