Duos Technologies Group Inc., which has been managing assets for APR Energy, said in a Securities and Exchange Commission filing that APR’s assets have been sold.
Jacksonville-based Duos owned a 5% interest in APR’s business and said in the May 28 filing it received net proceeds of about $50.4 million from the sale of APR, indicating the total price of the sale was about $1 billion.
Jacksonville-based APR made no announcement about a sale, and a spokesman said by email that APR representatives were not available for comment.
A spokesman for Fortress Investment Group, which acquired APR’s assets at the end of 2024, said the firm would not comment.
APR’s main business is deploying fast-track power plants at sites around the world.
APR was a publicly traded company before a buyout by a group of private equity firms in 2016.
The company was sold again in February 2020 for $750 million to Atlas Corp., a Hong Kong-based holding company.
In 2024, Duos announced New York-based investment firm Fortress agreed to acquire the assets of APR and in conjunction with that deal, it signed a two-year agreement with Duos to manage and deploy the assets.
When Fortress acquired the assets, the business officially became known as New APR Energy LLC, but the company describes itself as doing business as APR Energy.
Duos’ SEC filing said the assets of New APR were sold May 26 to a third party, which it did not name. It gave no other details about the buyer.
When the agreement with Fortress and APR was announced in late 2024, Duos said it expected $42 million in revenue from the deal over two years.
The APR contract became the major part of Duos’ business, generating $22.4 million of the company’s total 2025 revenue of $27 million.
Duos reported its first-quarter dropped 45% to $2.72 million as the deal with APR winds down this year. Duos now is focused on providing services to data centers.
Duos said last year’s revenue was a record high for the company, so the $50.4 million in proceeds from the APR sale are a significant windfall.
The company had been projecting total revenue of
$50 million this year.
The roller coaster ride of Redwire Corp.’s stock turned upward at the end of May as the pending initial public offering of SpaceX sent the entire space sector higher.
Jacksonville-based space technology firm Redwire closed at $13.91 before SpaceX, officially called Space Exploration Technologies Corp., publicly filed for its IPO.
Redwire doesn’t have an official connection to Elon Musk’s SpaceX, but the IPO filing creating a buying frenzy for the space sector. Redwire’s stock reached a high of $26.64 by May 28.
Redwire was actually outperforming other space stocks in the days after the filing. According to a CNBC report, Redwire rose 25.3% in the first five days after the filing, the best gain among stocks in a newly created exchange-traded fund of space stocks managed by investment company VanEck.
VanEck launched the fund May 6 and by May 28, as Redwire reached its high, the fund was up 45.7% since its inception.
“Space is becoming a distinct and investable theme, supported by powerful long-term growth drivers,” VanEck Product Manager Nick Frasse said in a news release.
“The economics of space are changing rapidly, allowing for a growing universe of investible companies with meaningful commercial exposure,” he said
Frasse said the fund consists of companies involved in launch systems, satellite infrastructure and space-enabled data.
Redwire has businesses producing a range of space technology. It also is getting more investor attention because of its acquisition last year of drone company Edge Autonomy, which has expanded Redwire’s Earth-based defense technology business.
Redwire announced two contract wins in May for its uncrewed aerial system technology, including a multiyear deal with what it called an undisclosed NATO country valued at high eight figures.
The company also announced a $15 million follow-on order from the 1st Aviation Brigade, U.S. Army Aviation Center of Excellence.
Before going public in 2021, Redwire made some lofty revenue projections, saying it expected to reach $1.4 billion by 2025. Actual revenue reached $335 million last year.
The company is on a more solid growth path now with the addition of Edge Autonomy, and with that business included for a full year, Redwire is projecting 2026 revenue of $450 million to $500 million.
Jefferies analyst Greg Konrad said in a June 1 research note that the expansion of both sides of Redwire’s business supports annual revenue growth of 18% in the next few years.
“With that said the recent move in the stock does not correlate with financials, but rather multiple expansion on the excitement of the SpaceX IPO that has shed a positive spotlight on the Space Sector,” Konrad said as downgraded his rating from “buy” to “hold” after the recent runup.
“While Redwire could benefit from many of these trends such as lower launch costs driving comm/data center satellite launch acceleration and colonization outside of earth supporting expanding need for its components, its core business likely lacks exponential growth potential,” he said.
“The eventual waning excitement on top of this event likely curtails near-term upside.”
Konrad wasn’t the only one tempering enthusiasm after the rally. Investing website The Motley Fool also cautioned investors on Redwire in a June 1 story.
“Given the stock’s recent surge and lack of near-term profitability, Redwire is best left for aggressive investors with a long-term outlook and willing to stomach sizable price swings,” it said.
Redwire’s stock fell as much as $4.27 to $20.30 June 1.
The Fortegra Group said May 29 that South Korea-based DB Insurance Co. Ltd. completed its acquisition of the Jacksonville-based specialty insurer, but operations of the company will remain the same.
Fortegra said it will operate independently with its existing leadership team.
“Every company eventually changes ownership. That is the nature of business. The closing of this acquisition is a starting point,” Fortegra CEO Richard Kahlbaugh said in a news release.
“As part of DB Insurance, Fortegra is positioned to expand our business geographically, enhance our capabilities and deepen our market presence in the US, Europe, the United Kingdom and Asia,” he said.
DB Insurance agreed in September 2025 to buy Fortegra from Tiptree Inc. and Warburg Pincus for $1.65 billion.
Tiptree acquired then-publicly traded Fortegra for $214 million in 2014.
The business grew under Tiptree’s ownership, and it tried to take Fortegra public again twice, in 2021 and 2024. But Tiptree called off the sale both times because it couldn’t get the price it wanted.
Tiptree sold a minority stake in Fortegra to Warburg Pincus in 2021 after the first attempt at an IPO was cancelled.
Connecticut-based holding company Tiptree has no operating businesses after completing the sale of its majority interest in Fortegra.
The company has said it is seeking new investment opportunities with the proceeds from the sale. Tiptree said in a May 29 Securities and Exchange Commission filing its share of the proceeds was about $1.08 billion.
“We are pleased to have successfully completed the sale of Fortegra, which represents the culmination of a multi-year strategy to build and scale a global specialty insurance platform,” Tiptree CEO Michael Barnes said in a news release.
“Looking ahead, we are well positioned to focus on the next phase of our strategy — driving long-term value through disciplined capital allocation and strategic acquisitions, with a particular emphasis on financial services, including insurance, asset management, and specialty finance,” he said.
Tiptree’s 2024 annual report said Fortegra had 1,144 employees across 24 offices in nine countries. It did not say how many worked in the Jacksonville headquarters.
The company did not give details on Fortegra’s employees in its 2025 annual report because it classified Fortegra as a discontinued operation. Tiptree’s first-quarter 2026 report said Fortegra had revenue of $478.4 million and earnings of $20.5 million.
Fortegra had revenue of $2.01 billion and earnings of $85.3 billion for all of 2025.
DB Insurance reported 2025 revenue of 17.2 trillion South Korean wan, according to financial analysis firm Morningstar. That’s equivalent to about $12.4 billion.
Berkshire Hathaway Inc. announced May 31 it agreed to acquire Taylor Morrison Home Corp. for $6.8 billion.
Scottsdale, Arizona-based Taylor Morrison builds homes in 21 markets in 12 states.
The company has two developments in the Jacksonville metropolitan area, according to its website, and others near Jacksonville in Palm Coast and St. Marys, Georgia.
Omaha, Nebraska-based Berkshire Hathaway said the acquisition of Taylor Morrison will add to its housing portfolio which includes manufactured housing company Clayton Homes and other building products businesses.
Berkshire Hathaway agreed to pay $72.50 in cash per share, a 24% premium to Taylor Morrison’s closing price of $58.50 on May 29.
Taylor Morrison will continue to be run by its existing management team after the deal closes, which is expected in the second half of 2026.