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Tom Gores
Tom Gores (born Tewfiq Georgious, Arabic: توفيق جورجيوس; Greek: Τεουφίκ Γεωργίου; Hebrew: תאופיק ג'ורג'יוס; July 31, 1964) is an American billionaire businessman. He is the founder of Platinum Equity, a private equity firm headquartered in Beverly Hills, California. In June 2011, Gores and Platinum Equity became the owners of the National Basketball Association's Detroit Pistons. He became the sole owner in 2015. As of July 2024, his net worth was estimated at $9.1 billion.
Gores was born in Nazareth, Israel on July 31, 1964. He was the fifth of six children in a Christian family with a father of Greek (Greek Orthodox Christian) descent and a mother of Lebanese (Maronite Catholic) descent. When he was around five years old, he and his family left Nazareth and settled in Genesee, Michigan located 10 miles northeast of Flint. His first job involved stocking shelves at his uncle's grocery store in Genesee. While a student at Genesee High School, Gores played defensive back in football, middle infielder in baseball, and guard in basketball.
After high school, he attended Michigan State University, where he worked as a janitor and telemarketer. He graduated in 1986 with a bachelor's degree in construction management.
After college, Gores had a short stint at Continental Telephone before helping found a lumber-logistics software firm (Ventech). In 1989, he and his wife drove from Michigan to Los Angeles in a used Cadillac to run the firm's West Coast operations. In 1995, Gores founded Platinum Equity in his home in Sherman Oaks. At the outset, Gores cold-called businesses to see if they had any divisions they were looking to offload. He found his first project with Litigation Services, Inc. (LSI), a then unprofitable firm that created computer-generated re-creations of accidents for courtroom evidence and testimony. He acquired it for $200,000, reorganized some of the corporate structure, and returned it to profitability within six months. Between 1996 and 2001, Gores led 32 acquisitions, including those of Pilot Software, Racal, and Williams Communications. By the following year, Platinum Equity's portfolio included units of Motorola, Fujitsu, and Alcatel.
Gores was first listed on the Forbes 400 list of the wealthiest Americans in 2002. In 2006, he led a deal to acquire PNA Steel, ultimately selling it to Reliance Steel & Aluminum Co. in 2008 for a net profit of $512 million. In May 2009, Gores purchased The San Diego Union-Tribune for an estimated $30 million (the newspaper was sold in 2011 for $110 million). By 2009, Gores had facilitated in excess of 100 deals through Platinum Equity.
Gores had shown interest in purchasing and was one of the front runners to become the owner of the NBA's Detroit Pistons after the death of the long-time owner, Bill Davidson, in 2009. In October 2010, it was reported that then-Detroit Red Wings and Detroit Tigers owner, Mike Ilitch, would purchase Detroit's NBA franchise. But, after Ilitch's exclusive 30-day negotiating period with Davidson's widow (Karen) ended, Gores showed renewed interest. He secured an exclusive negotiating period of his own in January 2011 and was presumed to become the next owner of the Pistons.
On June 1, 2011, Gores and Platinum Equity bought Palace Sports and Entertainment (PS&E) (the parent company of the Pistons and their former arena, The Palace of Auburn Hills) becoming the third owner in the franchise's 70-year history. The purchase price of $325 million was referred to as a "shocking bargain" by Crain's Detroit Business, although, in January 2011, Forbes had valued it at only $35 million more than eventual purchase price. Early in his tenure as owner, Gores approved $10-million worth of renovations to the Palace of Auburn Hills. He also instituted programs like "Seats for Soldiers"—which provides free tickets for PS&E events to U.S. military members and their families— and "Come Together"—a program celebrating community service, leadership, and volunteerism throughout Michigan.
In September 2015, Gores purchased Platinum Equity's stake in the Pistons to become the franchise's sole owner. He had previously held a 51% stake while Platinum held 49%.
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Tom Gores
Tom Gores (born Tewfiq Georgious, Arabic: توفيق جورجيوس; Greek: Τεουφίκ Γεωργίου; Hebrew: תאופיק ג'ורג'יוס; July 31, 1964) is an American billionaire businessman. He is the founder of Platinum Equity, a private equity firm headquartered in Beverly Hills, California. In June 2011, Gores and Platinum Equity became the owners of the National Basketball Association's Detroit Pistons. He became the sole owner in 2015. As of July 2024, his net worth was estimated at $9.1 billion.
Gores was born in Nazareth, Israel on July 31, 1964. He was the fifth of six children in a Christian family with a father of Greek (Greek Orthodox Christian) descent and a mother of Lebanese (Maronite Catholic) descent. When he was around five years old, he and his family left Nazareth and settled in Genesee, Michigan located 10 miles northeast of Flint. His first job involved stocking shelves at his uncle's grocery store in Genesee. While a student at Genesee High School, Gores played defensive back in football, middle infielder in baseball, and guard in basketball.
After high school, he attended Michigan State University, where he worked as a janitor and telemarketer. He graduated in 1986 with a bachelor's degree in construction management.
After college, Gores had a short stint at Continental Telephone before helping found a lumber-logistics software firm (Ventech). In 1989, he and his wife drove from Michigan to Los Angeles in a used Cadillac to run the firm's West Coast operations. In 1995, Gores founded Platinum Equity in his home in Sherman Oaks. At the outset, Gores cold-called businesses to see if they had any divisions they were looking to offload. He found his first project with Litigation Services, Inc. (LSI), a then unprofitable firm that created computer-generated re-creations of accidents for courtroom evidence and testimony. He acquired it for $200,000, reorganized some of the corporate structure, and returned it to profitability within six months. Between 1996 and 2001, Gores led 32 acquisitions, including those of Pilot Software, Racal, and Williams Communications. By the following year, Platinum Equity's portfolio included units of Motorola, Fujitsu, and Alcatel.
Gores was first listed on the Forbes 400 list of the wealthiest Americans in 2002. In 2006, he led a deal to acquire PNA Steel, ultimately selling it to Reliance Steel & Aluminum Co. in 2008 for a net profit of $512 million. In May 2009, Gores purchased The San Diego Union-Tribune for an estimated $30 million (the newspaper was sold in 2011 for $110 million). By 2009, Gores had facilitated in excess of 100 deals through Platinum Equity.
Gores had shown interest in purchasing and was one of the front runners to become the owner of the NBA's Detroit Pistons after the death of the long-time owner, Bill Davidson, in 2009. In October 2010, it was reported that then-Detroit Red Wings and Detroit Tigers owner, Mike Ilitch, would purchase Detroit's NBA franchise. But, after Ilitch's exclusive 30-day negotiating period with Davidson's widow (Karen) ended, Gores showed renewed interest. He secured an exclusive negotiating period of his own in January 2011 and was presumed to become the next owner of the Pistons.
On June 1, 2011, Gores and Platinum Equity bought Palace Sports and Entertainment (PS&E) (the parent company of the Pistons and their former arena, The Palace of Auburn Hills) becoming the third owner in the franchise's 70-year history. The purchase price of $325 million was referred to as a "shocking bargain" by Crain's Detroit Business, although, in January 2011, Forbes had valued it at only $35 million more than eventual purchase price. Early in his tenure as owner, Gores approved $10-million worth of renovations to the Palace of Auburn Hills. He also instituted programs like "Seats for Soldiers"—which provides free tickets for PS&E events to U.S. military members and their families— and "Come Together"—a program celebrating community service, leadership, and volunteerism throughout Michigan.
In September 2015, Gores purchased Platinum Equity's stake in the Pistons to become the franchise's sole owner. He had previously held a 51% stake while Platinum held 49%.