Tom Gores
Tom Gores (1964 - ) is an American billionaire with an estimated current net worth of $2.4 billion dollars. He appears on the Forbes list of 2011 World's Billionaires.[1] On June 1, 2011 he became the owner of the Detroit Pistons.
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[edit] Biography
Tom Gores was born in Nazareth, Israel to a Greek father and Lebanese mother.[2] His father owned a construction company. In 1968, the family moved to Genesee, Michigan. While a student at Genesee High School, Gores played defensive back in football, middle infielder in baseball and guard in basketball.[3] He received a scholarship to attend Michigan State University, where he graduated in 1986 with a Bachelor of Science degree in construction management.[4] He spent his twenties learning the buyout business with his older brother Alec.
Gores lives in Beverly Hills with his wife and three children. He also has another house in Grosse Ile, Michigan.[5]
[edit] Business
As a global private-equity magnate, Gores is estimated by Forbes to be the 153rd-richest American with a $2.4 billion fortune. He founded the Beverly Hills, California based Platinum Equity LLC in 1995 with the intent to acquire non-core or under-performing divisions of Fortune 1000 corporations.[6] Over the past five years, the firm has earned between $8 billion and $12 billion annually in revenue with over 100 companies in a wide variety of industries. In 2010, Platinum Equity was recognized as one of the largest and fastest growing private companies in America by ranking #31 on Forbes’ Largest Private Companies list for 2010[7] and #1 on the 2010 Los Angeles Business Journal list of LA's Largest Private Companies.[8]
Gores was on the April 2009 cover of the New York City-based Mergers & Acquisitions Journal magazine as its “Pro of the Year.”[9]
Among Platinum's acquisitions are the Troy-based metal fastener manufacturer Acument Global Technologies, bought in 2006 for $630 million from Textron. In May 2009, Platinum bought The San Diego Union-Tribune from Copley Press, reportedly for $30 million. In January 2010, Gores picked up Cadillac-based recreational powerboat manufacturer Four Winns LLC and assets of bankrupt Minneapolis-based Genmar Holdings Inc.[4]
On June 1, 2011, it was announced that Gores had bought the Detroit Pistons, along with Palace Sports and Entertainment, from the wife of the late Bill Davidson, Karen Davidson.
[edit] Philanthropy
Tom Gores supports several philanthropic organizations, [10] and serves on the board of trustees for the Los Angeles County Museum of Art (LACMA).[11] He was also a member of the board of directors at St. Joseph's Hospital[where?] and UCLA Medical Center.
Gores and his brother Alec donated $250,000 to Genesee High School in honor of Tom and Julia Joubran's 50th wedding anniversary in 2002.
[edit] References
- ^ "Tom Gores". Forbes.com. 2011-03. http://www.forbes.com/profile/tom-gores. Retrieved 2011-03-27.
- ^ "Letters". San Diego Reader. 2009-05-20. http://www.sandiegoreader.com/news/2009/may/20/letters/. Retrieved 2011-09-25.
- ^ AP File Photo. "Self-made billionaire Tom Gores of tiny Genesee could be next owner of Detroit Pistons". MLive.com. http://www.mlive.com/sports/flint/index.ssf/2011/01/self-made_billionaire_tom_gore.html. Retrieved 2011-02-13.
- ^ a b "Pistons bidder shot for Delphi - Crain's Detroit Business - Detroit News and Information". Crainsdetroit.com. http://www.crainsdetroit.com/article/20100919/FREE/309199982/pistons-bidder-shot-for-delphi#. Retrieved 2011-02-13.
- ^ "#334 Tom Gores - The World's Billionaires 2009". Forbes.com. 2009-02-13. http://www.forbes.com/lists/2009/10/billionaires-2009-richest-people_Tom-Gores_DK81.html. Retrieved 2011-02-13.
- ^ "Tom Gores, Platinum Equity Chairman and CEO". Platinumequity.com. http://www.platinumequity.com/leadership/tom-gores. Retrieved 2011-02-13.
- ^ "#31 Platinum Equity". Forbes.com. http://www.forbes.com/lists/2010/21/private-companies-10_Platinum-Equity_50I2.html. Retrieved 2011-02-13.
- ^ Angeles, Los (2010-10-19). "2010 Largest Private Companies List". Los Angeles Business Journal. http://www.labusinessjournal.com/lalists/?djoPage=view_html&djoPid=6892. Retrieved 2011-08-14.
- ^ "Unconventional Wisdom: Tom Gores Sees Value Where Others Don't". Mergers & Acquisitions. 2010-04-01. http://www.platinumequity.com/pdfs/Mergers-and-Acquisitions-Tom-Gores-Platinum-Equity-April-2010.pdf. Retrieved 2011-09-14.
- ^ "Corporate Responsibility". Platinumequity.com. http://www.platinumequity.com/corporate-responsibility. Retrieved 2011-02-13.
- ^ "LACMA LACMA [LACMA: Los Angeles County Museum of Art]". Lacma.org. http://www.lacma.org/about/AboutLACMA.aspx. Retrieved 2011-02-13.
[edit] External links
- Homepage
- Tom Gores @ Twitter
- Forbes Worlds Billionaires
- Platinum Equity profile of Tom
- Ulticom closes in France
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