Focus Financial Partners Files for IPO

Banking, finance, and taxes

Published: May 24, 2018 11:20 am

Last Updated: January 11, 2020 11:12 pm

Focus Financial Partners has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing, although the offering is valued up to $100 million. The company intends to list its shares on the Nasdaq under the symbol FOCS.

The underwriters for the offering are Goldman Sachs, Merrill Lynch, KKR, BMO Capital Markets, RBC Capital Markets, SunTrust Robinson Humphrey, Keefe Bruyette & Woods, Raymond James and William Blair.

This is a leading partnership of independent, fiduciary wealth management firms operating in the highly fragmented registered investment advisor industry, with a footprint of over 50 partner firms across the country.

Its partner firms primarily service high net worth individuals and families by providing highly differentiated and comprehensive wealth management services. These partner firms benefit from its intellectual and financial resources, operating in a scaled business model with aligned interests, while retaining their entrepreneurial culture and independence.

The firm described its finances in the filing as follows:

For the year ended December 31, 2017, we generated total revenues of $662.9 million, net loss of $48.4 million, Adjusted EBITDA of $145.2 million and Adjusted Net Income of $96.6 million. For the three months ended March 31, 2018, we generated total revenues of $196.2 million, net loss of $12.1 million, Adjusted EBITDA of $44.2 million and Adjusted Net Income of $28.3 million. Over the last three fiscal years, our total revenues, our net income, our Adjusted EBITDA and our Adjusted Net Income have changed at compounded annual growth rates (CAGR) of 26.7%, (259.2)%, 28.9% and 20.0%, respectively.

Focus Financial Partners intends to use the net proceeds from this offering to repay its debt, as well as for general corporate business purposes.

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