Focus Financial Partners, a publicly traded partnership of fiduciary wealth management firms, announced that Beaumont Financial Partners, a registered investment advisor based in Needham, Mass., will be joining the Focus network. The transaction, which is the fourth Focus has announced this year, is expected to close in the fourth quarter.
Established in 1999 from predecessor firm Beaumont Trust Associates, Beaumont, with $3 billion in assets, provides investment management, wealth and estate planning, tax preparation, insurance solutions and pension consulting services to high-net-worth individuals and families. The firm will continue to be led by Tom Cahill and Larry Fiore as managing partners and Phil Dubuque as CIO, as well as the rest of the leadership team.
"Our strategic relationship with Focus will provide our team with expanded resources and enhance the solutions we can offer our clients through their value-add programs,” said Cahill. “We appreciate that as a Focus partner firm, we will maintain our entrepreneurial culture and autonomy. Access to Focus' industry-leading network of 87 like-minded partners will also allow us to refine our best practices and improve our client experience. With Focus as a partner, we are well positioned to advance our growth trajectory in the years to come."
"We are delighted to welcome a firm of Beaumont's caliber and reputation to the Focus partnership as our fourth new partner year to date," said Rudy Adolf, founder, CEO and chairman of Focus. "Beaumont's track record of growth, strength of its advisory offering, and its incredible team will be a strong fit with our partnership from day one. Beaumont augments our extensive presence in and around Boston, and it will benefit from our value-added resources as well as its proximity to other leading Focus partners in the Northeast."
Since it was founded in 2006, Focus has done more than 250 deals and added 87 partner firms to its rapidly growing platform. In 2021, the firm added 14 new partner firms and reported annual revenue of $1.8 billion, with an "adjusted" EBITDA of $453.1 million. Adolf indicated late last year that he plans to reach $4 billion in revenue, $1.1 billion in EBITDA and 125 partner firms by 2025.
Colchester Partners, an investment banking and M&A advisory firm, served as financial advisor to Beaumont on the transaction.