M&A Deal Summary

Fortress Acquires Florida East Coast Industries

On May 8, 2007, asset manager Fortress acquired diversified company Florida East Coast Industries for 3.5B USD

Acquisition Highlights
  • This is Fortress’ 1st transaction in the Diversified sector.
  • This is Fortress’ 4th largest (disclosed) transaction.
  • This is Fortress’ 16th transaction in the United States.
  • This is Fortress’ 4th transaction in Florida.

M&A Deal Summary
Date 2007-05-08
Target Florida East Coast Industries
Sector Diversified
Buyer(s) Fortress
Deal Type Going Private
Deal Value 3.5B USD

Target

Florida East Coast Industries

Miami, Florida, United States
Brightline train in Fort Lauderdale, Florida.
Brightline train in Fort Lauderdale, Florida.
Florida East Coast Industries operates through four distinct business lines including Brightline, the United States’ first privately owned, operated and maintained intercity passenger rail system; Flagler Global Logistics, an integrated logistics company that offers a wide range of logistics services and real estate solutions; Parallel Infrastructure, a national developer, owner, operator, and manager of telecommunications towers for the wireless industry; and Flagler, a full service commercial real estate company. Florida East Coast Industries is based in Miami, Florida.

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Buyer(S) 1

Buyer

Fortress

New York, New York, United States
Category Asset Manager
Founded 1998
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Fortress is a public investment firm that manages hedge fund, credit, 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 was formed in 1998 and is based in New York City.

DEAL STATS #
Overall 21 of 44
Sector (Diversified) 1 of 1
Type (Going Private) 5 of 7
State (Florida) 4 of 5
Country (United States) 16 of 33
Year (2007) 3 of 7
Size (of disclosed) 4 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 Holiday Retirement

Winter Park, Florida, United States

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.

Buy $6.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-15 Alea Group Holdings Bermuda

Hamilton, Bermuda

Alea is a worldwide provider of reinsurance, insurance, financial, and alternative risk products headquartered in Hamilton, Bermuda.

Buy $460M
Mergr

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