Tom Gores
Encyclopedia
Tom Gores 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. On June 1, 2011 he became the owner of the Detroit Pistons
.
, Israel
to a Greek father and Lebanese mother. 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. He received a scholarship to attend Michigan State University
, where he graduated in 1986 with a Bachelor of Science degree in construction management. 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
.
based Platinum Equity
LLC in 1995 with the intent to acquire non-core or under-performing divisions of Fortune 1000 corporations. 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 and #1 on the 2010 Los Angeles Business Journal
list of LA's Largest Private Companies.
Gores was on the April 2009 cover of the New York City-based Mergers & Acquisitions Journal magazine as its “Pro of the Year.”
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.
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.
(LACMA). He was also a member of the board of directors at St. Joseph's Hospital 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.
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
list of 2011 World's Billionaires. On June 1, 2011 he became the owner of the Detroit Pistons
Detroit Pistons
The Detroit Pistons are a franchise of the National Basketball Association based in Auburn Hills, Michigan. The team's home arena is The Palace of Auburn Hills. It was originally founded in Fort Wayne, Indiana as the Fort Wayne Pistons as a member of the National Basketball League in 1941, where...
.
Biography
Tom Gores was born in NazarethNazareth
Nazareth is the largest city in the North District of Israel. Known as "the Arab capital of Israel," the population is made up predominantly of Palestinian Arab citizens of Israel...
, Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
to a Greek father and Lebanese mother. 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. He received a scholarship to attend Michigan State University
Michigan State University
Michigan State University is a public research university in East Lansing, Michigan, USA. Founded in 1855, it was the pioneer land-grant institution and served as a model for future land-grant colleges in the United States under the 1862 Morrill Act.MSU pioneered the studies of packaging,...
, where he graduated in 1986 with a Bachelor of Science degree in construction management. 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
Grosse Ile (Michigan)
Grosse Ile is the largest island in the Detroit River and is the most populated island in the state of Michigan. It is on the American side of the river and is part of Wayne County. The island is approximately 9.6 mi² and has a population of 10,894...
.
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, CaliforniaCalifornia
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
based Platinum Equity
Platinum Equity
Platinum Equity, LLC is a private equity investment firm founded by Tom Gores in 1995. The firm focuses on leveraged buyout investments of established companies in the U.S. and Europe....
LLC in 1995 with the intent to acquire non-core or under-performing divisions of Fortune 1000 corporations. 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 and #1 on the 2010 Los Angeles Business Journal
Los Angeles Business Journal
The Los Angeles Business Journal, established c. 1979, is a weekly newspaper in Los Angeles, California, which covers general business news. According to the journal's website, it has over 12,000 online subscribers, and a weekly print circulation of 30,000...
list of LA's Largest Private Companies.
Gores was on the April 2009 cover of the New York City-based Mergers & Acquisitions Journal magazine as its “Pro of the Year.”
Among Platinum's acquisitions are the Troy-based metal fastener manufacturer Acument Global Technologies, bought in 2006 for $630 million from Textron
Textron
Textron is a conglomerate that includes Bell Helicopter, E-Z-GO, Cessna Aircraft Company, and Greenlee, among others. It was founded by Royal Little in 1923 as the Special Yarns Company, and is headquartered at the Textron Tower in Providence, Rhode Island, United States.With total revenues of...
. In May 2009, Platinum bought The San Diego Union-Tribune
The San Diego Union-Tribune
-Predecessors:The predecessor newspapers of the Union-Tribune were:* San Diego Sun, founded 1861 and merged with the Evening Tribune in 1939.* San Diego Union, founded October 10, 1868.* Evening Tribune, founded December 2, 1895.-Ownership:...
from Copley Press
Copley Press
Copley Press was a privately held newspaper business, founded in Illinois, but later based in La Jolla, California. Its flagship paper was The San Diego Union-Tribune.-Pulitzer Prizes:...
, 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.
On June 1, 2011, it was announced that Gores had bought the Detroit Pistons
Detroit Pistons
The Detroit Pistons are a franchise of the National Basketball Association based in Auburn Hills, Michigan. The team's home arena is The Palace of Auburn Hills. It was originally founded in Fort Wayne, Indiana as the Fort Wayne Pistons as a member of the National Basketball League in 1941, where...
, along with Palace Sports and Entertainment, from the wife of the late Bill Davidson
Bill Davidson
-External links:...
, Karen Davidson.
Philanthropy
Tom Gores supports several philanthropic organizations, and serves on the board of trustees for the Los Angeles County Museum of ArtLos Angeles County Museum of Art
The Los Angeles County Museum of Art is an art museum in Los Angeles, California. It is located on Wilshire Boulevard along Museum Row in the Miracle Mile vicinity of Los Angeles, adjacent to the George C. Page Museum and La Brea Tar Pits....
(LACMA). He was also a member of the board of directors at St. Joseph's Hospital 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.
External links
- Homepage
- Tom Gores @ Twitter
- Forbes Worlds Billionaires
- Platinum Equity profile of Tom
- Ulticom closes in France