Deals
Fortress Wins Big in Turnaround of Subprime Lender Springleaf
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A bet on subprime lender Springleaf Holdings Inc. has paid off for Fortress Investment Group LLC.
Fortress, the first publicly traded buyout firm in the U.S., paid $125 million in 2010 for a stake in Springleaf that was valued at $1.68 billion yesterday following the Evansville, Indiana-based lender’s trading debut. Springleaf, which sold 21 million shares at $17 apiece in its initial public offering Oct. 15, gained 13 percent to close at $19.26 in New York.