Focus Financial Partners says it is acquiring InterOcean, a $2.5 billion Chicago-based RIA. This latest deal is RIA aggregator’s third partner firm purchase and the 11th transaction so far this year.
“We expect to announce additional transactions in the coming weeks as our M&A momentum increases,” according to Focus CEO Rudy Adolf.
The group now includes 65 partner firms working in four countries with a $200 billion in combined client assets. Its revenues in the first half of 2020 were $650 million, more than twice those of the same period of 2019; net income in Q1 and Q2 of 2020 totaled $37 million, and $109 million on an adjusted basis.
New Firm Details
As for its newest partner, InterOcean was founded in 2005 and will continue to be led by co-founders Tege Eisaman, Mark Carr and Jeffrey Camp.
“This partnership [with Focus] will … give us access to the growth capital and other resources that will help us accelerate the expansion of our business,” said Eisaman, InterOcean’s CEO and chief investment officer, in a statement.