The Gores Group

Last updated
The Gores Group, LLC
Company type Private
Industry Financial services
Asset management
Founded1987;37 years ago (1987)
Founder Alec Gores, chairman & CEO
Headquarters Beverly Hills, California, United States
Products Private equity
Website www.gores.com

The Gores Group, LLC is a private equity firm specializing in acquiring and partnering with mature and growing businesses. The company was founded in 1987 by its CEO and chairman, Alec E. Gores. [1]

Contents

Headquartered in Beverly Hills, California, with an office in Boulder, Colorado, and is investing from Gores Capital Partners III, L.P. and Gores Small Capitalization Partners, L.P., which have approximately $1.5 billion and $300 million in capital commitments, respectively. Since 1987, Gores has successfully acquired and operated more than 80 companies. [2]

The company's portfolio as of 2021, includes technology, telecommunications, business services, industrial, media and entertainment and consumer products companies. [3]

History

In 1978, Alec Gores founded Executive Business Systems, a hardware and software distributor, which he sold eight years later to establish what has become the Gores Group today. [4]

Gores closed its first institutional private equity fund, Gores Capital Partners, L.P., in November 2003 with $400 million of committed capital. [5] The firm's second fund, Gores Capital Partners II, L.P. held a final closing in June 2007 with $1.3 billion of committed capital. [6]

Timeline

1978

  • Alec Gores launches his own computer company, Executive Business System (EBS), with $10,000; eight years later, he sells EBS for approximately $2 million current. [7]

1987

  • The Gores Group is founded by Alec Gores with the single vision to buy, fix and sell businesses. [8]

1997

1998

2000

2001

2003

  • Netherlands-based Anker BV, an independent European supplier of point of sale technology, was acquired, positioning Gores as an investor in Europe. [14]
  • The firm launches Gores Capital Partners, its first private equity fund. [7]

2004

  • Gores opens its London office, after several years of investment activity in the U.K. and Europe. [7]

2007

  • Gores closed on $1.3 billion in capital for its second institutional fund, Gores Capital Partners II, L.P. [15]

2008

  • Gores announced a joint venture with Siemens AG for enterprise communication business. [16]

2010

2011

  • Gores sells Lineage Power to General Electric in what is the largest sale transaction in Gores’ history. [19]
  • Gores closes on $2.1 billion in capital commitments for its third institutional fund, Gores Capital Partners III, L.P. [20]
  • Gores acquires an 81.25% majority interest in fashion company Mexx for $85 Million

2012

  • Gores Small Capitalization Partners, L.P. sells $300 million in commitments, expanding Gores’ resources for small and lower middle market investments. [21]
  • Acquires Harris Broadcast from Harris Corporation in December. [22]

2013

  • Stock Building Supply goes public, marking Gores' first U.S. IPO. [23]

2014

  • Gores announces plans to close 34 subsidiaries of 45 in total located in Germany and being part of Unify. Close downs are expected to be completed by Q2/2015.
  • Gores acquired a 51% stake in Hovis Bread
  • Gores sold Norment to Cornerstone, a full service detention equipment contractor based in Alabama [24]
  • Gores sells Sage Automotive Interiors to Clearlake Capital [25]
  • Gores sells Scovill Fasteners to Morito Co., Ltd., a leading global supplier of apparel fasteners [26]

Recognition

Representative transactions

Portfolio

Current (2024)

Select Exited

SPACs

Beginning in 2015, Gores Holdings was announced, specializing in special-purpose acquisition companies (SPACs). [38] It was credited with starting the SPAC revival with their first SPAC transaction in Hostess Brands. [39] Gores is considered one of the most prolific investors in the SPAC space, having created 13 SPACs, more than any other single investor, [40] and The Gores Group is considered a premier SPAC sponsor. [41] [42] [43]

Gores announced or completed more than seven SPAC transactions representing over $36 billion in transaction value. [44]

Gores launched Gores Holdings VII and Gores Holdings VIII in 2021, [55] and publicly filed for Gores Technology Partners and Gores Technology Partners II, [56] as well as Gores Guggenheim, [57] the latter in partnership with Guggenheim Partners.

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References

  1. ↑ "Our History". The Gores Group. Retrieved May 13, 2021.
  2. ↑ "Overview". The Gores Group. Archived from the original on November 8, 2012. Retrieved April 9, 2013.
  3. ↑ "Portfolio". The Gores Group. Retrieved May 13, 2021.
  4. ↑ "Fixer-upper pro loves a challenge". Docstoc.com.
  5. ↑ "Manta - Rediscover America's Small Business". Manta.
  6. ↑ "Alec Gores: '100% devoted' to private equity", Fortune, February 16, 2011
  7. 1 2 3 "The Gores Group – The Gores Group".
  8. ↑ "Company Overview of the Gores Group LLC" [ dead link ], Bloomberg Business Week
  9. ↑ "Gores Technology Group Acquires CSC Artemis", AECNews (archived), March 1, 1997
  10. ↑ "Gores Technology Group Acquires Connection Machines Services Business Unit", The Gores Group, April 16, 1997
  11. ↑ "Gores Acquires TI CIM Unit", Software Intensive Systems Engineering, June 15, 1998
  12. ↑ "Learning Co. Profits From Expense Cuts", SF Gate, March 6, 2001
  13. ↑ The Associated Press (2001-05-11). "Gores Technology to Acquire VeriFone - The New York Times". The New York Times . Retrieved 2019-08-21.
  14. ↑ "Gores Technology Group Announces the Acquisition of Anker B.V.", PR Newswire, February 27, 2003
  15. ↑ "Gores Fund is looking to close Smaller Deals", Los Angeles Times, June 28, 2007
  16. ↑ "The Gores Group and Siemens AG Complete Transaction", Bloomberg, October 1, 2008
  17. ↑ Wikipedia Vincotech Article (In German)
  18. ↑ "Gores Group Completes Sale of Vinotech", PE Hub, January 5, 2011
  19. ↑ "GE Energy to Acquire Gores Group's Lineage Power Holdings", Bloomberg, January 13, 2011
  20. ↑ "The Gores Group closes $2 billion private equity fund", CPI Financial
  21. ↑ "The Gores Group Debuts New Fund" (Press release). 7 March 2012.
  22. ↑ Harris Corporation. "Harris Corporation to Sell Broadcast Communications to The Gores Group for $225 Million".
  23. ↑ "Stock Building Supply files to go public". Triangle Business Journal. 18 June 2013.
  24. ↑ "The Gores Group Sells Norment Security Group to Cornerstone Detention Products" (PDF).
  25. ↑ "The Gores Group Sells Sage Automotive Interiors to Clearlake Capital Group" (PDF).
  26. ↑ "The Gores Group Sells Sage Automotive Interiors to Clearlake Capital Group" (PDF).
  27. ↑ "Cosmo Specialty Fibers Awarded PEFC Chain-of-Custody Certification". Aberdeen, Washington: KBKW.
  28. ↑ Joann Muller (27 May 2013). "Ford's Global Ambitions Include Turning The World's Plastic Bottles Into Car Parts". Forbes.
  29. ↑ "Premier Foods in Hovis partnership with US Gores Group". FoodManufacture.co.uk. 27 January 2014.
  30. ↑ "Stock Building Supply Announces Closing of IPO - DWM/Shelter Magazine". 16 August 2013.
  31. ↑ "The Hay Group Announces the Acquisition of Metallumform".
  32. ↑ "The Gores Group Completes the Acquisition of Therakos, Inc. from Ortho-Clinical Diagnostics, Inc. - Business Wire" (Press release). 2 January 2013.
  33. ↑ "News - Charlesbank". charlesbank.com.
  34. ↑ "The Gores Group Extends Binding Offer to Acquire Therakos, Inc. from Ortho-Clinical Diagnostics, Inc. - Business Wire" (Press release). 15 October 2012.
  35. ↑ "Carlyle says finalises buy of France's Sagemcom from The Gores Group", Reuters, August 20, 2011
  36. ↑ "The Gores Group Acquires Sage Automotive Interiors", Yahoo Finance, May 9, 2011
  37. ↑ "GE Energy to Acquire Gores Group's Lineage Power Holdings for $520 Million", Bloomberg, January 13, 2011
  38. ↑ "The Beverly Hills blank check: Gores Holdings files and sets terms for $400 million IPO". www.nasdaq.com. Retrieved 2021-03-11.
  39. ↑ "Hostess Brands Returns to Wall Street". www.forbes.com. Retrieved 2021-03-11.
  40. ↑ "The Man With More SPACs Than Anyone". www.wsj.com. Retrieved 2021-05-04.
  41. ↑ "Billionaire Gores backs Matterport listing with $2.9 bln blank-check deal". www.nasdaq.com. Retrieved 2021-03-11.
  42. ↑ "Gores-backed SPACs to raise $640 million through IPOs". www.reuters.com. Retrieved 2021-03-11.
  43. ↑ "Alec Gores SPAC Deal Turns $25,000 Into $80 Million in Months". Bloomberg. 24 September 2020. Retrieved 2021-03-11.
  44. ↑ "Ardagh Metal Packaging to Combine With Gores Holdings V and List on NYSE". www.businesswire.com (Press release). 23 February 2021. Retrieved 2021-03-11.
  45. ↑ "Mesa tech company goes public in $2.4 billion reverse merger". www.bizjournals.com. Retrieved 2021-03-11.
  46. ↑ "Gores Holdings III Takes PAE Public After Deal Completion; John Heller Quoted". www.govconwire.com. 11 February 2020. Retrieved 2021-03-11.
  47. ↑ "Founder, funder explain deal behind Luminar's $8B 'blank check' market debut (Video)". www.bizjournals.com. Retrieved 2021-03-11.
  48. ↑ "United Wholesale Mortgage Goes Public in Biggest SPAC Deal Ever". www.wsj.com. Retrieved 2021-03-11.
  49. ↑ "The private equity shop that took Twinkies public leads the largest SPAC merger yet". www.fortune.com. Retrieved 2021-03-11.
  50. ↑ "Billionaire Gores backs Matterport listing with $2.9 bln blank-check deal". www.reuters.com. Retrieved 2021-03-11.
  51. ↑ "Ardagh Metal Packaging to Go Public Through $8.5 Billion PE-Backed SPAC Deal". www.morningstar.com. Retrieved 2021-03-11.
  52. ↑ "Ardagh Metal Packaging S.A. and Gores Holdings V Announce Completion of Business Combination" (PDF).
  53. ↑ "Lodging Firm Sonder Agrees to $2.2 Billion Gores SPAC Merger". www.bloomberg.com. Retrieved 2021-05-12.
  54. ↑ Hawkins, Andrew J. (September 27, 2021). "Electric car company Polestar is going public via SPAC". The Verge . Retrieved September 27, 2021.
  55. ↑ "The Gores Group launches yet another SPAC". www.pitchbook.com. Retrieved 2021-03-11.
  56. ↑ "The Gores Group's second tech SPAC Gores Technology Partners II files for a $400 million IPO". www.nasdaq.com. Retrieved 2021-03-11.
  57. ↑ "UPDATE 1-Alec Gores, Guggenheim-backed SPAC seeks to raise $750 million via IPO". www.reuters.com. Retrieved 2021-03-11.
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