Wes Edens and His Roles at Fortress Group – Fortress Growth and Purchase by SoftBank Group
In America’s private equity investment sector, the name Wes Edens is popular. He is one of the five founders of Fortress Investment Group – a market leader in the provision of alternative financial services. He owns the Milwaukee Bucks jointly with Marc Lasry. He is also the owner of FlyQuest team that plays on the online platform league of legends. But it is his professional career with Fortress Group that has made his name prominent in the investment industry. Since co-founding the Fortress Group, Wes Edens has been at the heart of the company’s ventures. He has seen the firm grow into a $72 billion company with diverse investment interests. As the Chairman of the Fortress Group Board, Edens has been the primary catalyst behind acquisitions at the firm.
One prominent purchase was in 2010 when the company invested 124 million dollars in Springfield Financial Services. The returns multiplied 28 times within five years when Fortress shares at Springfield skyrocketed to 3.5 billion dollars in 2015. The most recent role of Wes Edens was in January 2018 when he steered the purchase of the company he co-founded by the Japanese SoftBank Group. The fortress had been in talks with SoftBank since 2017 but finalized the deal in January. With this purchase, Edens’ stock proceeds would earn him 512 million USD. However, he had already banked 11.4 million USD since early 2017 according to Biz Journals. He also received an additional 1.4 million dollars from unvested shares.
With the 2018 purchase of Fortress, Edens will continue serving in the company’s executive roles alongside his colleagues Randy Nardone and Peter Briger Jr. Their leadership contract lasts for five years according to the deal with SoftBank Group Corporation. The successful business management career of Wes Edens sprouts from the Oregon State University degree in Finance and Business Administration. After completing the undergraduate study in 1984, he began his career with the Lehman Brothers in 1987. As a partner and director, his tenure at Lehman lasted for six years. Then, he joined BlackRock Company until starting Fortress in 1998. At BlackRock, Edens gained knowledge in private equity investment by running the Asset Investors Division of the firm.