Alec Gores

Last updated
Alec Gores
Born1953 (age 70–71)
Nazareth, Israel
NationalityAmerican, Israeli
Alma mater Western Michigan University
OccupationBusinessman
Spouses
Lisa
​
(divorced)​
Kelly Noonan
​
(m. 2016)​
Children6
Family

Alec E. Gores (born 1953) is an American billionaire businessman who began making his fortune through leveraged buyouts of technology firms at the firm The Gores Group. He has also been instrumental in popularizing SPACs, beginning in the mid-2010s. [1]

Contents

Early life

Gores was born in 1953 in Nazareth, Israel. He is from a Catholic family, the son of a Greek father and a Lebanese mother. [2] [3] His family moved to Flint, Michigan in November 1968 when he was 15 years old. He began working at his uncle's store in Flint, bagging groceries for 25 cents an hour. He attended Genesee High School in Genesee, Michigan. He obtained a degree in computer science from Western Michigan University, and was the first in his family to attend college. [4] [5]

Career

Gores began working for General Motors after completing college. He left within six months, starting his own company that bought and distributed computers. [6] In 1978, he founded Executive Business Systems with an $8,000 investment from his father. [4] By 1986 the company employed over 200 people and was acquired by CONTEL for approximately $2 million. [7]

Following the acquisition, Gores began acquiring and operating non-core businesses. In 1987 he founded The Gores Group, a private equity firm that has since acquired or invested in over 130 companies. [8] Gores pioneered the operational approach to private equity investing, initially deploying his own personal capital, followed by ~$4 billion of institutional capital across multiple investment vehicles. Marquee investments during this time included the carve-out of The Learning Company from Mattel; [9] Verifone from HP; Therakos from Johnson & Johnson; Lineage, which ultimately sold to GE; and Sagemcom, which evolved into one of France’s premier technology companies. [10]

Gores and his brother Tom have been involved in a number of deals together including the 2011 acquisition of Alliance Entertainment, which distributes DVDs, CDs and video games to stores such as Barnes & Noble, Amazon.com and Target. [11]

In 2020, Forbes ranked Gores No. 391 on the Forbes 400 list of America's wealthiest people. [12] He was selected as 2021 Business Person of the Year by LA Business Journal. [13] Gores has also been profiled in TheWall Street Journal. [1]

Gores launched Gores Holdings VII and Gores Holdings VIII in 2021, [14] and publicly filed for Gores Technology Partners and Gores Technology Partners II, [15] as well as Gores Guggenheim, [16] the latter in partnership with Guggenheim Partners.

Personal life

As of 2009, Gores is a practicing Catholic. [17]

Gores has six children. He is married to Kelly Noonan-Gores, producer and director of the award-winning documentary HEAL. [18] He has a former wife, Lisa. [19]

He is the older brother of Tom Gores, founder of Platinum Equity, [20] [21] and Sam Gores, the head of Paradigm Talent Agency. [22]

Gores commissioned the 2005 film The Kid & I , which co-stars his son Eric. [23]

See also

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References

  1. 1 2 "The Man With More SPACs Than Anyone". www.wsj.com. Retrieved 2021-05-04.
  2. ↑ "Tom Gores: Balancing Family, Business, and the Detroit Pistons". CSQ Magazine. 9 July 2011.
  3. ↑ "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
  4. 1 2 "Bagging Groceries To Bagging Billions: How Immigrant Alec Gores Achieved The American Dream". Forbes.
  5. ↑ "The Gores Group, LLC - Team". Gores.com. Archived from the original on July 24, 2011. Retrieved 2011-06-09.
  6. ↑ "The Man With More SPACs Than Anyone". www.wsj.com. Retrieved 2021-05-12.
  7. ↑ "The Gores Group History". www.gores.com.
  8. ↑ "The Gores Group History". www.gores.com.
  9. ↑ "Would You Give This Man Your Company?". www.fortune.com. Retrieved 2021-03-11.
  10. ↑ "The Beverly Hills blank check: Gores Holdings files and sets terms for $400 million IPO". www.nasdaq.com. Retrieved 2021-03-11.
  11. ↑ "The Mystery Bidder for Borders: Meet Alec Gores". The Wall Street Journalt. June 1, 2011. Retrieved April 18, 2013.
  12. ↑ "THE RICHEST PEOPLE IN AMERICA (Forbes 400 list)". www.forbes.com. Retrieved 2020-09-18.
  13. ↑ "Businessperson of the Year: Alec Gores Still Leads the SPAC Pack". www.labusinessjournal.com. Retrieved 2021-03-11.
  14. ↑ "The Gores Group launches yet another SPAC". www.pitchbook.com. Retrieved 2021-03-11.
  15. ↑ "The Gores Group's second tech SPAC Gores Technology Partners II files for a $400 million IPO". www.nasdaq.com. Retrieved 2021-03-11.
  16. ↑ "UPDATE 1-Alec Gores, Guggenheim-backed SPAC seeks to raise $750 million via IPO". www.reuters.com. Retrieved 2021-03-11.
  17. ↑ "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
  18. ↑ "HEAL (2017): A Feature Documentary Film". www.livingi2i.com. Retrieved 2021-03-11.
  19. ↑ Mark David (April 23, 2007). "Do You Know Who Lisa Gores Is?". Variety. Retrieved December 6, 2014.
  20. ↑ "Billionaires, buyouts and basketball: The Gores brothers take on private equity". Pitchbook.com.
  21. ↑ "Platinum Equity". www.platinumequity.com.
  22. ↑ Bannon, Lisa (April 9, 2002)."Gores Brothers Jockey for Same Deals In Grown-Up Game of Sibling Rivalry". The Wall Street Journal.
  23. ↑ "A neighborly vibe about 'The Kid & I'". Los Angeles Times . November 28, 2005. Retrieved March 30, 2024.
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