Focus Financial Partners Announces Merger of Loring Ward with The Buckingham Family of Financial Services

From Marketwatch -- Focus Financial Partners Inc. announced that Loring Ward Holdings has agreed to merge with Focus partner firm, The Buckingham Family of Financial Services. 

"We are very excited to be joining forces with the Buckingham and Focus teams," said Loring Ward CEO, Alex Potts.

"We all share a fiduciary oriented desire to help entrepreneurs, their team members and their clients and are excited about the new opportunities that a combination with Buckingham will bring."

"We are very pleased to welcome Loring Ward to the Focus family. This merger is one of the largest transactions in the history of Focus and is a consummate example of the type of firms we seek to attract and the value we add to our partner firms in the execution of their growth strategies," said Chairman and CEO, Rudy Adolf.

"This merger will create a true leader in the wealth management solutions space -- creating a scale player serving over 300 registered investment advisers combined."

The terms of the transaction include cash consideration of $117.5 million and $117.5 million in Focus Class A common stock.

Additional contingent consideration opportunities are available based on revenue growth thresholds over the two successive three-year periods following closing. Cash consideration will be funded by a combination of existing cash and borrowings under Focus' revolving credit facility.

On an Adjusted Net Income Per Share [1] basis, the transaction is expected to be accretive to Focus shareholders immediately after closing, excluding synergies. Focus also expects to realize revenue and cost synergies through a combination of operational and integration-related activities.

The transaction is expected to close on or about year-end 2018 and is subject to customary closing conditions.

Focus has posted supplemental slides and a video in the investor relation section of its website, www.focusfinancialpartners.com, which provide more information on the transaction.

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