Fortress Capital Acquisition Corp. is a newly incorporated blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Our sponsor is Fortress Capital Acquisition Sponsor LLC, an affiliate of Fortress Investment Group LLC ("Fortress").
While we may pursue an acquisition in any industry, sector, or geographic region, we intend to concentrate our efforts on businesses in the financial services sector including, but not limited to, services and technology businesses that provide support to the financial services sector. We intend to identify and acquire a business that could benefit from a hands-on owner with extensive investment and capital markets expertise and that presents the potential for an attractive risk-adjusted return profile under our stewardship. Particularly in the financial services sector, we believe many promising companies that originate, hold, and/or service financial assets with strong unit economics and growth potential, struggle to reach their potential due, among other reasons, to poor access to the capital markets, lack of investment in technology and process improvement or management’s aversion to change. Our management team has extensive experience in identifying and executing acquisitions across the financial services sector. In addition, our management has hands-on experience working with companies as active owners and directors, working closely with successful and experienced operators to continue their transformations and help create value.
We believe that our management team is well-positioned to identify attractive risk-adjusted returns in the marketplace. Our management team’s long-standing relationships and transaction sources, ranging from industry executives, leading operators, private owners, private equity funds, credit funds, and investment bankers, in addition to the extensive global industry and geographical reach of the Fortress platform, will enable us to pursue a broad range of opportunities. Our management believes that its ability to identify and implement value creation initiatives has been an essential driver of past performance and will remain central to its differentiated acquisition strategy.
We will seek to capitalize on the more than 30 years of investment and operational experience of our Chief Executive Officer and Chairman, Michael Nierenberg. Mr. Nierenberg, a Managing Director in Fortress’s Private Equity Group, is based in New York and is Chief Executive Officer and Chairman of New Residential Investment Corp., a publicly-traded mortgage real estate investment trust externally managed by an affiliate of Fortress.
Our management team also includes Daniel N. Bass, our Chief Financial Officer, who has served as Fortress’s Chief Financial Officer since 2003, and Varun Wadhawan, our Chief Operating Officer, who is a Managing Director at Fortress.
Fortress is a leading, highly diversified global investment management firm with approximately $49.9 billion in assets under management as of September 30, 2020. Fortress applies its deep experience and specialized expertise across a range of investment strategies—private equity, credit and real estate, and permanent capital—on behalf of its approximately 1,800 institutional clients and private investors worldwide as of September 30, 2020. Fortress’s primary business is to sponsor the formation of, and provide investment management services for, various investment funds, permanent capital vehicles and related managed accounts. Fortress is also the sponsor of several other blank check companies.
Fortress is sponsoring the company through its private equity business (“Fortress PE”), a leading investor making investments through private funds and a variety of permanent capital vehicles. Fortress PE focuses on making control investments in cash flow generating businesses and assets and growth-oriented businesses primarily within North America, the Caribbean, and Western Europe. Fortress PE, which is led by Wes Edens and Randy Nardone, operates alongside Fortress’ credit business led by Pete Briger and Dean Dakolias all within the greater Fortress business, and has a long and established track record investing globally through numerous credit and other market cycles. Fortress has a deep history of successfully executing complex transactions ranging from turnaround acquisitions, corporate mergers and acquisitions to asset-based structured financing, including the creation of several special purpose acquisition companies, like the company. With asset management employees and investment professionals operating out of multiple geographic locations, the Fortress team also has the experience and expertise to source, underwrite and manage businesses with operational complexity. As such, the company intends to draw upon Fortress’s significant expertise in corporate acquisitions, structured finance, opportunistic lending, tax structuring and asset management to assist in the identification of investment opportunities and management.