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Tom Gores

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Tom Gores
Born
Tewfiq Georgious

(1964-07-31) July 31, 1964 (age 60)[1]
Nazareth, Israel
NationalityAmerican[2]
Alma materMichigan State University
Occupation(s)Chairman and CEO of Platinum Equity LLC
Owner of Palace Sports and Entertainment
Children3
FamilyAlec Gores (brother), Sam Gores (brother)
Websitehttp://www.tomgores.com/

Tom Gores (born: Tewfiq Georgious, Template:Lang-ar; born July 31, 1964) is an Israeli-born American businessman and investor. He is a billionaire with an estimated current net worth of $3.7 billion according to the 2017 Forbes list of the Forbes 400.[4] He is the founder of Platinum Equity, a private equity firm with headquarters in Beverly Hills. On June 1, 2011, Tom Gores and Platinum Equity became the owners of the National Basketball Association’s (NBA) Detroit Pistons.

Early life and education

Tom Gores was born into a practicing Catholic family in Nazareth, Israel, the son of a father of Greek descent and a mother of Lebanese descent.[5][6] While a student at Genesee High School, Gores played defensive back in football, middle infielder in baseball, and guard in basketball.[7] He received a scholarship to attend Michigan State University, where he graduated in 1986 with a Bachelor of Science degree in construction management.[8] He spent his twenties learning the buyout business with his older brother Alec. Prior to joining his brother, Tom worked at Continental Telephone for a short stint.

Career

As a global private equity business magnate, Gores was estimated in 2011 by Forbes to be the 159th-richest American with a $2.5 billion fortune. He founded the Beverly Hills, California based Platinum Equity LLC in 1995 with the intent to acquire non-core divisions of Fortune 1000 corporations.[9] Platinum Equity has since expanded its investment criteria to include public-to-private transactions and acquisitions from private sellers. Since its founding, the firm has acquired more than 130 companies in industries that include technology and IT services, manufacturing, industrials, distribution, transportation and logistics, and equipment rentals.[10]

In 2010, Platinum Equity was recognized as one of the largest and fastest-growing private companies in America, ranking #31 on Forbes’ Largest Private Companies list in 2010[11] and #1 on the 2010 and 2011 Los Angeles Business Journal list of LA's Largest Private Companies.[12] In 2011, Platinum Equity rose to #23 on Forbes’ Largest Private Companies list, due to a 22.4% increase in the firm's revenue.[13] In 2011, Platinum ranked #7 on the Los Angeles Business Journal’s list of the Largest Private Equity Firms in Los Angeles.[14]

Press

Gores was featured on the April 2010 cover of Mergers & Acquisitions magazine as its "Pro of the Year."[15] He was featured on the cover of the Summer 2011 issue of C-Suite Quarterly with an article titled "Tom Gores On Balancing Family, Business, and The Detroit Pistons."[16]

Detroit Pistons ownership

On June 1, 2011, Gores and Platinum Equity bought Palace Sports and Entertainment (PS&E),[17] the parent company of the Pistons and their former arena, The Palace of Auburn Hills, from Karen Davidson, the wife of the late Bill Davidson, becoming only the third owner in the franchise's 70-year history.[18] According to Crain's Detroit Business, the final sale price was $325 million, far lower than expected.[19] Still, it was a handsome return on Davidson's original investment; he'd bought the team from founding owner Fred Zollner in 1974 for $6 million.

Soon after Gores and Platinum Equity took ownership, the Pistons made several leadership changes including appointing Dennis Mannion to oversee operations of PS&E and the Pistons and Lawrence Frank as head coach of the Pistons.[20] Frank was the former head coach of the New Jersey Nets, now known as the Brooklyn Nets.[21] Former Pistons star Joe Dumars remained as President of Basketball Operations.[22]

Under Gores' ownership, PS&E and the Pistons have demonstrated an ongoing commitment to the Detroit community through programs that include "Seats for Soldiers,"[23] which provides free tickets for PS&E events to U.S. military members and their families, as well as "Come Together," a program celebrating community service, leadership, and volunteerism throughout Michigan.[24]

As of February 2018, the Pistons were valued at $1.1 billion, a gain of $775 million since Gores' purchase in 2011.[25]

In June 2018 Tom Gores and the Detroit Pistons hired[26] Dwane Casey as the head coach.[27] Dwane Casey went on to win the NBA's coach of the year award and in his acceptance speech he praised Tom Gores saying “When you get fired, which I did recently, I don’t know if you knew that or not,” Casey joked. “You always doubt yourself a little bit. “You think ‘Can I do this? Do I want to do this again?’ “Then I interviewed with Tom Gores, the owner of the Detroit Pistons. He and I connected and he’s given me an opportunity that I’m very appreciative of for someone to believe in you. That’s all you want as a player and also as a coach – an owner who believes in you and trusts you with that.” [28]

Philanthropy

Gores supports several philanthropic organizations,[29] and serves on the board of trustees for the Los Angeles County Museum of Art (LACMA).[30] He was also a member of the board of directors at St. Joseph's Hospital and UCLA Medical Center. In 2011, Gores and Platinum Equity began making a series of donations to San Diego-area causes and institutions, including the San Diego State University School of Journalism and Media Studies, public broadcasting service KPBS, the AVID Center, Junior Achievement, and the Classroom of the Future Foundation. Gores and his family help to support Children's Hospital Los Angeles and in particular the Division of Clinical Immunology and Allergy. As a result, the Gores Family Allergy center at Children's Hospital Los Angeles was formed to help provide comprehensive care and research in allergy.

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.[1]

In January 29, 2016 Gores created FlintNOW foundation to raise $10 million for the city of Flint, Michigan as the water crisis continues.[31]

Personal life

Gores lives in Beverly Hills, California[32] with his wife Holly[33] and three children.[34] He also has a condo in Birmingham, Michigan.[35]

See also

References

  1. ^ a b Mark Kurlyandchik. "New Pistons Owner Tom Gores Aims High". Hour Detroit. Retrieved July 28, 2014.
  2. ^ "#334 Tom Gores". The World's Billionaires 2009. Forbes. 2009. Archived from the original on March 16, 2009. Retrieved March 16, 2009. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  3. ^ "Tom Gores".
  4. ^ "Tom Gores profile". forbes.com. Forbes. Retrieved 20 October 2017.
  5. ^ "Letters". San Diego Reader. 2009-05-20. Retrieved 2011-09-25. For the record, my mother is of Lebanese descent, and my father was of Greek descent. We were raised and are still practicing Catholics
  6. ^ Jewish Journal: "Christian billionaires from Israel looking to buy Miramax" by Danielle Berrin April 15, 2010
  7. ^ "Self-made billionaire Tom Gores of tiny Genesee could be next owner of Detroit Pistons". MLive.com. Retrieved 2011-02-13.
  8. ^ "Pistons bidder shot for Delphi - Crain's Detroit Business - Detroit News and Information". Crainsdetroit.com. Retrieved 2011-02-13.
  9. ^ "Tom Gores, Platinum Equity Chairman and CEO". Platinumequity.com. Retrieved 2011-02-13.
  10. ^ "Platinum Equity: The Firm". Platinumequity.com. Retrieved 30 May 2012.
  11. ^ "America's Largest Private Companies: #31 Platinum Equity". Forbes.com. Retrieved 25 June 2012.
  12. ^ "List of LA's Largest Private Companies". LA Business Journal. Retrieved 25 June 2012.
  13. ^ "America's Largest Private Companies of 2011". Forbes.com. Retrieved 25 June 2012.
  14. ^ "2011 Largest Private Equity Firms in Los Angeles List" (PDF). cbjonline.com. Retrieved 2012-06-04.
  15. ^ "Unconventional Wisdom: Tom Gores Sees Value Where Others Don't" (PDF). Mergers & Acquisitions. 2010-04-01. Retrieved 2011-09-14.
  16. ^ "Tom Gores On Balancing Family, Business, and The Detroit Pistons". C-Suite Quarterly. Summer 2011. Retrieved 22 May 2012.
  17. ^ https://www.platinumequity.com/news/news-articles/2011/karen-davidson-and-tom-gores-reach-agreement-on-sa
  18. ^ "Karen Davidson and Tom Gores Reach Agreement on Sale of Detroit Pistons". NBA.com. Retrieved 12 June 2012.
  19. ^ Shea, Bill (2011-06-05). "'Shocking' bargain: Gores pays $325 million for Pistons". Crain's Detroit Business.
  20. ^ "Dennis Mannion Named President of The Detroit Pistons and Palace Sports & Entertainment". The Detroit Pistons. Retrieved 18 June 2012.
  21. ^ "Lawrence Frank, former Nets coach, hired by Detroit Pistons as head coach". New Jersey On-Line. 29 July 2011. Retrieved 18 June 2012.
  22. ^ "Joe Dumars to remain Pistons president under new ownership". AOL Sporting News. 10 April 2011. Retrieved 18 June 2012.
  23. ^ "'Seats for Soldiers' free ticket offer continues for designated events at The Palace". The Oakland Press. Retrieved 15 June 2012.
  24. ^ "Pistons Announce "Come Together" Community Program". NBA.com. Retrieved 15 June 2012.
  25. ^ Shea, Bill (7 February 2018). "Forbes: Pistons now worth $1.1 billion". Crain's Detroit Business. Retrieved 18 February 2018.
  26. ^ https://www.freep.com/story/sports/nba/pistons/2018/06/20/detroit-pistons-tom-gores-dwane-casey-family-detroit/719928002/
  27. ^ https://www.nba.com/pistons/features/casey-checked-every-box-tom-gores-and-gores-conducted-thorough-inventory
  28. ^ https://www.youtube.com/watch?v=vsf2VE2Jv_Q
  29. ^ "Corporate Responsibility". Platinumequity.com. Retrieved 2011-02-13.
  30. ^ "LACMA: Los Angeles County Museum of Art;". LACMA.org. Retrieved 2011-02-13.
  31. ^ "Tom Gores". forbes. Forbes. Retrieved 20 October 2017.
  32. ^ Leitereg, Neal J. "Detroit Pistons owner Tom Gores springs for familiar spot in Beverly Park". latimes.com. Retrieved 2017-12-21.
  33. ^ David, Mark (2011-10-10). "Real Estate Run Down: Tom Gores". Variety. Retrieved 2017-12-21.
  34. ^ http://www.hourdetroit.com/Hour-Detroit/November-2011/Aiming-High-Tom-Gores-New-Pistons-Owner/
  35. ^ "Want to buy the top floor of a five-story building?". HometownLife. Retrieved 2017-12-21.
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