Fortress Investment Group
| Fortress Investment Group LLC
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|---|---|
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| legal form | Limited Liability Company |
| founding | 1998 |
| Seat | New York City , United States |
| management | Wesley R. Edens, Robert Kauffman, Randall A. Nardone, Briger, Novogratz |
| Number of employees | 979 (2011) |
| Branch | Investment companies |
| Website | www.fortressinv.com |
The Fortress Investment Group LLC is an American investment company (legal form Limited Liability Company ) with headquarters in New York City . Her fields of business are private equity , real estate and railroad investments, where she entered casinos and horse racing in 2007 . The company became the first hedge fund to trade on the New York Stock Exchange on February 9, 2007 .
The fund has approximately 400 employees worldwide and manages approximately US $ 36 billion in equity (as of March 31, 2007). In 2005 it made $ 192.7 million in profit. Fortress is one of the largest private equity companies worldwide and specializes in buy-outs of companies with valuable assets .
history
Fortress Investment Group LLC was founded in 1998 as a private asset management company by Wesley R. Edens, formerly BlackRock partner, and Robert Kauffman and Randal A. Nardone, both previously UBS managers. In 2002, Peter Briger and Michael Novogratz from Goldman Sachs joined as co-partners . The business soon expanded into hedge funds, real estate and debt protection, growing its deposits by 39.7% between 1999 and 2006.
At the end of September 2006, the company held $ 17.5 billion in private equity, $ 9.4 billion in hedge funds and managed two publicly traded investment companies: Newcastle Investment Corp. and Eurocastle Investment Ltd. That same year, Fortress paid 2008 Democratic presidential candidate and Senator John Edwards , who himself invested $ 16 million, $ 479,512 for a part-time job.
Fortress has made some private contributions to publicly traded companies, according to GateHouse Media (newspapers), Aircastle Ltd. (Aircraft trade and rental) and "Brookdale Senior Living Inc."
Florida East Coast Industries (FECI), operator of the Florida East Coast Railway , was acquired in May 2007 for $ 3.5 billion. Together with Centerbridge Partners LP , Fortress bought "Penn National Gaming" from shareholders on June 15, 2007 for USD 6.1 billion and took over 2.8 billion debts of the casino operator.
In 2007 Fortress acquired shares in the patent troll IPCom . In 2014, what was left of the Montréal, Maine and Atlantic Railway was taken over and has been operated as the Central Maine and Quebec Railway ever since .
In 2017 the company was acquired by the Japanese Softbank Group Corp. bought for $ 3.3 billion.
Fortress Germany
The German subsidiary is Fortress Deutschland GmbH in Frankfurt am Main . In line with its focus, Fortress has invested heavily in the German residential real estate market in recent years, although Fortress is not a pure real estate investor. As with other financial investors, the purchases are made in accordance with the business idea with a comparatively low level of equity capital. The real estate subsidiaries have to pay for the debts and distribute special dividends, after which they are converted and sold on.
In September 2004 Fortress acquired GAGFAH (including 81,000 apartments) from what was then the Federal Insurance Agency for Salaried Employees (BfA) for around 3.5 billion euros . In Stuttgart, the rents were then increased by the maximum permitted 20% .
In July 2005 Fortress bought the NILEG Immobilien Holding (consisting of the Lower Saxony housing company , WG Norden and the Osnabrücker housing company) with 28,500 rental apartments in its own portfolio from NORD / LB for 1.5 billion euros. In March 2006 Fortress acquired WOBA Dresden (47,000 apartments, one in five Dresden residents lives in an apartment owned by WOBA) from the city of Dresden for 1.75 billion euros.
Although these were large transactions of several thousand residential units each, Fortress is also buying smaller portfolios and integrating them into the existing housing stock. In 2006, Fortress brought GAGFAH SA to the stock exchange as the holding company for the acquired portfolio companies . As part of the preparations for the IPO , synergies would be realized between the portfolio companies, but there would be no redundancies for operational reasons.
See also
One Equity Partners , Blackstone , Apax , Permira , Suo Tempore , Terra Firma Capital Partners , KKR
Web links
- Official website (English)
Individual evidence
- ^ First Hedge Fund Launches on NYSE
- ↑ Fortress Investment's Shares Soar After Initial Sale
- ↑ nypost August 18, 2007 ( Memento of the original from September 13, 2007 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Florida East Coast Industries to Be Acquired By Funds Managed By Fortress Investment Group LLC in an All-Cash Transaction Valued at $ 3.5 Billion ( Memento of the original from November 19, 2003 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked . Please check the original and archive link according to the instructions and then remove this notice.
- ↑ USA Today: Penn National Gaming agrees to $ 6.1B deal. Retrieved June 15, 2007
- ↑ "Fortress holds around 50 percent of IP-Com."
- ↑ [1]
- ↑ Meike Schreiber: tenant scare Gagfah. ( Memento from July 31, 2012 in the web archive archive.today ) Financial Times Deutschland , March 12, 2010.
- ↑ Archived copy ( Memento of the original from September 29, 2007 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
