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

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

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. 1 2 3 4 "Vector Group Ltd". Bloomberg Markets. Bloomberg.com. Retrieved 27 September 2016.
  3. 1 2 3 4 "Vector Group Ltd. 2015 Stockholders' Report" (PDF). Vector Group. Retrieved 27 September 2016.
  4. ↑ "Home". newvalley.com.
  5. ↑ "Western Union Auctioned for $1.15 Billion : Bankruptcy: First Financial Management wins unusual open-court bidding for the money transfer company". Los Angeles Times. Reuters. 1994-09-20. 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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