Our Haute 100 list details the accomplishments of the most influential people in each of our markets—Miami, New York, Los Angeles, and San Francisco. These people continue to make moves, so rather than waiting for the next Haute 100 issue to come out, we thought we’d provide you with regular updates on those Haute 100 members who are making headlines. Alec Gores finds a way to thrive in a struggling economy with his unyielding company purchases.
Company: Private Equity
Industry: Gores Group
What Made Him Haute: Alec Gores’ extremely lucrative private equity firm specializes in corporate takeovers; today, his company has interests in 15 companies and $1.7 billion under management.
What Makes Him Haute Now: In a time when most people are holding off on big purchases, billionaire Alec Gores is making them. Gores has just procured 769,231 shares of Westwood One Inc. for $5 million, bringing his total share holdings in the company to 16,026,738 worth $114.27 million. Westwood One Inc., managed by CBS radio, is a programming and information services company that caters to about 5,000 radio and 170 TV stations. Gores’ spending doesn’t stop there; he also recently agreed to pay $149.9 million in cash for the bankrupt envelope-making company NEC Holdings Corp. Part of the purchasing deal also means that the Gores group has to assume $57.7 million of NEC’s debt. He can now add NEC to the more than 70 businesses he has acquired since 1987.