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33-512: Platinum Equity was founded in 1995 by Tom Gores . The firm's first acquisition was LSI, a company that generated computer graphics to re-create accidents for courtroom testimony. After purchasing it for $ 200,000, Platinum Equity focused on serving existing customers and returning the company to profitability. Over the next five years, between July 1996 and September 2001, the firm made 32 acquisitions amounting to $ 226 million, and realized $ 940 million on those investments. These acquisitions included

66-633: A $ 6.5 billion buyout fund. In October 2004, the firm completed the acquisition of CompuCom Systems, Inc. which was one of the largest public-to-private transactions in 2004. Then, in December 2004, the company acquired General Electric 's IT Solutions division. The merger brought CompuCom to $ 1.7 billion in annual revenue and more than $ 500 million in services. The business was sold to Court Square Capital Partners in 2007. In 2014, Platinum Equity acquired 70% ownership of Australian marketing and directory services company Sensis for AU$ 454 million. In July 2021,

99-572: A 27% stake in the Los Angeles Chargers . In 2016, Gores launched FlintNOW, an organization designed to raise up to $ 10 million to provide relief to residents of Flint, Michigan, affected by the city's water crisis . Since 2009, Gores has donated toys to children in Detroit and Flint through the Toys for Tots program. Other Detroit area organizations to which Gores has given substantial support include

132-583: A 51% stake while Platinum held 49%. In April 2016, Gores and Cleveland Cavaliers owner Dan Gilbert announced their intention to bring a Major League Soccer franchise to Detroit , although that deal is currently in limbo as the MLS considers multiple expansion options. Later in 2016, Gores reached an agreement with the Ilitches (who own Olympia Entertainment and the Detroit Red Wings and Tigers) to allow

165-408: A broad array of industries, including information technology, telecommunications, logistics and distribution, industrials, manufacturing, media, real estate, prison communications and automotive. In the last year Platinum Equity has deployed significant capital across a wide spectrum of industries and geographies. One of these companies is Electro Rent , acquired by Platinum Equity in 2016. The firm

198-469: A call center (Foresight Software), networking gear ( Racal Electronics), and voice and data service ( Williams Communications ). BusinessWeek ranked the firm number 10 on its 1999 list of the country’s top 20 private IT organizations, based on 1998 revenues. During this period of acquisition growth, additional partners joined the firm and several other joined through key acquisitions starting in 1999. The firm’s first fund, Platinum Equity Capital Partners,

231-691: A diverse range of programming for the area. The foundation worked with Detroit's Parks and Recreation Department. Gores lives in Beverly Hills, California , with his wife Holly and three children. He also has a condo in Birmingham, Michigan . In 2016, Gores purchased the former Disney Estate, a contemporary-style mansion in the Holmby Hills area of LA. The property (worth $ 100 million) sits on 3.2 acres of land and has over 30,000 square feet of interior space, with ten bedrooms and twenty bathrooms across both

264-512: A janitor and telemarketer to make ends meet. 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

297-889: A member of Partners in Protection (PIP) by the Canada Border Services Agency (CBSA) and is also a member of the U.S. counterpart to PIP, C-TPAT, the Customs Trade Partnership against Terrorism . Livingston’s headquarters are in Toronto , Ontario, Canada and their U.S. head offices are located in Chicago , Illinois. Livingston offers services in customs brokerage, customs and trade consulting, freight forwarding, and business process outsourcing as well as technology services. Founded in 1945 by Gerry Livingston as an export packaging company, Livingston International began under

330-550: 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

363-568: Is headquartered in Beverly Hills, California , with regional offices in Boston ; Greenwich, Connecticut ; New York City; London; and Singapore. In 2010, it ranked #31 on Forbes ’ Largest Private Companies list for 2010 and #1 on the 2010 Los Angeles Business Journal list of LA's Largest Private Companies. The firm manages four private equity fund vehicles, Platinum Equity Capital Partners, Platinum Equity Capital Partners II, Platinum Equity Capital Partners III, and Platinum Equity Capital Partners IV,

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396-590: The Jalen Rose Leadership Academy and S.A.Y Detroit. At the conclusion of the Pistons 2018–2019 season he made a donation of $ 255,000 to S.A.Y Detroit which was the result of a pledge Gores made during the annual radiothon to donate $ 5,000 for every Pistons win during the regular season and a $ 50,000 bonus for making the Playoffs. Gores supports several philanthropic and charitable organizations. He served on

429-632: The $ 181 million in accumulated profits, represented 27 times Platinum’s original investment of $ 17.5 million just two years earlier. In December 2016, Platinum Equity acquired Emerson 's Network Power business for over $ 4 billion, rebranding it as Vertiv . In August 2021, the firm completed the acquisition of SVP Worldwide . In 2017, Platinum Equity acquired prison communication firm Securus Technologies . The firm came under pressure from criminal justice activists for its alleged excessive pricing for prison calls, borne primarily by poor and minority prisoners. In 2019, Platinum Equity announced plans to reorganize

462-535: The Gores Family Allergy center, which helps provide comprehensive care and research in allergy studies. In 2022, Gores gifted $ 20 million in order to construct a community center in Detroit's River Rouge Park . The announcement came as one of the first in a run of initiatives for the Gores Family Foundation. The Center is a 25,000-square-foot multi-use facility and will be the hosting location for

495-476: 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

528-528: The Pistons to share the new Little Caesars Arena in downtown Detroit with the Red Wings. The deal went into effect at the beginning of the 2017 season and marked the first time the Pistons regularly played in the city of Detroit proper since 1978. Gores and the Ilitches entered into another joint venture with their businesses (PS&E and Olympia Entertainment) called "313 Presents." The new business schedules shows and handles production, marketing, and media for

561-603: The board of trustees of the Los Angeles County Museum of Art (LACMA) until October 2020 and was also a member of the board of directors at both St. Joseph's Hospital and the UCLA Medical Center . Gores and his family help to support Children's Hospital Los Angeles and, in particular, the Division of Clinical Immunology and Allergy. In 2016, Gores and his wife Holly donated $ 5 million to the hospital to establish

594-450: The company as a more diverse technology company, and created Aventiv Technologies as Securus's new corporate parent. In March 2024, lawsuits were filed, by multiple civil rights organizations, against Securus Technologies. The suits allege hundreds of jails in Michigan eliminated in-person visitation for family members, instead requiring Securus software be used for all communication. Under

627-518: The contract, "Securus pays the County 50 percent of the $ 12.99 price tag for every 20-minute video call and 78 percent of the $ 0.21 per minute cost of every phone call," the lawsuit said. The contract has "a guarantee that Securus would pay the County at least $ 190,000 each year," the St. Clair County lawsuit said. Tom Gores Tom Gores (born Tewfiq Georgious , Arabic : توفيق جورجيوس ; July 31, 1964)

660-438: The firm completed the acquisition of Ingram Micro . In 2002, Platinum combined Health Care Products, a division of Royal Philips Electronics , and Diagnostic Imaging, a subsidiary of PSS World Medical into a single company called SourceOne Healthcare Technologies. Both companies were distributors of radiology products like film, chemicals and lead shields. Together, they had $ 1.3 billion in revenue, making SourceOne dominant in

693-792: The first 11 months of 2009, eight of them full buyouts. In 2011, Platinum Equity became a major sponsor of the Detroit Pistons when Gores purchased the club and became its owner. The company's logo has since been affixed to the Pistons courts, both at The Palace of Auburn Hills and Little Caesars Arena . In 2017, Platinum Equity completed the acquisition of the Staples business in Australia and New Zealand from Staples Inc. , relaunching it as Winc (Work Incorporated). In 2018, Newell Brands sold Jostens to Platinum Equity for $ 1.3 billion. Since 1995, Platinum Equity has made over 200 acquisitions across

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726-495: 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

759-514: The globe. Headquartered in Toronto , Ontario , Canada, with U.S. headquarters in Chicago , Livingston has over 3,300 employees located at more than 125 border points, seaports, airports and other locations across in North America, Europe and Asia. Livingston is currently Canada's largest customs broker and third-largest in the United States. Livingston International has been certified as

792-425: The main and guest house. The property also includes a wine room, lounge, theatre complex, spa, pool, and steam rooms. Livingston International Livingston International is a North American provider of customs brokerage services. Livingston International provides customs brokerage, trade consulting and international freight forwarding services to importers and exporters throughout North America and around

825-406: The name Livingston Lumber & Manufacturing Ltd. Over the first few decades, the company grew as it became heavily involved in warehousing and transportation. Just over 30 years later, in 1978, Livingston launched into the customs brokerage business. Through mergers and acquisitions, this aspect of the company finally overshadowed its warehousing and distribution businesses. In 1981, the company name

858-547: 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

891-711: The sale of PrimeSource, a global distributor of specialty building materials, to Clearlake Capital . Details of the sale were not disclosed. PNA Group, a metals processor, was acquired in May 2006 from TUI AG . At the time of acquisition, PNA included three companies. While in Platinum Equity’s portfolio PNA gained a seasoned metals CEO, Maurice S. Nelson Jr. and added three locations. Platinum Equity sold PNA Group to publicly traded Reliance Steel & Aluminum Co. (NYSE: RS) in August 2008 for $ 300 million. The purchase price, together with

924-589: The six Detroit-area venues owned between the two companies. As of February 2018, the Pistons were valued at $ 1.1 billion, a gain of $ 775 million since Gores' purchase in 2011. In June 2018, Gores hired former Toronto Raptors head coach and the reigning NBA Coach of the Year , Dwane Casey . Outside of sports, he has also acquired numerous properties usually in the Los Angeles area, including 301 North Carolwood Drive in Holmby Hills . In October 2024, Gores purchased

957-563: The very fragmented $ 11.5 billion marketplace in which it competed. Merry X-Ray acquired SourceOne Healthcare Technologies from Platinum Equity in November 2005. In early 2019, Platinum Equity completed the purchase of customs broker and freight forwarder Livingston International for an undisclosed sum, acquiring the firm from Sterling Partners and the Canada Pension Plan Investment Board . In November 2020, Platinum announced

990-648: 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

1023-513: Was raised in 2004 and had a 62.5% net internal rate of return as of June 30, 2009. For the second fund, Platinum Equity Capital Partners II, which closed in September 2008, despite uncertainty in the financial markets. the firm initially sought a $ 1.5 billion leveraged buyout fund and nearly doubled it by raising $ 2.75 billion. During the Great Recession , Platinum Equity acquired 14 companies in

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1056-698: 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

1089-678: Was the fifth of six children in a practicing Catholic family with a father of Greek descent and a mother of Lebanese 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

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