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Balance Sheet Cash Flow Statement 301 E. Colorado Blvd., Ste. 300 Pasadena, CA 91101-1901 CA Tel. 626-585-6700 Fax 626-449-1455 |
Type: Public
On the web:
http://www.wescofinancial.com
Employees:
2,942
Employee growth: 10.1%
Wesco Financial is sort of like Berkshire Hathaway Lite. Charlie Munger, Berkshire vice chairman and a confidant of Warren Buffett, leads Wesco. And like Berkshire, the investment firm provides insurance and reinsurance; in Wesco's case, it does so through subsidiaries Wesco-Financial Insurance Company and Kansas Bankers Surety. It also holds shares in some of the same companies as Berkshire, like Coca-Cola, Kraft, Procter & Gamble, and Wells Fargo. However, Wesco gets more than 40% of its revenue from CORT Business Services, one of the largest providers of rental furniture in the US. It also operates Precision Steel Warehouse, which has steel service centers in Chicago and Charlotte, North Carolina.
Key numbers for fiscal year ending December, 2008:
Sales: $799.0M
One year growth: 26.6%
Net income: $82.1M
Income growth: (24.8%)
Officers:
Chairman, President, and CEO: Charles T. (Charlie) Munger
VP and CFO, Wesco Financial and MS Property: Investment Firms
Competitors:
Enstar Group
Oaktree Capital
Stone Point Capital
