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Komfie Manalo, Opalesque Asia: Stone Point Capital and KKR have acquired a majority stake in wealth management firm Focus Financial Partners. Both KKR and Stone Point placed Focus Partners' value at approximately $2bn. Under the deal, the selling shareholders include Focus' existing private equity investors, Centerbridge Partners, Summit Partners and Polaris Partners, as well as certain wealth management affiliates and employees.
Rudy Adolf, founder and CEO of Focus Financial, said, "Stone Point and KKR are highly regarded investors who support entrepreneurs in the financial services industry. A key reason for our partnership is the vision we share for continued growth. We are committed to being the best partner to entrepreneurial wealth management firms throughout the U.S. and across the globe, and we remain committed to creating value for all of our shareholders, including our clients, partner firms and affiliates, and employees."
This is the third liquidity event for Focus and its wealth management affiliates since 2013. Focus' senior management team will continue to lead the business and each will remain a significant shareholder.
Stone Point Capital CEO Chuck Davis commented on the deal, "Rudy and his team have built a remarkable business model that provides relentless support to their independent wealth manag...................... To view our full article Click here
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