🠈 Fortress Investment Group 🠊
Fortress Investment Group
Fortress Investment Group is an investment firm founded in 1998 by Wesley R. Edens, Rob Kauffman, and Randal Nardone.
The investment firm was building a portfolio that included retirement homes, railroads, mortgages and newspapers. Some of the entities were developed as semi-independent REITs and corporations.
Fortress was acquired by SoftBank in 2017. SoftBank is a $24 trillion organization. It is larger than most countries. I am not sure if SoftBank will continue Fortress as an independent investment firm, or if it will break Fortress into its components.
Holiday Retirement
Holiday Retirement is a nationwide network offering 260 senior housing facilities.
The company was founded in 1971 by William E. Colson whose family owned a construction firm that built nursing homes. Seeing a need for apartments that allow for independent living, the company became an innovator in the market for transitional housing.
The company grew organically from its base in the Salem, Oregon throughout the nation. In 2007, Mr. Colson passed away after battling colon cancer and the company was acquired by New York based Fortress Investments. The company moved its headquarters to Winterpark, Fl in 2017.
New Media Group
New Media Group is the investment arm of Fortress. The Gate House Media brand of newspapers. It serves 565 markets in 38 states.
Corporate History
Fortress's corporate history is extremely complex. The table below presents a few of the notable events.
- 1998: Fortress Investment Group LLC was founded by Wesley R. Edens from BlackRock Financial Management, along with Rob Kauffman Randal A. Nardone of UBS.
- 2006: Fortress acquired Intrawest, a Canadian based ski company.
- 2006: Fortress acquired Nationstar Media
History of Nationstar Mortgage
- 1994 Company was founded in Denver as Nova Credit Corporation
- 1997: Company moved to Dallas and became the lender for Centex Home and did business as Centex Credit Corporation
- 2005-2006: Fortress acquired the company from Centex and changed the name to Nationstar Mortgage.
- 2007: Nationstar acquired Champion Mortgage from Keycorp (Keybank) March 1, 2007
- 2012: Nationstar went public on NYSE with symbol NSM.
- 2013: Nationstar acquired Greenlight Financial Services which was based in California.
- 2013: Nationstar acquired a real estate services company called Real Estate Digital for $18 million in cash.
- 2014: Nationstar acquired Experience 1 which was a holding company for Title365, X1 Labs and X1 Xpress.
- 2017: Fortress changed name of Nationstar to Mr. Cooper
- 2007: Company went public on NYSE with symbol FIG.
- 2017-02: SoftBank acquired Fortress for $3.3 billion.
- 2020: Fortress acquired Craftworks Restaurant Group of Broomfield, Co. via SPB Hospitality.
References:
- Wikipedia - Fortress Investment Group (Drawn 3/29/2018)