The New York based investment management firm Fortress Investment Group has looked to expand its activity in the retail sector. Recently, the firm acquired a controlling interest in Morrison’s which is one of Britain’s largest grocery store chains. This recent acquisition will allow Fortress to oversee the retailer’s operations as well as help it continue its growth. Fortress Investment Group invested over $8 billion to acquire the supermarket chain.
With the help of other financial entities such as Koch Real Estate Investments and Canada Pension Plan Investment Board, Fortress outbid another private equity firm Clayton, Dubilier & Rice in order to get the company. As soon as this transaction is completed, the shareholders of Morrison’s will receive a total of 254 pence which includes cash and a dividend stake.
As of today, Morrison’s is the second most profitable supermarket chain in the United Kingdom. It is currently behind another chain Tesco, Sainsbury’s and Asda. The acquisition by Fortress Investment Group will help the chain receive more capital which will give the chain more resources to increase their revenues and total sales.
Fortress Investment Group was founded by Wes Edens and Randal Nardone in 1998. For over two decades, Fortress has established itself as one of the most prosperous private equity firms in the world. Over the past several years, the firm has been actively involved in expanding its holdings in the energy, transportation and retail sectors.
Throughout its history, the New York based firm has provided capital and management expertise to help many large companies and medium sized businesses achieve substantial growth. In recent years, Fortress has been involved in a major acquisition with SoftBank as well as taking on new real estate development projects in New York City and Florida in order to expand its holdings in the real estate and retail sectors. To know more click: here.