Ronald Burkle

Ronald Wayne Burkle (born November 12, 1952) is an American businessman.

He is the co-founder and managing partner of The Yucaipa Companies, LLC, a private investment firm that specializes in U.S. companies in the distribution, logistics, food, retail, consumer, hospitality, entertainment, sports, and light industrial sectors.

Yucaipa has executed grocery-chain mergers and acquisitions involving supermarket chains including Fred Meyer, Ralphs, and Jurgensen's, and once owned stakes in about 35 companies, including the grocery chains A&P and Whole Foods Market, before their respective demise and takeover.

Ron Burkle was born on November 12, 1952, the elder of two sons, to Betty and Joseph Burkle in Pomona, California.

Joseph worked seven days a week, managing a Stater Bros. grocery store in Pomona and investing his savings in apartment buildings.

To see his father, Burkle stocked shelves in his father's store with bread and corralled shopping carts.

By age 13, Burkle had joined United Food and Commercial Workers Union Local 770.

At age 16, he graduated from high school and entered California State Polytechnic University, Pomona to study dentistry.

Less than two years later, Burkle dropped out.

At age 21, he married Janet Steeper, a Stater Bros. clerk and great-grandniece of the aviation pioneers, the Wright brothers.

They had three children together.

Burkle parlayed a $3,000 investment in American Silver and another metals company into $30,000 and began investing in and flipping undervalued grocery stores.

He made at least one deal with the assistance of junk bond financier Michael Milken.

Burkle was promoted to store manager at Stater Bros. and later became a vice president at Petrolane, Inc., Stater's parent company.

When he was 29, Petrolane decided to sell Stater Bros. Burkle secretly organized a leveraged buyout with Charles Munger, vice-chairman of Berkshire Hathaway, who agreed to put up half of the equity.

Burkle made his bid to Petrolane's board that was 20% lower than Petrolane's internal valuation.

The board rejected Burkle's offer and fired him.

Burkle's portfolio was by then worth some $5 million, and during the next five years, he continued to invest in stocks and oversaw his family's rental properties.

In 1986, Burkle founded Yucaipa Companies, a private equity firm which invests in U.S. companies in the hospitality, sports, entertainment, logistics, food, consumer, light industrial, retail, manufacturing, and distribution.

During the 1992 Los Angeles riots, Burkle refused to close his inner-city stores, a move for which he received praise.

He has served as chairman of the board and controlling shareholder of numerous companies, including Alliance Entertainment, Golden State Foods, Dominick's, Fred Meyer, Ralphs, and Food4Less.

He has been a corporate board member of the boards of Occidental Petroleum Corporation, KB Home, and Yahoo!

Burkle is often seen as a businessman who maintains close relationships with labor unions and works with unions to solve business problems.

Burkle is part owner of the Pittsburgh Penguins of the National Hockey League, although his stake in the team is unknown.

In 1999, he helped save the team by partnering with former Penguin Mario Lemieux to bring the team out of bankruptcy.

Burkle played an active part in negotiations to construct the PPG Paints Arena for the Penguins.

Burkle's strong ties to union work also led him to be one of the owners helping Commissioner Gary Bettman negotiate an end to the 2012–13 NHL lockout.

The Penguins, under the ownership of Burkle, are the only North American sports team with ties to private equity that has won a championship.

He had been ranked No. 633 on Forbes' list of "The Richest People on The Planet 2014."

Burkle is a prominent activist and fundraiser for the Democratic Party.

Burkle's net worth was estimated at US$2 billion on February 12, 2018.

On January 22, 2019, Burkle was announced as the new lead investor of Sacramento Republic FC.

On February 26, 2021, Burkle announced that he was pulling out his interests in Major League Soccer expansion club in Sacramento due to the COVID-19 pandemic in California.

This move placed Sacramento expansion hopes in doubt.

In January 2021, Lisa Baird, the commissioner of the National Women's Soccer League (NWSL), announced that an expansion team in Sacramento, led by Ron Burkle and in conjunction with Sacramento Republic FC's expansion bid into Major League Soccer, would join the NWSL in 2022.

However, Burkle never confirmed the news publicly before exiting the Sacramento Republic's ownership group.

Instead, on June 8, 2021, the NWSL announced San Diego as the location for an expansion team owned by Burkle, which began play as San Diego Wave FC in the 2022 NWSL season.

Burkle has invested in technology startup companies through A-Grade Investments, a venture capital fund he founded with Ashton Kutcher and Guy Oseary.

As of 2020, A-Grade's investment portfolio includes SeatGeek, SoundCloud, Uber, Warby Parker, Spotify, Foursquare, and Airbnb.

He has also invested in technology startup companies through Inevitable Venture, a venture capital fund founded by D.A Wallach and Chris Hollod.