Focus Financial Partners said Friday it nearly doubled its credit facility to $1 billion to further support its growth plans. Bank of America, SunTrust, J.P. Morgan, Citizens Bank, U.S. Bank and other financial groups are extending the funds to the wealth-management partnership.
“Focus has continued its upward trajectory in 2015 with high deal volume and strong momentum. The upsizing demonstrates the strength of our business model, the sustainability of our economic model and the scale of opportunities ahead,” said Rudy Adolf, founder and CEO, in a statement. “The credit facility further enhances our balance sheet, and aligns with our plans to support our existing partner firms.”
The $1 billion credit facility is available to all Focus partners, according the company. It also will be used to fund the Focus Connections program, which helps elite brokers from the wirehouses set up independent RIAs, and Focus Successions, which assists sole practitioners to implement succession plans.
“The upsizing represents an increase of 82% since December 2013 and now includes 12 financial institutions in the syndicate of lenders. We are delighted that the Focus model is well recognized by the industry leaders,” said James Shanahan, CFO of Focus Financial Partners, in a statement.
“This expanded credit facility increases our capacity for supporting our partner firms’ business growth and M&A activities,” Shanahan said.