The Gores Group is a private equity firm specializing in acquiring and partnering with mature and growing businesses. The company was founded in 1987 by its CEO and chairman, Alec E. Gores.
Headquartered in Los Angeles, California, with an office in Boulder, Colorado, and is investing from Gores Capital Partners III, L.P. and Gores Small Capitalization Partners, L.P., which have approximately $1.5 billion and $300 million in capital commitments, respectively. Since 1987, Gores has successfully acquired and operated more than 80 companies.
The company's portfolio as of 2021, includes technology, telecommunications, business services, industrial, media and entertainment and consumer products companies.
History
In 1978, Alec Gores founded Executive Business Systems, a hardware and software distributor, which he sold eight years later to establish what has become the Gores Group today.
Gores closed its first institutional private equity fund, Gores Capital Partners, L.P., in November 2003 with $400 million of committed capital. The firm's second fund, Gores Capital Partners II, L.P. held a final closing in June 2007 with $1.3 billion of committed capital.
Timeline
1978
Alec Gores launches his own computer company, Executive Business System (EBS), with $10,000; eight years later, he sells EBS for approximately $2 million current.
1987
The Gores Group is founded by Alec Gores with the single vision to buy, fix and sell businesses.
1997
Gores acquires Artemis, a subsidiary of Computer Sciences Corporation (NYSE: CSC). Gores completes its purchase of the Connection Machines business unit from Thinking Machines Corporation.
1998
Gores carves out certain assets of the Computer Integrated Manufacturing (CIM) organization of Texas Instruments (NYSE:TXN); the portfolio company is later named Adventa Control Technologies.
2000
Gores carves out The Learning Company and Mattel Interactive from Mattel and achieves an operating profit in the first 75 days of ownership.
2001
Gores acquires VeriFone from Hewlett Packard Company.
2003
Netherlands-based Anker BV, an independent European supplier of point of sale technology, was acquired, positioning Gores as an investor in Europe. The firm launches Gores Capital Partners, its first private equity fund.
2004
Gores opens its London office, after several years of investment activity in the U.K. and Europe.
2007
Gores closed on $1.3 billion in capital for its second institutional fund, Gores Capital Partners II, L.P.
2008
Gores announced a joint venture with Siemens AG for enterprise communication business.
2010
Sale of GCP II-owned Vincotech to Mitsubishi Electric demonstrates Gores’ global reach.
2011
Gores sells Lineage Power to General Electric in what is the largest sale transaction in Gores’ history. Gores closes on $2.1 billion in capital commitments for its third institutional fund, Gores Capital Partners III, L.P. Gores acquires an 81.25% majority interest in fashion company Mexx for $85 Million
2012
Gores Small Capitalization Partners, L.P. sells $300 million in commitments, expanding Gores’ resources for small and lower middle market investments. Acquires Harris Broadcast from Harris Corporation in December.
2013
Stock Building Supply goes public, marking Gores' first U.S. IPO.
2014
Gores announces plans to close 34 subsidiaries of 45 in total located in Germany and being part of Unify. Close downs are expected to be completed by Q2/2015. Gores acquired a 51% stake in Hovis Bread Gores sold Norment to Cornerstone, a full service detention equipment contractor based in Alabama Gores sells Sage Automotive Interiors to Clearlake Capital Gores sells Scovill Fasteners to Morito Co., Ltd., a leading global supplier of apparel fasteners
Recognition
On September 26, 2013, Cosmo Specialty Fibers was awarded the Chain-of-custody certification by the Programme for the Endorsement of Forest Certification. This certification recognizes Cosmo Specialty Fibers for using wood fiber sourced through sustainable forestry practices. On May 27, 2013, Ford Motor Company announced that it is working with Gores’ Portfolio Company, Sage Automotive Interiors, to accelerate the development of recycled fabrics. Sage is Ford’s largest fabric supplier in North America, and provides Ford with fabric made from industrial waste and clear plastic water bottles. The 2013 Ford Fusion is the first vehicle sold around the world to use recycled fabrics.