John Catsimatidis is a successful American businessman and entrepreneur. He is the founder and CEO of Red Apple Group, which owns and operates businesses in various industries including energy, real estate, and supermarkets. He is also a noted philanthropist and political donor.
John Catsimatidis Facts
|September 7, 1948
|New York University (dropped out)
|Founder and CEO of Red Apple Group
|Energy, real estate, supermarkets, aviation, media
|Supports various charities and foundations, including the NYPD Foundation and the Hellenic Times Scholarship Fund
|261st place in Forbes 400
801st place in Billionaires
John Catsimatidis Jr.
|Board member of:
|Owner of Gristedes Foods
Owner of Hellenic Times Newspaper
Chairman of Red Apple Group
Chairman of United Refining Company
About John Catsimatidis
John Catsimatidis was born on September 7, 1948, on the Greek island of Nisyros, and moved to the United States with his family when he was six months old. They settled in West Harlem where he grew up. Despite his father being a lighthouse operator in Greece, he worked as a busboy in New York.
Catsimatidis graduated from Brooklyn Technical High School in 1966 and went on to study electrical engineering at New York University. During college, he worked in a small supermarket owned by his friend’s uncle, and eventually bought half the store from him, but dropped out eight credits shy of graduation.
How it all started for Catsimatidis?
John Catsimatidis, a self-made billionaire, established his first business, the Red Apple grocery store, in Manhattan’s Upper West Side in 1971. The store offered extended hours, free delivery, and check-cashing services to customers. By the age of 24, he had built ten stores and his business was generating $25 million annually, and he personally earned a million dollars a year. In 1986, Catsimatidis expanded his business by acquiring the Gristedes and Charles & Co. speciality food stores. He also purchased United Refining Co., which owned gasoline refineries in Pennsylvania and Alabama. His business holdings later included 50 Gristedes supermarkets, 371 gas stations in three states, $500 million in real estate, and an expanding oil business.
Catsimatidis engaged in an effort to take over SemGroup LP, a bankrupt oil, gas, and asphalt trading, storage, and transportation company, in 2008. Although he gained control over the company’s management committee, his plan was met with opposition from the existing management, who wanted to sell off some of the company’s assets. Catsimatidis was later sued by a group of SemGroup executives, but he ultimately reached a settlement with the company in 2009, acquiring a piece of SemGroup’s asphalt business.
In 2015, Catsimatidis’ Red Apple Group ranked 156th on Forbes magazine’s list of “America’s largest private companies,” generating $3 billion in revenue and employing 8,000 people. In 2019, he purchased the radio station WABC (AM) from Cumulus Media for $12.5 million in cash under the “Red Apple Media” name. Catsimatidis is also a minority investor in the political newspaper and website, The Hill. His rags-to-riches story is featured in the book “How Far Do You Want to Go? Lessons From A Common-Sense Billionaire,” published in February 2023.
John Catsimatidis Net Worth
As of 2023, Catsimatidis has a massive net worth of $4.1 Billion. He holds 261st place in Forbes 400
801st place in Billionaires and also the 680th wealthiest person in the world. His hard work and talent have pushed him to the place where he is now. From nowhere to a billionaire, an inspiration for many people in the world today. With his consistent hard work, he will enter into the top 10 richest people in the world list soon.
John Catsimatidis Personal Life
Catsimatidis was born to his parents on September 7, 1948. His father is a lighthouse operator in Greece and his mother was a homemaker. Further information about his parents is not available. But it is said that he is from a lower middle-class background and he built his kingdom from nothing to a billion-dollar company.
Catsimatidis married his wife in 1988. The couple was blessed with two children, Andrea Catsimatidis and John Catsimatidis. Andrea was born in 1990 and she graduated from New York University in her 20s. Currently, she is the executive of the Red Apple Group, vice president of First Federal Guarantee Insurance Company and also the Managing director of Gristeded supermarkets.
His brother John Catsimatidis Jr. is the current Executive Vice President and Chief Investment Officer of Red Apple Group. He stated, “I’ll never run for office just to run. Only if I can truly add value to the system, I’ll definitely run.” on a question about his future run for political office.
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