Alec Gores Quotes
101 Alec Gores Quotes
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[In September 1997] Information Dimensions is a perfect fit for us. It’s industry leading products, impeccable reputation, dedicated employees, and internationally recognized customer base are what we consider its most valuable assets and the essential components of ongoing success. By focusing on these strengths, we expect IDI to capitalize on the explosive growth and opportunity within the document management and Internet/intranet library solutions market.
Alec Gores
[In April 1998 on TI semiconductor group] TI has invested a significant amount of money to develop the WORKS product line. By focusing significant resources on WORKS, we believe we will make the technology the standard of the industry.
Alec Gores
[In November 2000 on buying the Learning Company from Mattel when it was losing a million dollars a day.] I’m overly confident. It’s too scary for most people. They have no clue how to clean it up. It didn’t scare me.
Alec Gores
[On not knowing who Jill Barad (A former Mattel CEO) was until he looked at the Learning Company.] I don’t know enough about the company yet.
Alec Gores
[In November 2000] We have done 35 transactions in the last 10 to 12 years. Fifty percent of them were turnarounds, and we were successful in every one.
Alec Gores
[On Artemis Management Systems that was losing $10 to $12 million a year on sales of $60-70 million.] We went in and it was profitable in less than a year. We stabilized revenues very quickly, stabilized the customer base, and in the second year, we started to grow the company.
Alec Gores
[On Artemis] Worth 1,000% more than when we bought it.
Alec Gores
[On System Software Associates in November 2000] It was losing a lot of money - $50 million to $60 million a year on $300 million to $400 million in revenues. In the first quarter after the deal was completed, we got it to a break-even point, and it should be profitable by the third or fourth quarter.
Alec Gores
[On buying VeriFone in May 2001 it had a] Desperate need to be independent from a big company.
Alec Gores
[On VeriFone in 2001] It didn’t get the kind of attention it needed.
Alec Gores
[In 2001] VeriFone is a great addition to the GTG portfolio of companies. We look at this acquisition as a long-term strategic investment. The company has tremendous potential.
Alec Gores
[In February 2002] The publicity surrounding the overwhelming success of our recent acquisitions and turnarounds has resulted in…
Alec Gores
[On Cathy Scanlon in August 2002] Cathy has built a solid reputation for wringing maximum efficiency from every financial operation she manages.
Alec Gores
[In October 2002] The success and growth of our firm over the past couple of years has opened up enormous opportunities for us.
Alec Gores
[In 2002] We save companies.
Alec Gores
[In 2002 GTG is often attracted to big, difficult acquisitions where information is] Messy and you’ve got to look under the covers.
Alec Gores
Is it tough sometimes? Sure it is. But my brothers are my best friends.
Alec Gores
[In May 2003] A lot of people focus on the P & L’s and forget about customers, employees, and culture. We help people be more nimble. We give them ownership and make them feel like it’s their company.
Alec Gores
[On his acquisition of VeriFone.] Once we took over, we let people make decisions on their own.
Alec Gores
[In November 2003 on it’s fund focusing on buy-out investments in the technology and telecommunications sectors.] Gores Capital Partners is a strategic and logical step for us. We raised the fund in order to further institutionalise our firm, as well as broaden our capital base for larger transactions. We are pleased with the reception that we encountered in the fundraising process and are particularly excited to be joined by such a high quality group of limited partners. Their level of commitment and our ability to raise this fund rapidly in a challenging fundraising environment is a very strong endorsement of our firm and its unique investment strategy.
Alec Gores
[In December 2004 on the floatation of it’s Anker unit.] The floatation is strategically significant to both Anker and Gores.
Alec Gores
[In September 2008 on Enterasys President and CEO Mike Fabiaschi passing away.] Mike was an outstanding individual, a valued friend and he will be sorely missed by everyone. Our sympathises are with his wife and family during this difficult time.
Alec Gores
[In October 2008 on appointing James O’Neill as CEO to Siemens Enterprise Communications] I am extremely confident we selected the right executive to lead Siemens Enterprise Communications, our largest and most significant acquisition to date. Jim O’Neill has led large and complex international organizations with great success, and his ability to connect with customers, employees, and partners in the technology sector is quite impressive.
Alec Gores
[In January 2009] We are very excited about the addition of Siemens Enterprise Communications to our portfolio of companies. We think that Siemens Enterprise Communications will help expand our presence in the enterprise networking and communications space and we look forward to rapidly growing the joint venture.
Alec Gores
[In May 2009] Neither my brother Tom nor I consider ourselves rivals. Yes, we compete in business, but we are extremely close as are our families.
Alec Gores
Although having come to America as young children, my siblings and I consider ourselves American.
Alec Gores
[In September 2010 on an investment in J. Mendel] We have wanted to enter the luxury space for some time and feel like we have found a gem in J. Mendel. The house of J. Mendel, under the leadership and creative genius of Gilles Mendel, has developed a much coveted luxury brand position with a uniquely rich heritage. We love the product and the brand, and we see great potential for the company and for the luxury space in general.
Alec Gores
[In February 2011] We like tough situations. The biggest differentiator [between Gores and rival firms] is our in-house operations team. We’re able to get due diligence done much quicker, and with much more confidence.
Alec Gores
[On his brother Tom Gores] Tommy took what I did and raise the bar to a whole new level. Of course, I’m watching – and then I move the bar for him.
Alec Gores
[In 2011 on closing to new investment a $2 billion private equity fund.] We believe that the incredible success of our fundraising efforts reflects the strength of our acquisition and operations teams as well as our unique investment strategy and approach. In particular we believe investors were attracted to our operating orientation and ability to transform undervalued or underperforming businesses.
Alec Gores
[In June 2011 on opening the Cosmo Specialty Fibers mill that was closed in October 2005.] That is our strength. The ability to see a potential investment opportunity not obvious to others and then dive deep and fast with 360 degrees of due diligence that draws on world class, in-house expertise. Our intense analysis showed us that the mill was fully capable of achieving consistently high volumes of top quality acetate production.
Alec Gores
This investment is the definition of marketplace diversity with a pulp feedstock that can be used for clothing, cosmetics, filters, LED screens, cellophane wrap, pharmaceuticals, food processing, and many other products. The mill can run on biomass and recycled liquors pulled out of the digesting process with very little use of fossil fuel. And it uses Hemlock – not only the best fiber in the world for dissolving pulp, but also a fully renewable resource itself.
Alec Gores
[On the acquisition goal and operating philosophy of Gores Technology] Create and sustain value.
Alec Gores
[On buying the Learning Company from Mattel] We look forward to providing the leadership and resources required to create and sustain a dynamic and market-leading enterprise.
Alec Gores
[On The Learning Company.] Nobody was talking to anybody; everyone had forgotten about the customer; decisions were based on gross margins that weren't real; product channels were overstuffed, and excess inventory was being counted as revenue; there were too many facilities; the list goes on. It was a colossal and complex mess. The company was a combination of 70 prior acquisitions.
Alec Gores
Second- and third-tier employees often know what's going on and how to fix it; they just don't know how to execute.
Alec Gores
Within 70 days, the Learning Company was turning an operating profit. It was my biggest deal ever and by far the messiest. But I came to learn that really big problems at really big companies often present advantages. You have more at stake, but you also have a lot more room and money to make things happen. And the problems generally are the same, whether they're in a $50 million company or a $1.5 billion company. Somewhere along the way, companies lose sight of their core business. Our job is to reconnect the company with its customers and start building value again.
Alec Gores
[In March 2012] We bought a business that has great cashflow. We bought it right. So from a business standpoint and economics – it’s a good deal. We’ll do very well with it. But that’s not the end game. The end game again is to take that business and take all the things they have, the assets and try to evolve that business into the new way of DVD’s and music.
Alec Gores
[On how to evolve a business into a new way of DVD’s and Music] Maybe find another company that would fit into it and merge it together. And that’s what we’re looking at. We’re looking at other companies today that are more into the new things in that space.
Alec Gores
[On rumor’s that he and his brother Tom Gores are bidding on Warner Music] We’re doing that deal together. We have to be careful here with confidentiality.
Alec Gores
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