Tom Gores Net WorthReal Name: Tom Gores
Date of Birth: 07/31/1964
Place of Birth: Nazareth, Israel
2017 Net Worth: $3.2 Billion
Profession: Chairman and CEO of Platinum Equity LLC
Tom Gores Biography
Tom Gores was born in Nazareth, Israel in July of 1964. The family moved to Michigan when Gores was only 4. While attending Genesee High School, Gores played on numerous sports teams including baseball, basketball, and football. He received a scholarship to Michigan State University. He graduated with a Bachelor of Science degree in construction management in 1986. Gores spent his early years out of college studying and learning about the buyout business with his older brother. Gores spent a short time working at Continental Telephone but decided that the business world suited him better.
Gores founded his investment firm, Platinum Equity LLC in 1995. This investment company originally intended to acquire non-core Fortune 1000 corporation but has since gone on to expand its investment strategy to include acquisition from private sellers and public to private transactions. Platinum Equity has since acquired more than 130 companies in various industries such as distribution, transportation, logistics, equipment rentals, IT services, manufacturing and the technology sector. Platinum Equity has been recognized as one of the fastest growing and largest private companies in the U.S.
Gores was not content to work through Platinum Equity. In June of 2011, Gores purchased Palace Sports and Entertainment, which is the parent company of the Detroit Pistons and their arena, The Palace of Auburn Hills, for $325 million. Gores is only the third owner of this franchise in the 70 year history of this team. Although Gores has made several leadership changes since taking over the team, Gore and the Pistons have made ongoing commitment to the Detroit area including free sporting event tickets for soldiers and their family.
Gores lives in an exclusive area in Beverly Hills, California. He has another home in Grosse Ile, Michigan. When the home next door went up for sale, he purchased it and connected the two homes with a gate. He also converted the back yard into a soccer field for one of his daughters. Gores has a current net worth of $3.2 billion.