Banking, finance, and taxes
Focus Financial Partners Files for IPO
Published:
Last Updated:
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.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
