PE-backed Focus Financial goes public

Focus Financial Partners, a partnership of independent, fiduciary wealth management firms, has debuted its IPO after pricing its over 16 million shares at $33 per share. The stock began trading July 26, 2018 on the NASDAQ under the ticker symbol “FOCS.” Goldman Sachs, BofA Merrill Lynch, KKR Capital Markets, BMO Capital Markets, RBC Capital Markets and SunTrust Robinson Humphrey are the underwriters. Focus Financial’s pre-IPO backers are KKR and Stone Point Capital.

PRESS RELEASE

NEW YORK–(BUSINESS WIRE)–Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”) announced today the pricing of an initial public offering of 16,216,217 shares of its Class A common stock at $33.00 per share. The shares are expected to begin trading on the NASDAQ Global Select Market under the ticker symbol “FOCS” on July 26, 2018. In addition, Focus granted the underwriters a 30-day option to purchase up to an additional 2,432,433 shares of Focus’s Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on July 30, 2018, subject to customary closing conditions.

Focus expects to receive approximately $535.1 million of gross proceeds from the offering, or $615.4 million if the underwriters exercise their option to purchase additional shares in full. Focus intends to use a portion of the net proceeds from the offering to redeem outstanding limited liability company units (“Units”) in Focus Financial Partners, LLC (“Focus LLC” and Units therein, “Focus LLC Units”), its subsidiary, from certain existing holders. Focus intends to contribute the remaining net proceeds to Focus LLC in exchange for Focus LLC Units. Focus LLC will use such net proceeds to reduce indebtedness under its credit facilities and for acquisitions and general corporate business purposes. If the underwriters exercise their option to purchase additional shares, Focus intends to contribute the proceeds it receives to Focus LLC in exchange for additional Focus LLC Units, and Focus LLC will use such proceeds for acquisitions and general corporate business purposes.

Goldman Sachs & Co. LLC, BofA Merrill Lynch, KKR Capital Markets, BMO Capital Markets, RBC Capital Markets and SunTrust Robinson Humphrey are acting as joint book-running managers for the offering. Fifth Third Securities, Keefe Bruyette & Woods, a Stifel Company, MUFG, Raymond James & Associates, Inc., Regions Securities LLC and William Blair are acting as co-managers.

The offering of these securities will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. A copy of the prospectus may be obtained from:
Goldman Sachs & Co. LLC

Attention: Prospectus Department
200 West Street
New York, NY 10282
Phone: +1-866-471-2526
prospectus-ny@ny.email.gs.com

BofA Merrill Lynch
Attention: Prospectus Department
NC1-004-03-43, 200
200 North College Street, 3rd Floor
Charlotte, NC 28255-0001
dg.prospectus_requests@baml.com

About Focus Financial Partners Inc.
Focus Financial Partners is a leading partnership of independent, fiduciary wealth management firms. Focus provides access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with comprehensive wealth management services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices offered by Focus to achieve their business objectives.