Michael DeGroote
Encyclopedia
Michael G. DeGroote, OC
(born 1933) is a Canadian businessman and philanthropist from Hamilton, Ontario
who currently resides in Bermuda
. Aside from his business career, he is best known as a major private donor to local educational institutions such as McMaster University
and Hillfield Strathallan College
.
to Flemish parents and immigrated to Canada with his parents when he was 14 years old. He left school in Grade 9 to help his family by working in the tobacco
fields near Tillsonburg, Ontario
.
, a small trucking company based in Hagersville, Ontario
. Under his direction, Laidlaw expanded past trucking by entering the solid waste and school bus industries. By the mid 1970s Laidlaw was a large and successful business, and DeGroote had personally become wealthy enough that he was able to purchase the Hamilton Tiger-Cats
of the Canadian Football League
. He was the last owner of the Tiger Cats to make profit off of the team.
In March 1988, DeGroote sold his Laidlaw shares to Canadian Pacific; in return, he received a combination of cash and CP shares worth $499 million.
In 1990, he retired to Bermuda
. However, controversy followed him after his departure: in December 1990, he resigned as a Laidlaw director, and in August 1992, Laidlaw paid $7.65 million to settle a class action lawsuit which had alleged that Laidlaw's corporate officers had "misrepresented the financial condition of Laidlaw." DeGroote also paid $23 million to the Ontario Securities Commission
to settle a claim regarding insider trading
of Laidlaw stock.
Though still residing in Bermuda, DeGroote has been involved in a number of business ventures since his retirement, such as Republic Waste, AutoNation, NRX Global Inc and Century Business Services.
.
In 1992, he made a major donation to McMaster University
which funded the construction of a new business school, which was subsequently renamed the Michael G. DeGroote School of Business
. The same year, he received an honorary degree from McMaster.
In 2003, he donated $105 million to McMaster, which funded a number of medical research centres as well as a building, the Michael G. DeGroote Centre for Learning and Discovery (commonly abbreviated as MDCL to avoid confusion with the DeGroote School of Business). In addition, the McMaster School of Medicine was renamed to the Michael G. DeGroote School of Medicine at McMaster in 2004.
In 2009, he donated $10.5 million to Hillfield Strathallan College
, which added to existing funds for the planned campus restructuring and the new Senior School building which will bear his name.
Degroote was made an honorary member of Hillfield Strathallan's 2010 graduating class.
Order of Canada
The Order of Canada is a Canadian national order, admission into which is, within the system of orders, decorations, and medals of Canada, the second highest honour for merit...
(born 1933) is a Canadian businessman and philanthropist from Hamilton, Ontario
Hamilton, Ontario
Hamilton is a port city in the Canadian province of Ontario. Conceived by George Hamilton when he purchased the Durand farm shortly after the War of 1812, Hamilton has become the centre of a densely populated and industrialized region at the west end of Lake Ontario known as the Golden Horseshoe...
who currently resides in Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
. Aside from his business career, he is best known as a major private donor to local educational institutions such as McMaster University
McMaster University
McMaster University is a public research university whose main campus is located in Hamilton, Ontario, Canada. The main campus is located on of land in the residential neighbourhood of Westdale, adjacent to Hamilton's Royal Botanical Gardens...
and Hillfield Strathallan College
Hillfield Strathallan College
Hillfield Strathallan College is a Canadian private, co-educational day school in Hamilton, Ontario. The academic program runs from Junior Kindergarten or Montessori, until Grade 12. The current headmaster is Mr...
.
Early life
DeGroote was born in BelgiumBelgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
to Flemish parents and immigrated to Canada with his parents when he was 14 years old. He left school in Grade 9 to help his family by working in the tobacco
Tobacco
Tobacco is an agricultural product processed from the leaves of plants in the genus Nicotiana. It can be consumed, used as a pesticide and, in the form of nicotine tartrate, used in some medicines...
fields near Tillsonburg, Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
.
Business career
In 1959 he purchased Laidlaw Transport Ltd.Laidlaw
Laidlaw, organized as Laidlaw International, Inc. , was a predecessor corporation of First Student , a US subsidiary of the Scottish transport firm FirstGroup plc...
, a small trucking company based in Hagersville, Ontario
Hagersville, Ontario
Hagersville is a community in Haldimand County, Ontario which gained international notoriety in 1990 for a gigantic uncontrolled tire fire which spewed toxic smoke for seventeen days...
. Under his direction, Laidlaw expanded past trucking by entering the solid waste and school bus industries. By the mid 1970s Laidlaw was a large and successful business, and DeGroote had personally become wealthy enough that he was able to purchase the Hamilton Tiger-Cats
Hamilton Tiger-Cats
The Hamilton Tiger-Cats are a Canadian Football League team based in Hamilton, Ontario, founded in 1950 with the merger of the Hamilton Tigers and the Hamilton Wildcats. The Tiger-Cats play their home games at Ivor Wynne Stadium...
of the Canadian Football League
Canadian Football League
The Canadian Football League or CFL is a professional sports league located in Canada. The CFL is the highest level of competition in Canadian football, a form of gridiron football closely related to American football....
. He was the last owner of the Tiger Cats to make profit off of the team.
In March 1988, DeGroote sold his Laidlaw shares to Canadian Pacific; in return, he received a combination of cash and CP shares worth $499 million.
In 1990, he retired to Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
. However, controversy followed him after his departure: in December 1990, he resigned as a Laidlaw director, and in August 1992, Laidlaw paid $7.65 million to settle a class action lawsuit which had alleged that Laidlaw's corporate officers had "misrepresented the financial condition of Laidlaw." DeGroote also paid $23 million to the Ontario Securities Commission
Ontario Securities Commission
The Ontario Securities Commission is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario...
to settle a claim regarding insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
of Laidlaw stock.
Though still residing in Bermuda, DeGroote has been involved in a number of business ventures since his retirement, such as Republic Waste, AutoNation, NRX Global Inc and Century Business Services.
Awards and philanthropy
In 1990, DeGroote was made an Officer of the Order of CanadaOrder of Canada
The Order of Canada is a Canadian national order, admission into which is, within the system of orders, decorations, and medals of Canada, the second highest honour for merit...
.
In 1992, he made a major donation to McMaster University
McMaster University
McMaster University is a public research university whose main campus is located in Hamilton, Ontario, Canada. The main campus is located on of land in the residential neighbourhood of Westdale, adjacent to Hamilton's Royal Botanical Gardens...
which funded the construction of a new business school, which was subsequently renamed the Michael G. DeGroote School of Business
DeGroote School of Business
The DeGroote School of Business is one of six faculties at McMaster University in Hamilton, Ontario, Canada. The School of Business was founded in 1952 but was renamed in 1992 in honour of successful Canadian entrepreneur and philanthropist Michael G. DeGroote. The DeGroote school offers ...
. The same year, he received an honorary degree from McMaster.
In 2003, he donated $105 million to McMaster, which funded a number of medical research centres as well as a building, the Michael G. DeGroote Centre for Learning and Discovery (commonly abbreviated as MDCL to avoid confusion with the DeGroote School of Business). In addition, the McMaster School of Medicine was renamed to the Michael G. DeGroote School of Medicine at McMaster in 2004.
In 2009, he donated $10.5 million to Hillfield Strathallan College
Hillfield Strathallan College
Hillfield Strathallan College is a Canadian private, co-educational day school in Hamilton, Ontario. The academic program runs from Junior Kindergarten or Montessori, until Grade 12. The current headmaster is Mr...
, which added to existing funds for the planned campus restructuring and the new Senior School building which will bear his name.
Degroote was made an honorary member of Hillfield Strathallan's 2010 graduating class.