Platinum Equity’s Female Leaders Explain How They Drive the Firm’s Success

BEVERLY HILLS, Calif. – To recognize Women’s History Month, Platinum Equity employees gathered in the Club Room at company headquarters to hear career advice and learn about firm functions from four female executives in March.

The event was part of the firm’s “Club Room Conversations,” which are a series of panel discussions that give employees an opportunity to learn more about the organization, its people and Platinum Equity’s more than 60 portfolio companies.

For the second time, Women’s History Month was the focus, and this year’s panel offered insight, guidance and an opportunity for employee engagement.

Vice President Sports & Entertainment Sarah Clay said: “There’s a toughness in being a woman, and I’ve never viewed it as a disadvantage. In male-dominated industries like private equity and sports, women bring a distinct perspective and see the world through a different lens.”

Clay manages the firm’s relationship with the Detroit Pistons, the NBA franchise Platinum Equity Founder and CEO Tom Gores acquired in 2011.

“We bring different strengths to the table, and I’d encourage women to lean into that —there’s real power in it.”

The event was moderated by Platinum Equity Head of Corporate Marketing Katie Hulgrave, and Clay was joined by other leaders from some of the firm’s different departments: Tracy Chow, Principal on the M&A Execution team, Lauren Piec, Senior Vice President on the Portfolio Operations team, and Kristin Wojcik, Vice President in Business Development.

Since Gores founded Platinum Equity in 1995, the firm has included the voices of women. Having grown from an initial $200,000 investment into a global firm with approximately $48 billion of assets under management, female voices have impacted the firm’s success.

“I’m proud of Platinum because it is a male-dominated industry we’re in, and whether it’s sports or private equity, you have to tough it out a bit,” said Gores, who was in attendance.

“I’m proud of you guys for powering through it.” 

Putting M&A&O To Work

The panel began with Wojcik, Chow and Piec explaining their roles within Platinum Equity’s M&A&O framework, which the firm believes helps create value at every stage of the deal, from acquisition to divestiture.

Wojcik, who joined Platinum Equity in 2023, explained the role of business development, which helps source deals and find investment opportunities.

“In today’s ever evolving M&A market, I think you have to be creative in how you approach sourcing new opportunities,” Wojcik said. “Half our (business development) team is dedicated to coverage, which revolves around developing and maintaining both our banker and corporate relationships, and also being knowledgeable about the entire portfolio so as to best position Platinum in any situation.

“Our coverage team is responsible for originating as many opportunities as we can and then working alongside our screening team to funnel down the deals that truly have a Platinum angle and fit the right criteria for our M&A&O investment thesis.”

Chow discussed how her M&A execution team works with both the business development and operations teams to identify and evaluate opportunities.

“I think the part that makes Platinum unique is our wide investment mandate,” Chow said. “Because we have history and expertise in doing corporate carveouts, operational turnarounds and complex transactions, what can sometimes be a red flag for someone else, may not be a red flag for us. (A company) could have lower margins than its competitors, but we may see an opportunity to improve that. And this is actually where M&A will work with the operations team and will identify potential opportunities early.”

Piec explained how an in-house operations team benefits the firm.

“With our large operations team, we’ve got people that have expertise and background in many different types of companies, whether from their time at Platinum or in their career before,” Piec said. “It’s very rare that we encounter a problem that no one has seen before and that’s a huge asset for us.”

‘You need to be emotionally resilient’

The discussion moved to the panelists’ perspectives on the Platinum Equity way.

Clay, who was hired in 2010, recalled how she was able to establish trust with Gores early, and how it has led to a long-time working relationship.

“I think the Platinum way is being all in, doing everything at the highest level, being highly adaptable and always being three steps ahead,” Clay said. “Platinum really rewards all-in people, and I think I’m a great example of that.

“Fifteen years ago, when Tom bought the Pistons, I had no background in sports or knowledge of the inner working of a sports organization. We needed somebody on the ground in Michigan, and Tom thought I could be great for the position. I remember thinking, ‘Wow, he has so much faith in me, I can do this – I’ll figure it out along the way, and I have an amazing team of people around me that I can lean on for support.’ And here I am 15 years later, still heavily involved in the day-to-day operations of the Pistons.”

In its formative years, Platinum Equity had to fight for opportunities, forge its own path and create successful opportunities – qualities that still resonate today. Hulgrave asked panelists how they related to the firm’s rise.

Wojcik explained how she forged her own path, finding success through preparation and motivation.

“My parents were not in the finance industry. I had zero ties to that. As a first-generation college student, I kind of bootstrapped myself up and made myself so knowledgeable that I could walk into any room and talk about any topic,” Wojcik said. “I have to be knowledgeable, not only about (Platinum), but what’s going on in the broader geopolitical landscape and M&A market in general. I think that is how we stay ahead going into every conversation we have on behalf of the firm.”

Chow described how her team continues to fight to find investment opportunities.

“We’ve had a couple that don’t have any sell side advisor, no investment bank in the middle, and we’ve cold-called businesses and gotten them to sell to us. So, you’re not only the buyer, but a sell side advisor,” Chow said. “It’s being able to wear a lot of hats and being able to get people comfortable with who Platinum is to really get it over the finish line.”

The panel concluded with a question on whether women need to be tough to succeed in the industry and advice on resiliency.

“I think you need to be emotionally resilient, not only to succeed in private equity, but in life,” Chow said. “What we sometimes think about as tough is on the exterior. You have to be assertive, aggressive and I do think that there is a time and place when you do have to do that, particularly in my role when we’re negotiating, but you do have to be human. This business world is still about connecting humans and agreeing on a deal and you can’t be tough all the time.”

Piec added: “I associate toughness with grit. And one of the things that we face every day is sometimes it takes a million tries before you get to yes. I think being resilient, being gritty, willing to try new things and find the path, that’s something I identify with on a daily basis, and what it means to be tough.”