National Financial Partners Corp. says it continued to acquire financial services distribution firms in the second quarter.[@@]
NFP, New York, a company that is building a national distribution network through acquisitions and alliances, is reporting $12 million in net income for the latest quarter on $205 million in revenue, up from $10 million in net income on $152 million in revenue for the second quarter of 2004.
NFP says it paid a total of $4.9 million in cash and 662,000 shares of NFP common stock for 7 direct acquisitions and 2 “sub-acquisitions” by owned firms.
In the second quarter of 2004, NFP paid $7.9 million in cash and 139,500 shares of NFP common stock for 4 direct acquisitions and 1 sub-acquisition.
The company now has a network of about 160 company-owned firms and 210 affiliated firms.