Alec Gores is a well-known American financier who is best known for his investments. American businessman, Alec is a billionaire who started building his wealth by using leveraged buyouts to acquire technology companies at The Gores Group.
Alec Gores Biography And Net Worth
|Net Worth||3 Billion Dollars|
|Date of Birth||1953|
|Birth Place||Nazareth, Israel|
|Spouse||Miz Lisa , Kelly Noonan|
|Education||Western Michigan University|
Alec Gores Early Life
Alec was born in 1953. He was born in Nazareth, Israel but was raised in Flint, Michigan. His mother was Lebanese, and his father, Greek. After completing his high school education at Genesee High School in Michigan, he enrolled in Western Michigan University. Alec graduated with a degree in computer science from there. Alec has two brothers. Tom Gores, his brother, is the owner of the “Detroit Pistons”. He is a billionaire private equity manager. The brothers collaborated early in their careers before splitting up in 1995. Since then, they have periodically competed for buyout offers. Sam Gores, his brother, is the CEO of “Paradigm Talent Agency”. The agency represents artists like Stephen King, Coldplay, Halsey and Ed Sheeran.
Alec Gores Career
With a $10,000 start-up budget, Gores founded the “Executive Business Systems” in 1978. Over 200 employees were employed by the company in less than ten years. Alec sold the business to CONTEL for $2 million in 1986. After the purchase, Gores started buying and running non-core businesses from large enterprises. He finally established the private equity firm “The Gores Group” in 1987. Over the course of the following 25 years, has bought 80 firms. He lost $17.4 million to gambler JP McManus in a three-day backgammon match in November 2012. Gores invented the operational strategy for investing in private equity. He did so with his own money initially, and then $4 billion from institutions spread across various investment vehicles. The Learning Company from Mattel, Verifone from HP and Sagemcom, which developed into one of France’s leading technological businesses, were notable investments made during his time.
Gores and his brother Tom have worked together on a number of deals. In 2011, Gores and his brother Tom participated in the acquisition of Alliance Entertainment. It is a company that sells DVDs, CDs and video games to retailers like Barnes & Noble, Amazon.com and Target.com. Gores was placed at 391 on the Forbes 400 list of the wealthiest individuals in America in 2020. The LA Business Journal chose him as their Business Person of the Year for 2021. The Wall Street Journal has also featured Gores.
Alec Gores Wife
Alec Gores has married twice. He first married Miz Lisa. Following his divorce from her in 2001, he got married to Kelly Noonan. Alec has five children from his two marriages.
Alec Gores Net Worth
Alec has a $3 billion net worth as of this writing. Alec Gores is a self-made businessman who acquired his wealth through leveraged acquisitions of technological companies.
Alec Gores Body Features