Who is George Lindemann?
He was a successful investor, active in several industries. He died in the summer of 2018 at the age of 82. He was married to Frayda. They had 3 children (Adam, George, and daughter Sloan).
Energy Transfer Equity
His shareholdings included an (estimated) stake of 6% in Energy Transfer Equity. Lindemann’s father established the Nestle-LeMur Company, a cosmetics manufacturer active in hair products. The company developed the first permanent-wear soft contact lens. It later merged into Smith, Miller & Patch Pharmaceuticals.
Lindemann became president and sold the company in 1972 to Cooper Laboratories for a reported US$ 75 million.
With the proceeds, he started Vision Cable. Which he sold 10 years later for US$ 220 million. Then he founded the cell phone company Metro Mobile. Which he sold for US$ 2.5 billion 10 years later.
Southern Union Company
Then he acquired the Southern Union Company. Which owns and operates one of the US’ largest natural gas pipeline systems. In 2011 Energy Transfer Equity acquired the Southern Union Company for US $8.9 Billion. Of which US$5.1 billion in cash and the remaining in ETE shares.
Lindemann reportedly still owned 6% of the ETE shares at the time of his death.
George Lindemann Net Worth
His net worth was estimated at US$ 3.3 billion.