Bloomberg Billionaires Index

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#507 Jeremy Jacobs $3.93B

Random fact: His company lost a major contract with Yosemite National Park in 2016.

Overview

Jacobs is the chairman of Delaware North, a closely held hospitality and food service company with revenue of $3.2 billion in 2016. The Buffalo, New York-based company has about 60,000 employees and serves about half a billion guests a year. Jacob's also owns the Boston Bruins, a National Hockey League team.

As of Sept. 22, 2017:
Last change -$33.9M (-0.9%)
YTD change +$301M (+8.3%)
Industry Food & Beverage
Biggest asset Delaware North
Citizenship United States
Age 76
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Jeremy Jacobs's net worth of $3.93B can buy ...

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troy ounces of gold
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barrels of crude oil

... and is equivalent to ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Jacobs' fortune is derived mostly from his family's ownership of closely held Delaware North, the Buffalo-based provider of hospitality and food service with $3.2 billion in sales in 2016, according to company spokesperson Victoria Hong. The company has about 60,000 employees and serves about half a billion guests a year, according to its website.

Delaware North is valued based on the average enterprise value-to-Ebitda and price-to-earnings multiples of three publicly traded peer companies: Aramark Services, Compass Group, and SSP Group.

Jacobs is also the owner of the Boston Bruins, which is valued using an assessment from Peter J. Schwartz, a consultant with New York-based Anderson Economic Group. Through Delaware North, he controls TD Garden, the team's sports facility that was built at an investment cost of $160 million, according to its website.

Jacobs declined to comment on his net worth through an email exchange with Delaware North spokesman Glen White in June 2016.

Biography

Birthdate: 1940
Family: Unmarried, No children
Education:

Jacobs was born in 1940, the son of Genevieve and Louis Jacobs, a son of Jewish immigrants from Poland. 

He became chief executive officer of Delaware North at the age of 28, taking over after the sudden passing in 1968 of his father, Louis Jacobs, who founded the company with his brothers in 1915. 

Jacobs has a bachelor of science degree from the State University of New York at Buffalo and completed the Harvard School of Business advanced management program.

The billionaire named his sons -- Jerry Jr., Lou and Charlie -- as the company’s CEOs in 2015. He also moved the business into a new global headquarters in downtown Buffalo and has been credited with helping to revitalize a once-blighted section of the city.

He acquired the Boston Bruins and their outdated venue, the Boston Garden, in 1975, and commissioned a new, multi-purpose arena that opened 20 years later. The venue is home to the NHL's Boston Bruins and the National Basketball Association's Boston Celtics, and hosts 200 events annually for 3.5 million guests.

The Jacobs family founded the Boston Bruins Foundation in 2003, a non-profit organization that assists charitable organizations that demonstrate a commitment to enhancing the quality of life for children throughout New England.

Delaware North, which has more than 60,000 employees, serves half a billion customers annually on four continents. Jacobs holds honorary doctorates from the University at Buffalo, Canisius College, Niagara University, and Johnson & Wales University.

He and his wife, Margaret, reside in East Aurora, New York. They have six children, 18 grandchildren and two great grandchildren.

Milestones
  • 1915 His father starts family business selling peanuts.
  • 1975 Acquires the Boston Bruins.
  • 1979 Joins the NHL's audit, finance and executive committees.
  • 1995 Opens new multi-purpose arena in Boston.
  • 2003 Jacobs family creates the Boston Bruins Foundation.
  • 2007 Elected NHL Board of Governors chairman.
  • 2015 Steps down as Delaware North CEO.
  • 2016 Loses contract for Yosemite National Park concessions.