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The Fortress Investment Group Is Acquired By The SoftBank Group Corporation

The Fortress Investment Group is classified as an investment manager with $70 billion in management assets including real estate. Their institutional investor clients total over 1,600 and they have offices in numerous countries. This includes New York, Hong Kong, Singapore, Italy, Los Angeles and Philadelphia. The company was founded in 1988 and went public during 2007. Seven years after the 2008 economic downturn of 2008 their flagship hedge fund was closed. This was caused by the struggling market in Brazil. They additionally opened a new real estate fund which reached $1 billion before capping.

The Fortress Investment Group owned a stake in the apartment complex of Stuyvesant Town Peter Cooper Village. This was owned at one point by a subsidiary of Fortress called CWCapital. They sold their stake for $5.3 billion. CWCapital was acquired by Fortress in 2010 as a means of becoming more deeply involved in commercial real estate. The Fortress Investment Group currently has holdings including the retail center at Alabama’s Inverness Corners. This purchase was made in 2014 and has financed numerous buildings and condos throughout New York City.

Learn more about Fortress Investment Group at Bloomberg.

The Fortress Investment Group was acquired by the SoftBank Group Corporation for a total of $3.3 billion. This company is generally referred to as SBG. When the transaction closed all outstanding Fortress shares were owned by SBG and their subsidiaries. Prior to the completion on July 12th of 2017 all conditions were satisfied including all required regulatory approvals being received and Fortress shareholders having given their approval. This acquisition resulted in all outstanding Class A shares of The Fortress Investment Group being converted. Each share has the right to receive a cash value of $8.08. The proceeds from the merger will be distributed according to the outlined payment procedures in the Merger Agreement and Fortress’s Definitive Proxy. These documents were dated on June 7th of 2017.

The common stock for The Fortress Investment Group is no longer trading. This stock will be removed from the New York Stock Exchange. The financial results concerning Fortress have been reflected and consolidated according to the financial statements of SBG. This occured after the closing date of December 27th of 2017 for the acquisition. The impact of this consolidation will be announced by SBG as it becomes necessary. Fortress will be operating as an independent business within SoftBank with their headquarters in New York. The Fortress Investment Group will continue to be led by their Principles including Randy Nardone, Wes Edens and Pete Briger. SoftBank has made a commitment to the maintenance of the brand, business model, leadership, processes, personnel and culture responsible for the current success of Fortress.

The SoftBank Group is attempting to drive the information revolution as a global technology player. The SoftBank Group encompasses global portfolios for numerous companies including internet services, advanced telecommunications, smart robotics, AI, and clean energy and IoT providers. The SoftBank Vision Fund makes global investments in technology and business. During May of 2017 the company enabled the information revolution to advance to the next stage. This occured due to the first major close for committed capital totally more than $93 billion in United States dollars.

Connect: https://www.linkedin.com/company/fortress-investment-group

HGGC Recently Welcomed These Figures To The Company To Compensate For Its Ever-Expanding Responsibilities

HGGC is a San Francisco, California-based private equity firm that was founded in 2007. The firm has carved out a niche for itself over its 12-plus years of operation, seeking out middle-market companies that compete among the top few most reliable sectors across the global world of commerce. HGGC then purchases them and operates them on a long-term basis.

This is different from most private equity firms, which usually turn right around and flip the companies it acquires just a few years after purchase. For example, the firm recently welcomed Mi9 Retail as its most recent acquisition, which came through a merger with one of HGGC’s long-held companies, MyWebGrocer. Most private equity sector competitors wouldn’t bother with growing a company they already owned, as they aren’t concerned with the long-term operating potential of the companies they buy in to.

HGGC chose to hire a dozen new employees to its ranks to better deal with the responsibilities presented by its constantly-growing operations.

Examining the firm’s high-level additions

HGGC’s operations team welcomed six total new hires, three of which bought into the company as partners. These three partners – Matt Witherell, Rich Gros, and Ankit Dhawan – all worked for one of the firm’s affiliate businesses, Operational Resource Group, making them suitable fits the role of Operating Partner.

Philanthropy Lead is the new title of recent hire Michelle Knox, who has overseen non-profit organizations for upwards of 20 years. Knox most recently worked for the Forever Young Foundation, a charitable non-profit group. 

Looking at investment associate hires

Recent Credit Suisse investment banking analyst Ignacio de Lera was hired by HGGC, where he spent most of his time on structuring leveraged buyouts, making de Lera an ideal candidate.

Ryan Lee, who worked at Morgan Stanley, a financial services sector competitor similar in prestige and size to Credit Suisse, most recently before being brought aboard by the Silicon Valley-based private equity firm. The University of North Carolina graduate developed a deep understanding of and working familiarity with using advanced mathematical models – as well as actually creating them – to assess potential companies to invest in via leveraged buyouts.

https://pitchbook.com/profiles/investor/22466-71