In a deal that will see Brightline renamed Virgin Trains USA, the Virgin Group invested in the Fortress Investment Group on wed train company. Brightline did not make public the amount Virgin Group was investing but made it clear that they would maintain their majority stake in the high-speed train company. Brightline and Fortress Investment Group see the partnership as having the potential of ensuring the company gets more passengers as it will attract Virgin Group clients who use their trains in the UK or those that use their air travel company.
The fact that Virgin Group is well known in the hospitality and travel industry will be another plus. According to Fortress Investment Group, their exemplary customer service will also be something else Brightline will benefit from. Brightline which has passenger transport operations between Fort Lauderdale, West Palm Beach and Miami. It plans to build a new railway line that will connect Southern California to Las Vegas. The company, however, made no revelations about what other roles the Virgin Group will take up in the partnership apart from the rebranding and having their name on the trains.
Brightline also plans to expand to Orlando and its operator has secured tax exemptions that will ensure that the Fortress Investment Group owned company can expand its railway services to Orlando. The rail company’s passenger volume has been on the increase but is till below what had been projected. With the Virgin Group’s knowledge of the train business, they operate the Virgin Trains UK, FIG hopes to modify attitudes towards rail transport and therefore increase the number of people using trains in the United States. See more at inc.com
About Fortress Investment Group (FIG)
FIG holds the majority shares in Brightline. It came to being back in 1998 as the brain child of Wes Edens, Rob Kauffman and Randal Nardone. It was the first company in its section of the finance and investment industry to go public in 2007 and currently manages $42. 1 billion for 1750 clients all over the world.
The company has 3 divisions that is Credit, Permanent Capital Vehicles and Private Equity. Its portfolio includes New Fortress Energy, i-Pass, Fortress Transportation and Infrastructure among others
Learn more: https://www.fortress.com/businesses/credit