Focus Financial Partners’ revenue in the second quarter soared 30% from last year to $301.5 million. The RIA acquirer and deal-maker says it added two new partner firms and wrapped up nine mergers for existing partner firms in the period.
Through Thursday, the firm says it completed 30 transactions, including six acquisitions and 24 mergers. “We participate in a multitrillion-dollar industry that is experiencing rapid secular growth and consolidation,” according to CEO and Chairman Rudy Adolf.
The firm’s net income was $3.1 million in Q2’19 vs. a loss of $7.7 million a year ago. On an adjusted basis, profits jumped to $41.2 million, or $0.55 per share, from $29 million, or $0.44 per share.
“We had an excellent second quarter and first half of 2019, characterized by the strong performance of our partner firms and access to highly attractive opportunities to deploy our capital,” Adolf said in a statement.