Steven M. Rales
|Steven M. Rales|
|Alma mater||B.A. DePauw University
J.D. American University
|Known for||co-founder of Danaher Corporation|
|Net worth||US$ 3.2 billion (Sept 2013)|
|Spouse(s)||Christine Plank (divorced)
|Children||three (with Plank)|
Early life and education
Raised in a Jewish family, Rales is one of four sons of Norman and Ruth Rales. His father was raised in an orphanage, the Hebrew Orphan Asylum in New York City and later became a businessman who sold his building supply company in Washington, D.C. to his employees in what was the first employee stock ownership plan (ESOP) transaction in the U.S. His father was also a philanthropist founding the Norman and Ruth Rales Foundation and the Ruth Rales Jewish Family Service. Steven Rales has three brothers: Joshua, Mitchell, and Stewart.
Rales graduated in 1969 from Walt Whitman High School, in Bethesda, Maryland. in 1973 from DePauw University, where he was in the Beta Theta Pi fraternity. In 1978, he was awarded a J.D. from American University.
In 1979, he left his father's real estate firm to found Equity Group Holdings, with his brother Mitchell Rales. Using junk bonds, they bought a diversified line of businesses: first Mastershield, a vinyl siding manufacturer, then Mohawk Rubber Company, then Diversified Mortgage Group. They changed the name to Diversified Mortgage Investors, in 1978, and then Danaher, in 1984.
In 1985 they bought EASCO, an aluminum siding manufacturer, and hand tool manufacturer.
In 1988, they made a hostile takeover bid for Interco, (including Converse (shoe company), and Ethan Allen (furniture company)). When the company responded with a poison pill, they sued, and prevailed in court. They later ended the bid after five months with a profit of $60 million.
In the 1980s, the AM side of WGMS was sold off to Washington, D.C., venture capitalists Steven and Mitchell Rales, who converted the music station into the first frequency for WTEM, a sports-talk station, in 1992.
He has served as Chairman of the board, of Danaher, since January 1984.
In 1983, he married Christine Plank, a 1974 DePauw University alumni. They had three children. Alexander, Gregory, and Stephanie. They divorced in 2003. In 2012, he married Lalage Damerell.
- Forbes: The World's Billionaires - Steven Rales September 2013 2013
- "Steven M. Rales Profile". Forbes. Retrieved 20 April 2013.
- Washington Jewish Week: "Five local Jews make Forbes richest list" October 7, 2009
- "Remembering Norman R. Rales 1923-2012". Jewish Family Service. March 15, 2012.
- Sun Sentinel: "Norman Rales, orphan to wealthy businessman and philanthropist, is dead at 88" By Lisa J. Huriash March 15, 2012
- Jewish Family Service: "Ruth Rales, 81, Philanthropist by Tal Abbady April 1, 2004
- Murphy, Carolyn and Lynn Stander (September 2005). "We Knew Them When". Bethesda Magazine.
- "Bio: Mitchell P. Rales and Steven M. Rales". Business Week Magazine. February 19, 2007.
- David A. Vise; Steve Coll (August 23, 1988). "The Rales Brothers Play for Big Stakes; Little-Known Area Family Builds an Industrial Empire". The Washington Post.
- "COMPANY NEWS; Request on Interco". The New York Times. August 4, 1988.
- Patrick A. Gaughan (2002). Mergers, Acquisitions, and Corporate Restructurings. John Wiley and Sons. p. 217. ISBN 978-0-471-23729-7.
- "COMPANY NEWS; Rales Brothers Sell Their Interco Stake". The New York Times. December 16, 1988.
- "Steven M. Rales". Forbes Magazine.
- Thomas Heath (July 7, 2008). "The Quiet Dynamism of the Brothers Rales". The Washington Post.
- Kaufman, Anthony (2007-09-07). "Money men with a yen for films". Variety. Retrieved 19 March 2010.
- Steven M. Rales, hollywood.com
- Steven M. Rales, imdb.com
- Kim Eisler (December 11, 2007). "What’s a DC Billionaire Doing Aboard The Darjeeling Limited?". Washingtonian.
- Peeler Art Center Dedicated as Donor Remembers the Building's Namesake, Her Former Professor, DePauw University
- Sponsors, GolfRocks
- Washingtonian Magazine: "Best Places To Live" by Kimberly Palmer And Mollie Reilly May 2012
- DePauw University: Peeler Art Center Dedicated as Donor Remembers the Building's Namesake, Her Former Professor October 11, 2002
- Find A Case: CHRISTINE P. RALES, APPELLANT v. STEVEN M. RALES, APPELLEE September 28, 2006
- The Ron Brown Scholar Program:Remembering Norman R. Rales - 2010 American Journey Award Recipient" March 13, 2012
- Hartford Courant: In the Matter of Marilyn Plank July 11, 2007
- "Steven Rales & Lalage Damerell". The Times. September 3, 2013.
- "The 400 Richest Americans #128 Steven Rales". Forbes Magazine. September 17, 2008.
- Steve Rales Makes 96-yard TD reception in 1970 Monon Bell Classic