Spartan Profiles: Tom Gores
Fans of the Detroit Pistons have a reason for renewed optimism. This past summer, the NBA team—along with Palace Sports and Entertainment (PS&E)—was purchased by Tom Gores, MSU ’86, and his investment firm Platinum Equity of Beverly Hills, CA. “We are looking to shake things up in Detroit and do things the city and the state can be proud of,” says Gores, the third owner in the franchise’s history. “We (Platinum Equity) have done a pretty good job in getting ourselves set up in Michigan. Our goal is to help inspire the state’s economy by continuing to look for acquisitions here.” One of the NBA’s most successful teams, the Pistons boast three NBA championships—the last one in 2004.
Tom founded Platinum Equity in 1995; the firm has since completed more than 120 acquisitions. With a current portfolio of more than 30 companies and over $11 billion in aggregate annual revenue, Platinum Equity recently ranked 31st on the 2011 Forbes list of America’s Largest Private Companies.
Tom gives MSU some credit for his business success. “I had the good fortune to have outstanding teachers and resources who helped direct and guide me along the way,” he says. “I received an excellent education at Michigan State and I continue to be proud of having gone there. The university offers a true balance between excellent education and a sense of camaraderie and sociability.”
Currently 47 years old, Tom resides in Beverly Hills with his wife Holly—MSU ’84—and their three children. When not serving in his role as Chairman and CEO of Platinum Equity, Tom can be found on the soccer field or the basketball court coaching youth teams, applying the same principles of hard work and inspiration that he does to his business. He also maintains active interests in the arts, serving on the Los Angeles County Museum of Art’s Board of Trustees and pursuing interests in music.
