Fortress Investment Group has acquired a controlling stake in Omnisure Group that was previously held by Lincoln Park Capital. No financial terms were disclosed. Omnisure is a provider of payment plans for retail vehicle service contracts.
NEW YORK–(BUSINESS WIRE)–Omnisure Group, LLC, a leading provider of payment plans for retail vehicle service contracts (“VSCs”), announced its sale to affiliates of Fortress Investment Group LLC (NYSE:FIG). Under terms of the sale, Fortress will take a controlling interest in Omnisure, previously held by Lincoln Park Capital, LLC, a Chicago based institutional investor, and affiliates, with the recapitalized company expected to pursue opportunities for growth and business expansion. Ed and Paul Walder, Omnisure’s founding executives, will retain a significant ownership stake in the company and will continue to operate the business going forward.
Ed and Paul Walder started their careers in premium finance and have over 42 years of combined experience in the service contract payment plans industry. Omnisure began operations in 2010 to capitalize on the unmet demand for providing payment plans to the VSC industry. Prior to starting Omnisure, the Walders owned and operated one of the country’s first service contract finance companies and are considered to be industry pioneers.
Fortress Investment Group LLC is a leading, highly diversified global investment firm with approximately $63.8 billion in assets under management as of June 30, 2014. Founded in 1998, Fortress manages assets on behalf of approximately 1,600 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE:FIG). For more information, please visit www.fortress.com.