Wes Edens
Wesley Robert Edens | |
|---|---|
| Born | October 30, 1961 United States |
| Occupation(s) | Entrepreneur, investor |
| Known for | Co-founder of Fortress Investment Group; founder of New Fortress Energy; co-owner of Milwaukee Bucks and V Sports |
Wesley Robert Edens (born October 30, 1961) is an American billionaire entrepreneur and investor specializing in private equity. He is a co-founder of Fortress Investment Group and the founder of New Fortress Energy.[1] Edens is also a co-owner of the Milwaukee Bucks NBA team based in Milwaukee, Wisconsin.[2] Under his ownership, the Bucks secured the 2021 NBA championship. Alongside Nassef Sawiris, he co-owns the football investment company V Sports,[3] which holds assets including the English club Aston Villa and a 29% share in Portuguese Primeira Liga club Vitória S.C..[4]
Biography
During his younger years, Edens was actively involved in competitive skiing.[5] He graduated from Oregon State University in 1984 with a Bachelor of Science degree in finance and business administration.[6] Edens and his wife Lynn are parents to four children; notably, their daughter represented the Bucks in the 2014 NBA Draft lottery.[7] His personal pursuits include horse jumping, alpine skiing, and mountain climbing.[8] He is the proprietor of Caldera House, an exclusive eight-room boutique hotel and private ski club located in Jackson Hole, Wyoming.[9]
Lehman Brothers and BlackRock
Edens launched his professional journey in 1987 at Lehman Brothers, where he held the roles of partner and managing director until 1993. Subsequently, he joined BlackRock’s private equity arm, BlackRock Asset Investors, maintaining partner and managing director positions until 1997.
Fortress Investment Group
In 1998, Edens was among five founding partners who established Fortress Investments. A 2007 article in The Wall Street Journal characterized his investment approach as involving "contrarian strategies, innovative financing, and a talent for creating businesses from investments." Fortress became the first buyout firm to go public through an initial public offering in February 2007.
At the time of its IPO, Fortress managed fourteen private equity funds, four hedge funds, and two real estate investment vehicles. In December 2006, Nomura Holdings, a Japanese financial services company, purchased a 15% stake in Fortress for $888 million, elevating Edens and his partners to paper billionaire status. Edens assumed the role of co-chairman in 2009 and played a key role in steering the firm through recovery following the subprime mortgage crisis, during which its stock price had fallen below one dollar. This turnaround included expanding into subprime lending. He also served as chairman of Fortress Transportation and Infrastructure Investors LLC from 2015 until May 2016.
New Fortress Energy
Edens founded New Fortress Energy in 2014 as a global enterprise focused on natural gas supply and infrastructure development. The company’s objective is to become a leading producer of carbon-neutral energy by emphasizing affordable green hydrogen production and targeting net zero emissions within a decade.
In 2019, New Fortress completed construction of an approximately $1 billion floating LNG terminal located at Old Harbour Bay in Jamaica. The Jamaican prime minister highlighted that this project would reduce the nation’s energy expenses. Following the terminal's inauguration, the company also initiated philanthropic efforts within Jamaica. In October 2020, New Fortress invested in H2Pro, a startup dedicated to advancing cost-effective green hydrogen technology. Through its renewable hydrogen division called Zero, New Fortress collaborates with H2Pro to develop and bring green hydrogen solutions to market. That same month, Zero formed a partnership with an Ohio-based gas-fired power plant to integrate hydrogen into electricity generation.
In January 2021, New Fortress announced plans to acquire Hygo Energy Transition Ltd and Golar LNG Partners LP’s shipping assets for $5 billion to strengthen its footprint in Brazil. The company intends to launch a pilot project within that year to explore hydrogen as an energy source for power generation.
New Fortress Energy maintains a contract with Puerto Rico’s government extending through 2026 to supply liquefied natural gas.
Brightline
In 2007, Edens and Fortress purchased the South Florida railway originally established by industrialist Henry Flagler for $3.5 billion. Motivated by Les Standiford's Last Train to Paradise, Brightline introduced a 67-mile intercity rail service connecting Miami and West Palm Beach, Florida. Recently, the company unveiled a 170-mile expansion extending service to Orlando International Airport, with trains anticipated to travel at speeds up to 125 mph, shortening the journey between Orlando and Miami to approximately three hours. The first full year of operation is expected to attract around 6.6 million riders.
Fortress intends to launch Brightline West in 2024, a 260-mile high-speed rail line linking Las Vegas with Rancho Cucamonga, California, including a stop in Apple Valley. This route is designed to offer a 135-minute travel time at speeds reaching 200 mph. The all-electric trains will operate alongside Interstate 15, with service modeled after Eurostar’s Paris-to-London corridor.
Springleaf Financial Services
Edens led Fortress’s acquisition of the subprime lender Springleaf Financial Services. By 2015, Springleaf Holdings had reached a valuation of $3.5 billion, generating more than a 27-fold return on Fortress’s initial $124 million investment made in 2010. Recognized by The Wall Street Journal as the "new king of subprime lending," Edens played a pivotal role in Fortress securing an 80% ownership stake in Springleaf in August 2010. The company utilized Springleaf alongside Nationstar to grow its financial services division within its private equity arm managing assets totaling $14.3 billion.
Nationstar
Edens serves as chairman of Nationstar Mortgage (previously Centex Home Equity Company, LLC), a subprime home equity lender acquired by Fortress for $575 million in 2006. In 2005, Centex operated across major U.S. markets in 25 states and facilitated over 33,000 home transactions. Edens’ involvement with Nationstar came under scrutiny during the 2014 discussions over public funding for the Wisconsin Entertainment and Sports Center, with critics advocating for increased investment in rehabilitating foreclosed properties managed by Nationstar.
Cincoro Tequila
In 2016, Edens co-established Cincoro Tequila alongside Michael Jordan, Wyc Grousbeck, Jeanie Buss, and Emilia Fazzalari. The brand’s name merges the Spanish words for five and gold, symbolizing the five founders' ambition to craft a tequila characterized by a smooth, enduring finish reminiscent of premium cognac or whiskey.
Cincoro's portfolio includes four varieties: blanco, reposado (aged 8–10 months), añejo (aged 24–28 months), and extra añejo (aged up to 44 months). The agave is meticulously handpicked from Jalisco’s highland regions—known for iron-rich soil—and volcanic lowlands. The agave undergoes a 35-hour cooking process before maturing in American whiskey barrels for an additional 10 to 14 months beyond legal requirements. The extra añejo expression is a blend aged between 40 and 44 months.
FlyQuest
Edens founded FlyQuest in 2016, a professional League of Legends esports team acquired from Cloud9 for $2.5 million in December of that year. FlyQuest entered competition in the North American League Championship Series starting January 20, 2017, featuring players such as An "Balls" Van Le, Hai Du Lam, Daerek "LemonNation" Hart, and Johnny "Altec" Ru. Edens intended to expand FlyQuest’s presence across various esports titles and international tournaments.
The FlyQuest brand emphasizes environmental responsibility through its jersey designs and ikebana floral arrangements at events. For every match won, the team commits to planting 100 trees and supports initiatives dedicated to marine wildlife preservation.
In September 2022, Edens divested FlyQuest to the Viola family, owners of the Florida Panthers NHL franchise.
Sports Ownership
Edens holds co-ownership of the NBA team Milwaukee Bucks and shares ownership of V Sports with billionaire Nassef Sawiris. V Sports oversees English Premier League club Aston Villa and possesses a 46% ownership interest in Portuguese Primeira Liga side Vitória S.C..
Milwaukee Bucks
In 2014, Edens joined forces with Marc Lasry to acquire the Bucks from Herb Kohl for $550 million, pledging to keep the franchise in Wisconsin and develop a new arena. During their inaugural season under this ownership, the Bucks notably halted the Golden State Warriors’ 24-game winning streak.
Groundbreaking for the Fiserv Forum started in June 2016, featuring a capacity of 16,500 for basketball games and concerts. The venue officially opened in August 2018 and rapidly began exceeding sellout attendance figures through standing-room tickets. Jon Horst was appointed general manager in 2017 following Edens’ recommendation; he earned NBA Executive of the Year honors in 2019. By early 2018, the franchise’s valuation had reached $1.075 billion.
The Bucks swept the Detroit Pistons during the 2019 NBA Eastern Conference playoffs, ending a prolonged playoff losing streak. Before the NBA Bubble resumed in 2020, the team held a 57% win percentage with the top projected record for that season. Forbes estimated the franchise’s value at approximately $1.58 billion in 2020, ranking it highest among Eastern Conference teams.
In mid-2020, Edens, Lasry, and Jamie Dinan publicly endorsed player activism after the Bucks postponed a playoff game to protest the shooting of Jacob Blake in nearby Kenosha, Wisconsin.
Aston Villa
In July 2018, a consortium including Edens and Nassef Sawiris, operating as NSWE, secured a controlling 55% stake valued at £30 million in Premier League club Aston Villa. The club had been grappling with severe financial difficulties caused by excessive spending under former owner Tony Xia and political obstacles that impeded further funding, resulting in a potential winding-up petition over an unpaid £4 million tax liability. NSWE addressed these fiscal issues immediately upon acquisition.
The group initiated a thorough restructuring by appointing ex-Liverpool executive Christian Purslow as CEO and overhauling the playing roster. Under manager Dean Smith, Villa secured promotion back to the Premier League, achieving a club-record winning streak of 10 consecutive matches. Following promotion, NSWE purchased Xia’s remaining shares by assuming a £30 million debt owed to former owner Randy Lerner.
Since taking control, NSWE has injected over £360 million of debt-free equity into Aston Villa. Expansion plans for Villa Park aim to increase capacity from 42,682 to more than 50,000 seats through demolition of the North Stand and development of a major retail complex; these initiatives are well advanced and expected to cost over £100 million entirely funded by NSWE.
In 2021, NSWE rebranded as V Sports, reflecting its strategy to pursue a global multi-club investment approach.
Vitória de Guimarães
In February 2023, V Sports acquired a 46% ownership stake in Portuguese Primeira Liga club Vitória S.C. for €5 million. The agreement also includes an additional €2 million commitment toward sporting infrastructure improvements over two years along with access to a credit facility up to €20 million. Club members ratified the transaction on March 4, 2023.