Business
As a global private-equity magnate, Gores was estimated in 2011 by Forbes to be the 159th-richest American with a $2.5 billion fortune. He founded the Beverly Hills, California based Platinum Equity LLC in 1995 with the intent to acquire non-core divisions of Fortune 1000 corporations. Platinum Equity has since expanded its investment criteria to include public-to-private transactions and acquisitions from private sellers. Since its founding, the firm has acquired more than 130 companies in industries that include technology and IT services, manufacturing, industrials, distribution, transportation and logistics, and equipment rentals.
Among Platinum Equity's current portfolio are metal fastener manufacturing assets acquired in a corporate divestiture from Textron in 2006 for $630 million and established by Platinum as Acument Global Technologies. In 2007 Platinum closed a public-to-private transaction to buy Chicago-based steel services company, Ryerson, and has since bought five companies to add-on to Ryerson. In 2010, Gores and Platinum Equity bought a suite of recreational and fishing boat brands, based in Cadillac, Michigan and Flippin, Arkansas, that includes the Champion, Four Winns, Glastron, Ranger, Stratos, Triton, and Wellcraft brands. The acquisition was the product of bankrupt Minneapolis-based Genmar Holdings Inc.
In 2010, Platinum Equity was recognized as one of the largest and fastest-growing private companies in America, ranking #31 on Forbes’ Largest Private Companies list in 2010 and #1 on the 2010 and 2011 Los Angeles Business Journal list of LA's Largest Private Companies. In 2011, Platinum Equity rose to #23 on Forbes’ Largest Private Companies list, due to a 22.4% increase in the firm's revenue. In 2011, Platinum ranked #7 on the Los Angeles Business Journal’s list of the Largest Private Equity Firms in Los Angeles.
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Famous quotes containing the word business:
“Is there something in trade that dessicates and flattens out, that turns men into dried leaves at the age of forty? Certainly there is. It is not due to trade but to intensity of self- seeking, combined with narrowness of occupation.... Business has destroyed the very knowledge in us of all other natural forces except business.”
—John Jay Chapman (1862–1933)
“Most of the trouble in this world has been caused by folks who can’t mind their own business, because they have no business of their own to mind, any more than a smallpox virus has.”
—William Burroughs (b. 1914)
“The business of America is business.”
—Calvin Coolidge (1872–1933)