Fortress Purchases Logan Circle

February 17, 2010

Fortress Investment Group has signed an agreement to purchase fixed income asset manager Logan Circle Partners from Guggenheim Partners, LLC.

Fortress Investment Group, LLC (“Fortress”) (NYSE: FIG) issued a press release announcing that it would purchase fixed income asset manager Logan Circle Partners, L.P. (“Logan Circle”) from Guggenheim Partners, LLC.  Under the deal’s terms, the New York based private equity firm will pay approximately $21 million in cash for Logan Circle with the possibility of an additional performance based payment at the end of 2011.  The deal is subject to customary approvals and expected to close by the end of the second quarter of 2010.  Logan Circle’s senior management team will continue to manage the business, which will report directly to Fortress’s Chief Executive Officer, Daniel Mudd.

Currently, Logan Circle has approximately $12 billion in assets under management.  With the purchase of Logan Circle, Fortress, with approximately $32 billion in assets under management as of September 30, 2009, will expand its investment management business to offer fixed income products to investors.

To view the Press release, please click here.


Categories

Investment Manager M&A, Transactions