Reinforces Confidence of Management and Board of Directors in Focus' Business Model and Long-Term Growth Opportunities
NEW YORK, NY / ACCESSWIRE / May 12, 2022 / Focus Financial Partners Inc. (NASDAQ:FOCS) ("Focus" or the "Company"), a leading partnership of independent, fiduciary wealth management firms, announced today that its Board of Directors approved a share repurchase program to repurchase up to $200 million of the Company's Class A common stock from time to time in the open market, in privately negotiated transactons, or by such other means as will comply with applicable state and federal securities laws.
"The authorization of this share repurchase program reinforces our confidence in the continued success of the Focus business model and its ability to create long-term shareholder value," said Rudy Adolf, Founder, CEO and Chairman of Focus. "The authorization will provide us with additional flexibility in our capital allocation strategy to invest in the highest return opportunities. We reiterate our commitment to investing in leading wealth management firms in the U.S. and strategically important international markets as we seek to grow our global partnership of 85 firms, while maintaining our net leverage ratio within a range of 3.5x to 4.5x. We also reaffirm our 20+% revenue and Adjusted EBITDA growth targets for 2022 and our progress towards our 2025 objectives as we expect that we will be continued beneficiaries of the substantial industry growth and consolidation."
The timing and amount of any repurchases under this share repurchase program will depend on market conditions, contractual limitations and other considerations. The program may be extended, modified, suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or number of shares.
About Focus Financial Partners Inc.
Focus Financial Partners Inc. is a leading partnership of independent, fiduciary wealth management firms. Focus provides access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with comprehensive wealth management services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices offered by Focus to achieve their business objectives. For more information about Focus, please visit www.focusfinancialpartners.com.
Cautionary Note Concerning Forward-Looking Statements
This release contains certain forward-looking statements that reflect Focus' current views with respect to certain current and future events. These forward-looking statements are, and will be, subject to many risks, uncertainties and factors relating to Focus' operations and business environment, including the impact of the conflict in Ukraine, which may cause future events to be materially different from these forward-looking statements or anything implied therein. Any forward-looking statements in this release are based upon information available to Focus on the date of this release. Focus does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could affect Focus may be found in Focus' filings with the Securities and Exchange Commission.
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SOURCE: Focus Financial Partners