Loungers Joins Fortress: £354m Acquisition Completed
Deal News | Feb 11, 2025 | Fortress Investment Group LLC (NYSE:FIG)
Fortress Investment Group, a global investment manager, has announced the completion of its acquisition of Loungers PLC for £354 million. The acquisition was carried out through a Scheme of Arrangement, resulting in Fortress owning the entire issued and to-be-issued share capital of Loungers. This transaction reflects Fortress's confidence in the UK hospitality and experience-led retail sectors. Alex Reilley, Chairman of Loungers, and CEO Nick Collins expressed their enthusiasm about the partnership with Fortress and their intention to accelerate Loungers' growth. Notably, shareholders representing over 35.9% of Loungers' prior share capital have opted to maintain their equity in the new ownership structure, signifying trust in the company's future prospects. Fortress, managing $49 billion in assets, has a history of investments in consumer-focused businesses, both within the UK and in the US, underscoring its commitment to supporting growth in these sectors.
Sectors
- Private Equity
- Hospitality
- Retail
Geography
- United Kingdom – The acquisition of Loungers by Fortress highlights their investment strategy within the UK, focusing on hospitality and retail growth.
- United States – Apart from the UK, Fortress's investment portfolio includes significant stakes in US-based hospitality and retail businesses.
Industry
- Private Equity – The article discusses the acquisition of Loungers PLC by Fortress Investment Group, a private equity firm actively investing in hospitality and retail sectors.
- Hospitality – Loungers PLC operates within the hospitality industry by providing café-bar experiences and is the target of Fortress's acquisition.
- Retail – Fortress's investment focus on experience-led retail is highlighted, with Loungers being a key component of their consumer-focused retail strategy.
Financials
- £354 million – The acquisition price paid by Fortress Investment Group to acquire Loungers PLC.
- $49 billion – The assets under management by Fortress Investment Group as of September 31, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fortress Investment Group LLC | Acquirer | Company | A leading global investment manager with diversified strategies, acquiring Loungers PLC to expand their UK market presence. |
| Loungers PLC | Target Company | Company | A UK-based hospitality company operating neighborhood café-bars, acquired by Fortress Investment Group. |
| Alex Reilley | Chairman of Loungers | Person | Chairman of Loungers, involved in the strategic direction and future growth plans under Fortress’s ownership. |
| Nick Collins | CEO of Loungers | Person | CEO of Loungers, focused on expanding the company’s café-bars across the UK. |
| Domnall Tait | Managing Director at Fortress Investment Group | Person | Managing Director at Fortress responsible for overseeing the acquisition of Loungers. |