An investment consortium will acquire a majority stake in international advice network Focus Financial, which recently acquired a Brisbane advice firm with MW Lomax and has expressed further plans for its Australian expansion.
In the past, Focus has received strong backing from private equity groups Centerbridge Partners, Summit Partners and Polaris Partners. These firms, along with "certain wealth management affiliates and employees," have now sold their combined stake to a consortium led by Stone Point Capital and global investment manager KKR.
Focus, which has more than 45 partner firms and affiliates in the US, UK, Canada, China and now Australia, made 20 acquisitions in 2016 and announced six so far this year.
According to founder and chief executive Rudy Adolf - who, along with the rest of the senior management team, will continue to run the business - said the group's new investors will help drive even further growth.
"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," Adolf said.
"We are committed to being the best partner to entrepreneurial wealth management firms throughout the US 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."
KKR co-founder and co-chief executive Henry Kravis added: "By consistently delivering value to its clients and partner firms, Focus has distinguished itself as the partner-of-choice for leading independent wealth managers in the US and beyond. We look forward to supporting the firm's continued success by leveraging our global network and resources."