NEW YORK, May 17, 2019 (GLOBE NEWSWIRE) -- Focus Financial Partners Inc. (FOCS) (“Focus”), a leading partnership of independent, fiduciary wealth management firms, announced today that it has entered into a definitive agreement under which Lodestar Investment Counsel, LLC (“Lodestar”), a registered investment adviser based in Chicago, Illinois, will join Focus partner firm Bartlett & Co. Wealth Management LLC (“Bartlett”). The transaction is expected to close in the third quarter of 2019, subject to customary closing conditions.
Founded in 1989, Lodestar provides customized wealth and investment management services primarily to high net worth clients through a personalized service approach. Lodestar’s disciplined investment process prioritizes long-term results by emphasizing value-oriented and high-quality investments. Lodestar’s principals – Bob Dearborn, Peter Flanzer, Mickey Herst, Krista Linn and Ed Ruthman – will join Bartlett as Managing Directors at closing and lead the combined firm’s Chicago office. This transaction is expected to deepen and expand both firms’ client service capabilities and provide Bartlett with an expanded geographic footprint in the Midwest.
The origins of Bartlett date back to 1898, when Benjamin Bartlett first bought his seat on the New York Stock Exchange. Bartlett’s namesake firm was one of the first to register with the SEC as an investment adviser (RIA) under the Investment Advisers Act of 1940. Throughout its history, the firm has built a strong reputation in the local community as a trusted wealth advisory firm.
“We are excited to welcome the Lodestar team to the Bartlett family,” said Kelley Downing, President and CEO of Bartlett. “Their portfolio management experience and capabilities will significantly benefit our investment acumen and the quality of our team. We couldn’t imagine a better strategic and cultural fit for our first M&A transaction – a deal for which Focus’ resources and expertise were crucial – and we are excited about the combined firm’s future growth potential.”
“This transaction allows us to leverage the operational capabilities of Bartlett and Focus, and provides us with a broader investment offering and quality of research, all of which will enhance client service and increase the time we have to concentrate on helping our clients achieve their financial goals,” said Bob Dearborn, Co-President and Managing Director of Lodestar. “Importantly, combining with Bartlett will allow us to offer new, sophisticated planning capabilities to our clients.”
“We are very pleased to announce Bartlett’s first transaction since becoming a Focus partner in 2018,” said Rudy Adolf, Founder, CEO and Chairman at Focus. “This combination brings together two firms that are ideal partners given their shared investment philosophy, client-first approach and entrepreneurial culture. To date in 2019, we have announced or closed 27 deals, of which 21 are transactions supporting our partner firms. Our industry relationships and M&A expertise clearly differentiate the value Focus provides to its partners, in turn accelerating their growth and scale.”
Cambridge International Partners, a New York-based M&A advisory firm, served as financial advisor to Lodestar for this transaction.
About Focus Financial Partners Inc.
Focus Financial Partners Inc. (FOCS) (“Focus”) 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.
About Bartlett & Co. Wealth Management LLC
Bartlett & Co. Wealth Management LLC (“Bartlett”) is a Cincinnati-based wealth management firm, providing customized investment management and financial planning services to high net worth families, foundations and businesses. Bartlett takes pride in providing clients independent personalized fiduciary advice through a team of distinguished investment professionals. For more information about Bartlett, please visit www.bartlett1898.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 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.
Investor and Media Contact Information
Senior Vice President
Head of Investor Relations & Corporate Communications
Focus Financial Partners