NEW YORK, NY / ACCESSWIRE / September 23, 2022 / Focus Financial Partners Inc. (NASDAQ:FOCS) (“Focus”), a leading partnership of independent fiduciary asset management firms, announced today that it has entered into a definitive agreement under which Alpha Property & Casualty, Inc. (“Alpha” or “Alpha Insurance Group”), a licensed insurance agency in Westlake, Ohio, will join Focus affiliate Ancora Holdings Group, LLC (“Ancora”). The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions. This will be Ancora’s first acquisition since it joined Focus as a partner firm in October 2021.
Founded in 1999, Alpha Insurance Group is a private insurance agency that offers a wide range of property, casualty and health insurance solutions through its relationships with leading industry insurers. Alpha directors Brian Spear, Kevin Neitzel and Kevin O’Brien each have over 20 years of experience working with residential and commercial clients in Ohio and across the United States.
“Alpha Insurance Group is a leading provider of insurance services, and we are pleased to add them to our team and continue to expand our service offering to meet the complex needs of our clients,” said Fred DiSanto, Ancora Chairman and CEO. “Their extensive expertise across a range of insurance solutions will enhance the integrated experience we are able to offer within Ancora as we continue to build a firm that attracts both new clients and leading advisors.”
“Our goal has always been to provide our customers with excellent service and products, while always keeping our focus on their long-term needs,” said Brian Spear, Principal at Alpha Insurance Group. “Working with Ancora will expand the capabilities we can offer our customers and create additional growth opportunities for our business.”
“We are very pleased that the Alpha Insurance Group team is in our 17th yearth merger and 22nd transaction year to date,” said Rudy Adolf, Founder, CEO and Chairman of Focus. “This transaction will expand the areas of specialty Ancora can offer its clients as part of a comprehensive service offering. The ability to provide in-house expertise across a range of disciplines is critical to meeting client needs in a highly personalized manner. The addition of Alpha will also further solidify Ancora’s position as a leading asset manager and an attractive platform for future M&A transactions.
This transaction is a prime example of the strength of our M&A capabilities beyond the traditional US RIA space. It demonstrates our expertise in sourcing and executing mergers in highly specialized areas and allows our partners to continuously improve the services they offer to meet the needs of their clients.”
About Focus Financial Partners Inc.
Focus Financial Partners Inc. is a premier partnership of independent, fiduciary asset management firms. Focus provides access to best practices, resources and continuity planning for its partner firms that serve individuals, families, employers and institutions with comprehensive wealth management services. Focus partner companies maintain their operational independence while benefiting from the synergies, scale, economics and best practices that Focus offers to achieve their business goals. For more information about Focus, visit www.focusfinancialpartners.com.
About Ancora Holdings Group, LLC
Ancora Holdings Group, LLC provides integrated investment advisory, wealth management, and retirement planning services to individuals and institutions throughout the United States. The firm’s comprehensive range of services is complemented by a dedicated team that combines the breadth of expertise and operational structure of a large institution with the responsiveness and flexibility of a boutique firm. For more information about Ancora, visit https://ancora.net.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements that reflect Focus’s current views with respect to certain current and future events. These forward-looking statements are 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 differ materially from these forward-looking statements or anything contained therein is implied. All forward-looking statements in this press release are based on information available to Focus as of the date of this press release. Focus undertakes no obligation to publicly update or revise any forward-looking statements, even if past experience or future changes indicate that the statements expressed or implied by them will not materialize. For more information on risk factors that could affect Focus, see Focus’s filings with the Securities and Exchange Commission.
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