Fortress Investment Group Founding and History
The fortress investment group has been a trendsetter since the moment it was founded back in the year 1998. This is according to a highlight by its initial public offering in 2007, when the company became the first large-scale private owned equity firm to have a public exhibit in the New York Exchange market.
The company was founded by Rob Kauffman (retired back in the year 2012), Wes Edens (current principal) and Randal Nardone (current principal). The founders had a lot of experience and in-depth knowledge in finance from their various positions at Black Rock Financial management, Lehman Brothers, UBS, and Goldman Sachs.
At the moment, the fortress group is among the diversified global firms for investment management with over 1,800 investors and over 43 billion dollars of assets in hedge funds, permanent capital vehicles, and private equity. The company uses strong risk-adjusted returns for investments on a long-term basis. The company headquarters are located in New York and it employs about 100 people. Read more on patch.com
Fortress Group Areas of Specialization
The following are the cores areas that the company specializes in:
Corporate acquisitions and mergers
Sector-specific knowledge of institutions and companies
SoftBank Group (SBG) Acquisition of Fortress Investment Group
SoftBank announced the completion of the acquisition of this company on 27th July 2017 for $3.3 billion in solid cash. After the transaction was completed, SBG and subsidiaries took ownership of the fortress shares that were outstanding. The acquisition was completed after satisfying all the agreed conditions, including fortress investment group shareholders approval of the transaction and receipt of the regulating approvals. As a result, the outstanding fortress class A shares were converted to receive about $8.08 in cash per share, with the merging proceeds to abide by the fortress definite proxy in their distribution.
Fortress Investment Group Operations After Acquisition
Fortress after acquisition started to operate within SBG as an independent business entity from its headquarters. Its principals Randy Nardone, Wes Edens, and Peter Briger continued to head fortress. SBG has been committed to maintaining brand, leadership, processes, business model, as well as fortress culture that has supported its success up to now.