M&A Deal Summary

Fortress Investment Group Acquires Holiday Retirement

On February 1, 2007, asset manager Fortress Investment Group acquired consumer services company Holiday Retirement from Birch Hill Equity Partners for 6.9B USD

Acquisition Highlights
  • This is Fortress Investment Group’s 1st transaction in the Consumer Services sector.
  • This is Fortress Investment Group’s 2nd largest (disclosed) transaction.
  • This is Fortress Investment Group’s 15th transaction in the United States.
  • This is Fortress Investment Group’s 3rd transaction in Florida.

M&A Deal Summary

Date 2007-02-01
Target Holiday Retirement
Sector Consumer Services
Buyer(s) Fortress Investment Group
Sellers(s) Birch Hill Equity Partners
Deal Type Secondary Buyout
Deal Value 6.9B USD
Advisor(s) Bank of America Merrill Lynch (BofA Securities)
Cohen & Steers Capital Advisors LLC (Financial)
Foster Garvey PC (Legal)

Target

Holiday Retirement

Winter Park, Florida, United States
website
Holiday Retirement is the largest private owner and operator of independent living communities for seniors in the United States. Holiday Retirement was founded in 1971 and is based in Winter Park, Florida.

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Buyer(S) 1

Buyer

Fortress Investment Group

New York, New York, United States

website


Category Asset Manager
Founded 1998
PE ASSETS 36.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Fortress is a public investment firm that manages hedge fund and private equity investments. Fortress' private equity practice primarily makes control-oriented investments in North American and Western European businesses with significant asset-bases and strong cash-flows. Fortress is open to investing in a wide range of sectors, however the Firm has tended towards capital intensive sectors. These include transportation, financials, senior living/healthcare, real estate, media & telecommunications, leisure and energy infrastructure. The pivate equity group also invests in publicly traded alternative investment vehicles, which Fortress refers to as 'castles' that primarily invest in real estate and real estate related debt. Fortress is based in New York City with additional offices in Atlanta, Chicago, Dallas, Frankfurt, Geneva, Hong Kong, London, Los Angeles, Munich, New Canaan, Rome, San Diego, San Francisco, Sydney, Tokyo, and Toronto.


DEAL STATS #
Overall 20 of 45
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 1 of 6
State (Florida) 3 of 5
Country (United States) 15 of 33
Year (2007) 2 of 8
Size (of disclosed) 2 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 RailAmerica

Jacksonville, Florida, United States

RailAmerica, Inc. owns and operates short line and regional freight railroads in North America, operating a portfolio of 45 individual railroads with approximately 7,500 miles of track in 28 U.S. states and three Canadian provinces.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-08 Florida East Coast Railway

Jacksonville, Florida, United States

Florida East Coast Railway provides rail service along the east coast of Florida and is the exclusive provider of rail service to South Florida’s ports—Port Miami, Port Everglades, and the Port of Palm Beach.

Buy $3.5B

Seller(S) 1

SELLER

Birch Hill Equity Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Birch Hill Equity Partners Management, Inc. is a middle-market private equity firm focused on investments in Canadian companies. Birch Hill targets growth oriented businesses valued between C$30 and C$600 million. Sectors of interest include agriculture, communications, energy, environmental, entertainment, distribution, healthcare, manufacturing, software, and technology. Birch Hill will not consider investments in real estate, pure commodity companies or start ups. Birch Hill Equity Partners Management, Inc. was formed in 1994 and is based in Toronto, Canada.


DEAL STATS #
Overall 5 of 34
Sector (Consumer Services) 2 of 2
Type (Secondary Buyout) 4 of 11
State (Florida) 1 of 1
Country (United States) 1 of 6
Year (2007) 1 of 3
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 Bluewave Energy

Dartmouth, Nova Scotia, Canada

Bluewave Energy operates as a petroleum delivery company in Canada. It delivers furnace oil, diesel oil, dyed diesel oil, gasoline, Shell lubricants, marine gas oil, and heavy fuel oil to commercial and residential customers, as well as asphalt to highway, street, and airport construction in Western Canada. The company also provides equipment service plans, heating equipment, and oil spill protection, as well as heating, air conditioning, and fuel storage equipment services and finance.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-04 Persona Communications

St. John’s, Alberta, Canada

Persona (formerly Regional Cablesystems Inc.) is Canada's premier provider of digital TV, hi-speed Internet and telecom services to residential and commercial customers in non-urban communities throughout British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec and Newfoundland & Labrador.

Sell -