NET WORTH: $2.1 billion, up 31 percent
LAST YEAR: $1.6 billion*
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Private Equity
THE MONEY: Private equity firm Gores Group, which has about $3.5 billion in assets under management, had a few big exits last year, including sale of portfolio company Scovill Fasteners to Japan’s Morito. Despite good year, Alec Gores comes in much lower on this year’s list: Representatives told Business Journal his wealth has been overestimated for past few years, resulting in recalculation.
BUZZ: Gores Group had active year, investing in businesses including U.S. Farathane Corp. of Auburn Hills, Mich., and British bread brand Hovis Ltd. Also sold off Greeneville, S.C.’s Sage Automotive Interiors to Santa Monica private equity firm Clearlake Capital Group. Sage second largest supplier of fabrics for car upholstery in world, selling to customers including Ford, General Motors and Toyota. Alec Gores, born in Nazareth, Israel, relocated with family to Michigan as boy. Founded Gores Group in 1987. Firm now has more than 40 companies in portfolio. He gave younger brother, Tom, start in private equity business; parted ways in 1995, when Tom left to found Platinum Equity. Alec has degree in computer science from Western Michigan University, where he also played football. Donated $2 million this year to school’s athletic department and brokered deal to bring Western Michigan’s football team to Los Angeles to play USC in 2017. Officials from two schools signed game contract at his Beverly Hills home.
For reprint and licensing requests for this article, CLICK HERE.