Fortress Managed Funds to Acquire Holiday Retirement Corp
NEW YORK, SEATTLE, and SALEM, Ore., Dec. 22 PRNewswire - Fortress Investment Group LLC and Holiday Retirement Corp today announced the execution of an acquisition agreement under which private equity funds managed by affiliates of Fortress will acquire substantially all of the North American operations and facilities of Holiday Retirement. The transaction involves 299 senior living communities totaling over 35,000 living units, including 265 properties located in the United States and 34 in Canada.
The closing of the acquisition is subject to various conditions, including approval by individual owners of the communities being acquired, antitrust filings, completion of engineering reports, and satisfaction of various financing conditions. Closing is targeted to occur in the first quarter of 2007.
Citigroup Global Markets Inc. and Goldman, Sachs & Co. are providing debt financing for the transaction and acted as financial advisors to Fortress. Skadden, Arps, Slate, Meagher & Flom LLP and Davies, Ward, Phillips & Vineberg LLP acted as legal advisor to Fortress. Banc of America Securities LLC and Cohen & Steers Capital Advisors, LLC acted as financial advisor and Foster Pepper PLLC acted as legal advisor to Holiday Retirement Corp.
About Fortress Investment Group
Fortress Investment Group LLC is a global alternative investment and asset management firm founded in 1998 with approximately US$29.7 billion in equity capital currently under management. Fortress is headquartered in New York and its affiliates have offices in Dallas, Frankfurt, Geneva, Hong Kong, London, Los Angeles, Rome, San Diego, Sydney and Toronto.
About Holiday Retirement Corp
Holiday Retirement Corp., with its related entities, is one of the largest owners and operators of retirement housing in the world. Holiday and its affiliates currently manage over 85,000 units of senior housing primarily in the United States, Canada, and the U.K. Holiday's operations outside North America are not included in the transaction.
Forward Looking Language
Certain items in this press release may constitute forward-looking statements made by Fortress or Holiday Retirement Corporation (collectively, the "Companies") within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to our ability to close the acquisition, satisfaction of closing conditions, obtaining consents, and the timing of the closing of the acquisition. Words such as "expect(s)" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. The Companies can give no assurance that their expectations will be attained. Factors that could cause actual results to differ materially from the Companies' expectations include, but are not limited to, whether conditions to the closing of the transaction will not be satisfied and other risks detailed from time to time in the Companies' respective SEC reports. Such forward-looking statements speak only as of the date of this press release. The Companies expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE Fortress Investment Group LLC; Holiday Retirement Corp