Centerbridge Partners backs Focus Financial Partners with $216m


dollar 20_sqPrivate equity firm Centerbridge Partners has agreed to invest $216m in Focus Financial Partners, a partnership of wealth management firms.

Following the deal, Focus partners and management will retain a majority ownership in the company. And early investors Summit Partners and Polaris Ventures will remain shareholders.

Centerbridge managing director Matthew Kabaker said, “Since the founding of the business in 2006, Focus has assembled an exceptional group of partner firms across the country dedicated to providing independent, high-quality advice to their clients.

“Consistent with other investments Centerbridge has made in market-leading businesses and industry consolidators across various industries, Focus has a strong track record, first-class management team, and a well-developed infrastructure which position it for further expansion.

“We are pleased to have the opportunity to partner with Focus management, its partner firms, and existing capital providers, Summit Partners and Polaris Ventures, in the next stage of their growth.”

Earlier this year Centerbridge sold Aquilex Specialty Repair & Overhaul to NYSE-listed electrical equipment manufacturer AZZ for $250m.

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