Fidelity Investments - Other Businesses

Other Businesses

Fidelity Investments also owns many unrelated businesses, including BostonCoach the world's second-largest executive ground transportation network, a luxury hotel, a bus and Veritude, a temporary employment agency. It formerly owned Community Newspaper Company, the largest chain of newspapers in suburban Boston, sold to the Boston Herald and now owned by GateHouse Media. Fidelity has also strategically invested in the telecom/managed services/data center industries, having incubated COLT Telecom Group in Europe, MetroRED in South America, and KVH in Japan. (Since 2008, all MetroRED ownership has been completely divested.)

One sector in which the company has heavily invested is in commercial lumber and building materials.

ProBuild Holdings currently operates more than 407 lumber and building product distribution, manufacturing and assembly centers throughout the State America. Pro-BUild has approximately 12,000 employees down from 21,000 employees with 2006 revenues in excess of $6 billion, 2009 revenues down to $3 billion.

In 2007, Fidelity Investments moved to rebrand many of these private equity investments and portfolio holdings under the "Devonshire Investors" entity/brand to avoid potential confusion with its more consumer-oriented financial services and mutual funds business.