New Valley LLC

New Valley LLC is an American investment company owned by Vector Group.[4]

New Valley LLC
TypeSubsidiary
IndustryDiversified holding
Founded1986 (1986).[1]
FounderBennett S. LeBow
Headquarters
Miami, Florida
,
United States
Key people
Bennett S. LeBow Chairman
Howard Lorber President and Chief Executive Officer
Richard Lampen Executive Vice President[2]
J. Bryant Kirkland III Senior Vice President, Chief Financial Officer and Treasurer[2]
Marc N. Bell Senior Vice President, General Counsel and Secretary[2]
Ronald J. Bernstein President and Chief Executive Officer of Liggett Group LLC and Liggett Vector Brands LLC[2]
Productsreal estate, property management[3]
Revenue$1.7 billion (FY 2015)[3]
$59.2 million (FY 2015)[3]
Total assets$1.3 billion (FY 2015)[3]
Number of employees
1,090
ParentVector Group
Websitewww.newvalley.com

History

Western Union was renamed New Valley in the early 1990s as the corporate parent of all Western Union-related businesses. In 1994, New Valley sold its Western Union businesses to First Financial Management (later acquired by First Data) for $1.2 Billion.[5]

After more than 100 years of being a publicly traded entity, New Valley became a wholly owned subsidiary of Vector Group on December 13, 2005 when Vector Group acquired the remaining 42.3% of New Valley's common shares that it did not already own. New Valley presently has a 70% stake in Douglas Elliman, the largest residential real estate brokerage in the New York metropolitan area.[6] The company also has stakes in various hotels and golf courses in the United States. In conjunction with the spin-off of its Ladenburg Thalmann subsidiary New Valley retained a 7.6% stake in Ladenburg Thalmann Financial Services, an investment bank and stock brokerage based in Miami.

References
  1. Fairclough, Gordon (26 June 2000). "Liggett's Chief Breaks Rank Again At Tobacco Trial". Wall Street Journal. Retrieved 27 September 2016.
  2. "Vector Group Ltd". Bloomberg Markets. Bloomberg.com. Retrieved 27 September 2016.
  3. "Vector Group Ltd. 2015 Stockholders' Report" (PDF). Vector Group. Retrieved 27 September 2016.
  4. http://www.newvalley.com
  5. Reuters, From (1994-09-20). "Western Union Auctioned for $1.15 Billion : Bankruptcy: First Financial Management wins unusual open-court bidding for the money transfer company". Los Angeles Times. ISSN 0458-3035. Retrieved 2016-02-15.
  6. "Vector Group Acquires Additional 20.59% Interest in Douglas Elliman Realty (NYSE:VGR)". ir.vectorgroupltd.com. Retrieved 2016-02-15.
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