Steven Rales
Steven M. Rales | |
|---|---|
 Rales in 2016 | |
| Born | 1951 (age 72–73) |
| Nationality | United States |
| Alma mater | B.A. DePauw University J.D. American University |
| Occupation(s) | Businessman Film producer |
| Known for | co-founder of Danaher Corporation |
| Spouse(s) | Christine Plank (divorced) Lalage Damerell |
| Children | 3 (with Plank)[1] |
| Parent(s) | Ruth Rales Norman Rales |
| Family | Mitchell Rales (brother) |
Steven M. Rales (born 1951) is an American businessman, film producer and chairman of Danaher Corporation. He is listed as the 118th richest person in America, with a value of $3.2 billion.[2] In 2016, Forbes estimated his net worth at $4.6 billion.[3]
Early life and education
Raised in a Jewish family,[4] 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 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.[5] His father was also a philanthropist, founding the Norman and Ruth Rales Foundation and the Ruth Rales Jewish Family Service. Steven has three brothers: Joshua, Mitchell, and Stewart.[6][7]
Rales graduated in 1969 from Walt Whitman High School, in Bethesda, Maryland.[8] In 1973, he graduated from DePauw University, where he was in the Beta Theta Pi fraternity. In 1978, he was awarded a J.D. from the American University.
Investments
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.[9]
In 1985, they bought Easco Corporation, the then-largest independent aluminum extrusion manufacturer, and hand tool manufacturer which produced the Craftsman brand of sockets and wrenches for Sears.
In 1988, they made a hostile takeover bid for Interco (including Converse, and Ethan Allen).[10][11] When the company responded with a poison pill, they sued, and prevailed in court.[12] They later ended the bid after five months with a profit of $60 million.[13]
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.[14]
In 1995 Steven and Mitchell Rales founded Colfax Corporation, a Richmond, Virginia industrial pumps manufacturer. In May 2008, Steven engineered the initial public offering of the company.[15]
Indian Paintbrush
Rales owns the production company Indian Paintbrush,[16] which has funded The Darjeeling Limited (2007), and Fantastic Mr. Fox (2009).[17][18][19]
The company was also involved in Jeff, Who Lives at Home (2011), Moonrise Kingdom (2012), Seeking a Friend for the End of the World (2012), Labor Day (2013), The Grand Budapest Hotel (2014), and Me and Earl and the Dying Girl (2015),[20] and Isle of Dogs (2018).[21]
Indian Paintbrush has a long term deal with Fox Searchlight Pictures.
Philanthropy
He has been a major supporter of the Washington Ballet. In 2002, he was a major donor in the dedication of the Peeler Art Center at DePauw University.[22] He was a donor to GolfRocks.[23]
Personal life
In 1983, he married Christine Plank, a 1974 DePauw University alumna.[24][25] They have three children,[26] Alexander, Gregory, and Stephanie.[27][28] They divorced in 2003.[26] In 2012, he married Lalage Damerell.[29]
References
- ^ a b Forbes: The World's Billionaires - Steven Rales July 2014
- ^ "Steven M. Rales Profile". Forbes. Retrieved 20 April 2013.
- ^ "Forbes 400". Forbes. Retrieved 2017-05-10.
- ^ Washington Jewish Week: "Five local Jews make Forbes richest list" Archived 2012-09-05 at the Wayback Machine 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. Archived from the original on 2008-08-20.
{{cite news}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ "Steven Rales". Forbes. Retrieved 2017-05-11.
- ^ 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.
{{cite news}}: CS1 maint: multiple names: authors list (link) - ^ "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.
- ^ 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.
- ^ "Indian Paintbrush". Internet Movie Database. Retrieved July 9, 2014.
- ^ Tartaglione, Nancy (2016-12-22). "Fox Searchlight Acquires Wes Anderson's 'Isle Of Dogs' In World Rights Deal". Deadline. Retrieved 2018-04-05.
- ^ Peeler Art Center Dedicated as Donor Remembers the Building's Namesake, Her Former Professor, DePauw University Archived 2009-01-04 at the Wayback Machine
- ^ 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
- ^ a b 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"[permanent dead link] March 13, 2012
- ^ Hartford Courant: In the Matter of Marilyn Plank[permanent dead link] July 11, 2007
- ^ "Steven Rales & Lalage Damerell". The Times. September 3, 2013.
External links
- "The 400 Richest Americans #128 Steven Rales". Forbes. September 17, 2008.
- Steve Rales Makes 96-yard touchdown reception in 1970 Monon Bell Classic
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