Morrisons was founded in 1899 in Bradford, West Yorkshire, England. Wes Edens is the CEO and chairman of Fortress Energy Holdings, the largest independent power producer in North America. In addition, he is the Chairman of New Fortress Energy and Chief Executive Officer of National Fuel Gas Co. Inc. Fortress operates an integrated merchant power business that generates over 9,000 megawatts of electricity annually and an industrial water utility that delivers potable water to 15 million people in 40 states in the USA. With millions of pounds of debt, the second largest retail chain in the United Kingdom needs a buyer, and now they have found one in businessman Wes Edens. Wes Edens is the CEO of New Fortress Energy, which bought the solar projects for 32 gigawatts and in turn took control of a troubled nuclear reactor in the U.S.
Edens, with a wealth of $3 billion (according to Forbes), is a fierce capitalist. He is best known for the billion-dollar acquisition of an oil producer called Blackstone Energy Partners, the first energy fund to be rated AAA, and is a co-owner of the NBA’s Milwaukee Bucks, as well as being the co-founder of Fortress Investment Group, the world’s largest private equity firm. His history in the business world is such that Edens is able to know how to extract profits. Here, he has shown he is particularly adept at the iron art of buying up troubled companies with debt and, in the case of Morrisons, buying back that debt with its stock price and more
His most recent $2.6 billion takeover of New Fortress Energy, an American oil and natural gas company, was largely financed through the issuance of shares. The billionaire hedge fund manager, Wes Edens, the founder of New Fortress Energy, a US energy company, is on a buying spree, paying some £1 billion ($1.2 billion) in an acquisition of British grocery store chain, Morrisons, and reportedly the largest deal in the grocer’s 132-year history. Morrisons could also be sold to a private equity bidder or could be demerged into a separate company.