Centerbridge To Buy $216M Stake In Focus Financial

By Jake Simpson (July 15, 2013, 4:33 PM EDT) -- New York private equity firm Centerbridge Partners LP has agreed to make a $216 million investment in Focus Financial Partners LLC, a partnership of private wealth management firms, in exchange for a minority equity stake, the companies said Monday.

The investment will allow founding partners of Focus, which launched in 2006 with $3.5 billion in assets, to cash out some of their initial investments. Centerbridge will become the largest minority shareholder in Focus, with the founding partners and senior management retaining a majority stake.

The investment is expected to close in the third quarter. Once it does, wealth managers such as...

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