Platinum Equity Partners
Hey guys- was wondering if anyone had info on Platinum Equity partners...interested in hours, comp, culture and prestige
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same...
Great mid-tier fund. Solid prestige. Broad range w/ some smaller MM deals ($100-$200mm) and larger $1B+ transactions. AUM probably $5-7B range, possibly higher.
Strong presence in Europe. Comp is solid, VP out of Boston makes over $1mm all-in (not sure of the breakdown).
Very aggressive firm and culture, if you aren't performing well, won't hesitate to give you the axe (quicker than most). Overall, just more intense than some other PE firms I've met with.
Not to mention that Tom Gores bought the Detroit Pistons, and I think Platinum is technically a part owner, too. So maybe you can get some season tickets on top of your bonus...
Haha. Probably have a box at the Staples Center, at least.
done very well and has grown quickly. but culture is absolutely horrible there. lots of turnover and people are genuinely terrible to work with. for its AUM, i believe comp is slightly below market. but office is ridiculous
Also have heard bad things but it's definitely the better of the two between this and Gores. Overworked & underpaid.
Really?! I thought Gores was much more prestigious than Platinum just from talking to ppl in banking/general sentiment on WSO (which i take w/a grain of salt obviously). care to elaborate? pls and thank you.
Absolutely not. I can't say more without outing myself, there are heads of BB investment banks that will refuse to work with Gores. They're known as bottom feeders in finding deals/companies.
Also, ask why the guy's wife decided to bang the better brother?
Not to mention Gores (1987) has less AUM than Platinum even though Platinum (1995) is the newer firm and Tom left Gores to found Platinum. Tom is also worth a lot more than Alec.
In every aspect, from financial to reputation to fucking wives, Tom Gores > Alec Gores. Platinum > Gores.
I have 0 dog in this fight, both are terrible places to work but ask anyone reputable in the industry and they will tell you the same.
Holy shit. Talk about drama. Never knew that, but that is what I call a fucking story.
I'm glad people here actually know something about the firm. Just by reading the name I would have assumed it was a real shady place because of the word platinum. It seems very try hard. Sort of like:
AAA USA Equity Partners Gold Standard Equity Partners Prestige Equity Partners
Also, lol at the guy banging his brother's wife.
American Dream? :/
Writer's dream
Platinum Equity (Originally Posted: 02/07/2012)
What is the street's view of having Platinum Equity on your resume? What is the culture like? Anyone have any insight? PM me if you prefer. Thanks in advance.
I've dealt with them once they were the sponsor on my transaction. Nothing special nothing bad to say. They emphasize their operational expertise hence m&a&o however it's nothing noteworthy.
I was of the opinion that they are prestigious in LA. I've know people that worked that as well as interviewed there. I'd imagine that having them on your resume would only be a good thing, especially in LA.
on your resume, the exp should like fine. in terms of reputation, they are known to be hardasses, low-ballers and to a certain extent, slimeballs. not everyone, but some. there's an extremely high degree of turnover - i've heard because people dont like the culture. i know the junior guys get worked pretty hard. but still, they've done very well and a job there would be great on a resume. plus their "office" is a mansion
Tom Gores - Platinum Equity (Originally Posted: 06/01/2008)
Chanced upon Tom Gores' profile while reading the forum topic on "best offices".
Anyone knows how he managed to go from rags to riches? I couldn't find much info on him when I googled, except that he had an elder brother who was in the same business. I'm surprised that he is not given the same level of coverage as JC Flowers despite his wealth and business acumen.
.
Yes, He and his brother started the Gores Group. They had a big falling out with one of the brother sleeping with the other one's wife. Tom went out on his own and started Platinum. They are very similar to Sun Capital, very big into distressed assets.
Tom Gores of Platinum Equity buying Detroit Pistons (Originally Posted: 04/18/2011)
http://dealbook.nytimes.com/2011/04/14/the-detroit-pistons-new-private-…
Not your typical PE acquisition...
Thoughts?
Great buy. The Pistons were top 5 in profitability/value just a few years ago and could easily return to that level. With the DTE theater and PoAH @ 350 mm, that's a dead steal. Not as much as Triple Group buying the Pontiac Silverdome a couple years back for 500K but nevertheless with Gores' backing the Pistons could make a huge turnaround.
It is a great buy. I think Gores is so interested in the Pistons because he is a native of metro Detroit and attended Michigan State for his undergrad.
Mike Ilitch was originally going to purchase the Pistons, until he found out that they were cooking the books a bit.
Agreed - I like the purchase too. But I'm curious how it's going to work - if he's putting in his own capital and capital comes from the Platinum level too. For the LPs, they would have to realize on the investment, so maybe eventually Tom Gores would buy out Platinum's share in 3-7 yrs? From the way the guy is - very into sports, big bball fan - I'm guessing he wants to hold it long-term
Teachers (OTPP) also own Leafs and Raptors which has done well: http://blogs.forbes.com/nathanvardi/2011/04/15/the-detroit-pistons-and-…
[quote=Kanon]Agreed - I like the purchase too. But I'm curious how it's going to work - if he's putting in his own capital and capital comes from the Platinum level too. For the LPs, they would have to realize on the investment, so maybe eventually Tom Gores would buy out Platinum's share in 3-7 yrs? From the way the guy is - very into sports, big bball fan - I'm guessing he wants to hold it long-term
Teachers (OTPP) also own Leafs and Raptors which has done well: http://blogs.forbes.com/nathanvardi/2011/04/15/the-detroit-pistons-and-…]
If you think about the difference with OTPP's investment however it's how viable basketball is as an investment outside of super-major markets like NY/LA/Miami... MLSE paid off big because the Leafs are the most profitable team in the NHL. The Raptors are not. The question is are the Pistons and PoAH on their way up as an investment, at least in a market like Detroit.
isn't Detroits population at an all time low? and still decreasing? I know Tom Gores is a Michigan native but can he really run a basketball team? I don't see any tangible evidence in his experience and with him keeping current management around......good luck to him.
I know with MLSE the big money maker is the Leafs (regardless of how terrible they are, there is no shortage of fans willing to pay for its expensive seats - and if not them, corporations that buy them for clients and etc.). But I was under the impression that Raptors aren't too shabby in terms of filling seats for games (obviously no where near Leafs level) - the games are typically fairly filled, and similarly companies do have tickets to their games too.
You mentioned Pistons have a good profit per value ratio. Do you recall where the Raps were with this?
Raptors have varied between 11th and 15th in both profitability in the NBA. Which is pretty unacceptable for a team in a metro area of 5 mm people +. They're not a money loser but I wouldn't see them as a great investment in terms of real returns.
That said, Detroit and PoAH has very dedicated fans but population and industry in Michigan is decreasing. Given that if Platinum Equity investors are financing a portion of this, they will seek a 3-7 year exit, I'm not sure how great it is as a PE investment, although Gores might see a great ROI over a longer horizon.
Solid buy
The Pistons arguably made one of the worst decisions in sports when they drafted Darko Milicic in the 2003 draft. They could've had Melo, Bosh or Wade on their team. And yes I know that only one of the players is still on their original team, but it would've been a different field and the Pistons could very well have been a viable team to acquire some of the free agents that were out there last year. Fucking terrible mistake. Team crumbles just like the city.
Team success isn't as correlated with profitability as you'd think. It def. isn't linear. Pistons hit a rut because Detroit/Michigan was/is falling apart. Lots of bad teams still fill seats and make good money.
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