Jim Crane Biography & Net Worth
|Popular Name:||Steve Ballmer|
|Real Name:||James Robert Crane|
|Birth Date:||17 January 1954|
|Birth Place:||Houston, Texas, United States|
|Profession:||Businessman, Entrepreneur, Investor|
|Net Worth:||$3 Billion|
|Last Updated:||December, 2020|
Jim Crane is an American businessman. He is the chief executive and chairman of Crane Freight & Shipping, Crane Capital Group, and Crane Worldwide Logistics. He is also the owner of Houston Astros of the Major League Baseball (MLB). All of these ventures contribute to Jim Crane net worth and success.
Jim Crane’s Early Life
James Robert Crane was born in Houston, Texas, United States on 17 January 1954. He grew up in a suburb of Dellwood, Missouri, and attended Lutheran High School North from where he graduated in 1972. He donated the sum of $1 million to the school dedicated to the improvement of their athletic facilities and enlargement of the campus size to 67 acres from 40 in 2004. For his contribution, the school named the James R. Crane Athletic Complex in his honor.
James earned a degree in industrial safety at Central Missouri State University (CMSU) (now known as the University of Central Missouri) in 1976. While in school, he joined the Tau Kappa Epsilon fraternity. He pitched for the baseball team of Central Missouri Mules. Between his freshman and second year, his father passed away. This left him devastated and he considered dropping out of school. However Robert N. Tompkins his coach at that time drove to where he lived in north St. Louis and encouraged Crane to return to school.
Jim Crane’s Career
James managed to continue continue college after taking advice from his coach. When he graduated, he followed his late father’s footsteps and started engaging in insurance business. After moving to Houston in 1980, he borrowed $10,000 from his sister in March 1984 and founded an air freight logistics business called Eagle USA Airfreight. Eagle USA Airfreight was later renamed Eagle Global Logistics, and then changed to EGL, Inc. The company also moved into information services business and supply chain management. In 2007 EGL merged with the UK-based CEVA Logistics that is owned by American private equity capital management and Apollo Management L.P., a leveraged buyout.
Jim Crane owned approximately 17% of stock at EGL at the time of the merger. He wanted to do a management, leveraged, or combination of the both, buyout of EGL, before the merger with CEVA, but wasn’t able to get financing on acceptable terms. Later on he obtained equity backing and initially offered $36 per-share for EGL. Apollo engaged in a bidding war and shareholders eventually settled with the Apollo/CEVA offer of $47.50 per share. He was opposed to the CEVA and EGL merger.
Jim Crane established Crane Capital Group with his profits from EGL. He also became a shareholder (less than 1%) and director in Western Gas Holding, LLC, the general partner in Western Gas Partner, LP, a mid-stream (mostly pipelines and natural gas gathering assets) energy company that operates in the southeastern Rocky Mountain region and southern Mid-Continent area of the United States. Western Gas Holdings and Partners were acquired by Anadarko Petroleum. Crane is director of Fort Dearborn Life Insurance Company and also majority shareholder in Crane Worldwide Logistics LLC.
A scratch golfer, he has been ranked as a top CEO golfer in the nation. In April 2010 he bought The Floridian National Golf Club from it’s then owner Wayne Huizenga. He reached an agreement to acquire Houston Astros of the Major League Baseball from Drayton McLane for around $680 million. He was approved by MLB on November 17, 2011. The Commissioner of Major League Baseball Bud Selig intended for Houston to switch divisions to the 4-club American League West from the 6-club National League Central. Crane collected $35 million bumps from the MLB and McLane in exchange for this league change stipulation.
Jim Crane was formerly married to Franci Neely Crane. The two of them are budgetary supporters of Houston’s Museum of Fine Arts. In 2017 during the Memorial Day weekend, Crane married Whitney Wheeler. The marriage is his third. He and his wife have a child together, named James Robert Crane II. His son Jared is a leader of tasks for the Astros. Jim Crane is a Democratic Party supporter and every now and again hints on his relationship with previous United States president Barack Obama.
Crane is currently 66 years old. He has a height of 183cm and weighs 86kg.
Jim Crane Net Worth
Crane is a wealthy American businessperson. He is the chief executive and chairman of Crane Freight & Shipping, Crane Capital Group, and Crane Worldwide Logistics. He is also the owner of Houston Astros of the Major League Baseball (MLB). He followed his late father’s footsteps and started engaging in insurance business. After moving to Houston in 1980, he borrowed $10,000 from his sister in March 1984 and founded an air freight logistics business called Eagle USA Airfreight. Eagle USA Airfreight was later renamed Eagle Global Logistics, and then changed to EGL, Inc. The company also moved into information services business and supply chain management.
Jim Crane net worth of $3 billion has been earned through his numerous businesses and investments. It is expected that this figure will continue to grow considering the number of businesses and investments under his sleeves.