This is a private equity firm run by Los Angeles-based Tom Gores that has acquired more than 150 businesses in its 18-year existence, employing $3.45 billion in capital. Platinum Equity uses a strategy it calls M&A&O, which applies an operational expertise on top of the traditional merger and acquisitions model.
The company’s best known asset would be Palace Sports & Entertainment, the vehicle Platinum bought in 2011 to acquire the Detroit Pistons, The Palace of Auburn Hills (the Pistons’ home) and DTE Energy Music Theatre. That’s just one of 31 businesses Platinum currently owns — no wonder Gores is worth $2.5 billion. His brother Alec also runs a private equity firm in Los Angeles — Gores Group — which focuses on information technology.