Early Life
Alec Gores was born in Nazareth, Israel, in 1953 to a family of Greek and Lebanese descent. At the age of 15, he and his family immigrated to the United States, settling in Flint, Michigan. Starting his career in America, Gores bagged groceries for 25 cents an hour at his uncle's store. He attended Genesee High School and later earned a degree in computer science from Western Michigan University. His family's move to the U.S. was driven by his father's desire to provide better opportunities for his children.
Rise to Success
Gores began his professional journey at General Motors, but he soon realized his entrepreneurial spirit. In 1978, he founded Executive Business Systems with $8,000 from his father. The company grew rapidly, and by 1986, it employed over 200 people before being acquired by CONTEL for approximately $2 million. Following this successful exit, Gores established The Gores Group in 1987, a private equity firm that has since become a major player in the industry. Under his leadership, The Gores Group has acquired or invested in numerous companies, demonstrating Gores' skill in identifying and enhancing value in businesses.
Key Business Strategies
Gores pioneered an operational approach to private equity, focusing on improving the operations of the companies in which he invested. His strategies include acquiring mature and growing businesses and working with management teams to drive measurable improvements in operations and growth. Gores also embraced special purpose acquisition companies (SPACs), becoming one of the most prominent investors in this space. His ability to identify promising sectors, such as technology and healthcare, has been a hallmark of his investment approach.
Philanthropy
While specific philanthropy amounts are not readily available, Gores is known for his commitment to giving back. In 2012, his son Eric was born with cerebral palsy.
