NET WORTH: $3.2 billion up 6.79 percent
LAST YEAR: $3 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Private equity
THE MONEY: Platinum Equity has more than $7 billion in assets, making it one of the largest private equity firms in Los Angeles. Last year a good one for private equity, helping boost buyout specialist’s net worth. But Tom Gores has Steve Ballmer to thank for much of this year’s uptick: Ballmer’s blockbuster purchase of Los Angeles Clippers upped estimated value of most other National Basketball Association franchises, including Detroit Pistons, which Gores and Platinum own. Forbes this year estimates team’s value at $810 million, up $360 million from last year. Along with Platinum, other holdings include several homes and property in Beverly Hills; Malibu; and Birmingham and Grosse Ile Township, Mich.
BUZZ: Raised in Flint, Mich., studied at Michigan State University then learned buyout business from older brother and fellow billionaire, Alec. (Third Gores brother, Sam, chairman of Paradigm Talent Agency in Beverly Hills.) Left Alec’s firm to found Platinum in 1995. Firm makes acquisitions in wide range of industries, as shown in some of its deals over past year. Recent acquisitions include Stow, Ohio, adhesive manufacturer MACtac; Transworld Systems, a Horsham, Pa., firm that provides business process outsourcing; and Dutch firm Ten Cate Enbi, which designs and manufactures rollers used in printers. Platinum saw things sour for one of its portfolio companies earlier this year. Southfield, Mich., auto parts manufacturer Chassix Holdings Inc. filed for bankruptcy in April. Lives in exclusive Beverly Park neighborhood in Beverly Hills. Member of Los Angeles County Museum of Art board.
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