Focus Financial Partners announced yesterday that it has bought a stake in Bethesda, Maryland-based Bridgewater Wealth and Financial Management. The deal was  Focus’s third in the last four months.

Before that flurry of transactions, however, Focus had a dry spell that lasted over a year and had to recapitalise last fall to fund its debt service and new acquisitions.

Focus renegotiated a bank credit line and received $35 million in preferred stock and debt from Polaris Venture Partners, and an additional $15 million from Summit Partners, its original private equity backer.

Ron Rubin, founder and principal of Bridgewater, a combined RIA and CPA practice with approximately $200 million in assets under management, said he was not concerned about Focus’s finances.

Bridgewater conducted wide-ranging  due diligence and had “extensive conversations” with Focus’  private equity partners, Mr Rubin said, and came away convinced that Focus’s recapitalisation took advantage of a market opportunity.

“Focus has a great business plan and strategy,” he said. “There’s so much opportunity for growth. Focus is a great partner with great resources going forward. It was an easy decision.”

Focus, which began making acquisitions four years ago, now has 19 “partner” firms. The company usually offers cash and an equity stake in return for a percentage of revenue. Terms of the Bridgewater deal were not disclosed.