Wes Edens
Wes Edens was born in Montana, United States on October 30th, 1961 and is the Business Executive. At the age of 62, Wes Edens biography, profession, age, height, weight, eye color, hair color, build, measurements, education, career, dating/affair, family, news updates, and networth are available.
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He began his career in 1987 at Lehman Brothers, where he was a partner and managing director until 1993. He then went to BlackRock's private equity division BlackRock Asset Investors, where he remained until 1997 as a partner and managing director.
Wes Edens was one of five principal partners who founded Fortress Investments in 1998. Edens investment style was described in a 2007 The Wall Street Journal article as one based on "contrarian bets, creative financing and a knack for building business from investments." Fortress became the first publicly traded buyout firm on February 9, 2007, with Edens and his partners taking the company public through its initial public offering.
By 2007 Fortress assets under management included both private equity and publicly traded alternative investment vehicles — fourteen private equity funds, four hedge funds, and two real estate vehicles, and went public. When the Japanese financial holding company, Nomura Holdings acquired 15% of Fortress for $888 million in December 2006 with proceeds going to the five principals, Edens and his partners became paper billionaires. Edens became Co-Chairman of the Board of Directors at Fortress in 2009, and helped the company, which saw its stock price fall to below one dollar after the subprime mortgage crisis, resurge by offering subprime lending. He served as Chairman of Fortress Transportation and Infrastructure Investors LLC from 2015 to May 2016.
In 2014, Edens founded New Fortress Energy, a global natural gas supply and infrastructure company. New Fortress Energy has stated that their main goals include becoming one of the world's leading producers of carbon-free energy (focusing specifically on low-cost green hydrogen) and existing as a net zero emissions company within ten years.
In 2019, New Fortress constructed a nearly $1 billion floating LNG terminal in Jamaica's Old Harbour Bay. The prime minister of Jamaica stated that the terminal's presence will result in overall cheaper energy costs for the country. New Fortress Energy has been involved in multiple philanthropic projects in Jamaica after its work completion with the LNG terminal. In October 2020, New Fortress Energy invested in H2Pro, a startup that develops low-cost green hydrogen technology. Through New Fortress’ Zero, its renewable hydrogen division, the two companies will partner in order develop and commercialize green hydrogen technology. The Zero division also partnered that same month with a gas-fired power plant in Ohio in order to blend hydrogen to produce electricity.
In January 2021, the company announced that it would acquire natural gas company Hygo Energy Transition Ltd, as well Golar LNG Partners LP., for $5 billion in order to expand its presence in Brazil. New Fortress plans to launch a pilot program in 2021 to test the usage of hydrogen as an energy source of power generation.
Through Fortress Investment Group, Edens began operation on a privately run high-speed train line called Brightline in January 2018. Inspired by Les Standiford’s Last Train to Paradise: Henry Flagler and the Spectacular Rise and Fall of the Railroad that Crossed an Ocean, Brightline’s first line was an inter-city 67-mile route between Miami and West Palm Beach, Florida. The company is currently building a 170-mile track extension to the Orlando International Airport, which is expected to enter service in 2022. The trains are expected to travel up to 125 miles an hour and commute from Orlando’s airport to Miami in approximately three hours. The ridership target is 6.6 million passengers within its first full year of service.
By 2023, Fortress plans on constructing a second line on the West Coast, called Brightline West, connecting Las Vegas to Apple Valley, California via a 180-mile long track. This 85-minute commute aims to carry passengers at speeds of up to 200 miles per hour. Trains on this line will be fully electric and run alongside Interstate 15. Brightline’s service is modeled off of Eurostar’s Paris-to-London commute. Its coach design includes white-and-blue interiors, roomy seating, and free Wi-Fi.
Edens was the catalyst at Fortress behind the purchase of subprime lender Springleaf Financial Services. By 2015 the value of Springleaf Holdings Inc. had ballooned to "$3.5 billion — putting the firm's gain at more than 27 times Fortress's original investment of $124 million in 2010." Edens was heralded as the "new king of subprime lending" by The Wall Street Journal. Fortress acquired 80% of Springleaf in August 2010 for $125 million and used Springleaf and Nationstar to "build out a financial-services business within its private-equity unit, which manages $14.3 billion in assets."
Edens is chairman of Nationstar Mortgage, formerly known as Centex Home Equity Company, LLC, a subprime home equity mortgage lender, which was acquired by Fortress for $575 million in 2006. In 2005 Centex was "operating in major U.S. markets in 25 states and delivered more than 33,000 homes in the United States." In 2014 Edens' connection to Nationstar Mortgage was cited by opponents of a proposed public-financing deal for the construction of a new arena the Wisconsin Entertainment and Sports Center. They advocated for more public resources to rehabilitate foreclosed homes managed by Nationstar.
In 2016, Edens co-founded Cincoro Tequila, along with Michael Jordan, Wyc Grousbeck, Jeanie Buss, and Emilia Fazzalari. “Cincoro” is a portmanteau of the Spanish words for five and gold. Its parent company, Cinco Spirits Group, is named in honor of the five founders who aimed to distill a tequila with a smooth, long finish similar to a fine cognac or whiskey.
Cincoro produces four tequilas: a blanco, a reposado (aged 8 to 10 months), an añejo (aged 24 to 28 months), and an extra añejo (aged up to 44 months). The agave used to produce Cincoro's tequila is hand-selected from two regions in Jalisco. These two regions include the highlands, which is famous for its soils that are high in iron oxide, and the lowlands, which is composed of mostly volcanic rock. After being harvested, the agave is cooked for 35 hours. Cincoro's tequila is aged in American whiskey barrels for 10 to 14 months in addition to the regulatory minimum of 14 months. Its extra añejo blend is a combination of tequilas that are aged between 40 and 44 months.
In 2016, Edens launched FlyQuest, a professional esports League of Legends team. Edens purchased the brand from Cloud9 for $2.5 million in December of that year. FlyQuest began competing in the North American League Championship Series on January 20, 2017. Players included former Cloud9 Challengers An “Balls” Van Le, Hai Du Lam, Daerek “LemonNation” Hart, and Johnny “Altec” Ru. Edens intended for his new franchise to assemble multiple teams in order to compete across a variety of esports games and global competitions.
FlyQuest's brand emphasizes environmental issues through its jersey design and ikebana displays at competitions. Each time FlyQuest wins a game, the team plants 100 trees. Its initiatives also include fundraising for marine wildlife conservation.
In September 2022, Edens sold FlyQuest to the Viola family, owner of the Florida Panthers NHL team.