U.S. Senate candidate Sandy Pensler worth over $80M

Washington — A Republican candidate running for U.S. Senate in Michigan is worth at least $80 million, according to a document newly filed with the Senate.

Businessman Sandy Pensler of Grosse Pointe Park disclosed details about his personal finances last week, showing personal assets valued in the range of $80 million to $116 million and at least $23.6 million in income he earned during the 2023 reporting period.

The bulk of that income, $22.4 million, came from the Korex Companies, a detergent and cleaning supplies manufacturer he jointly owns that's valued at over $50 million, according to the disclosure report.

Pensler also reported a $125,000 salary from Korex, whose website says it's the largest contract manufacturer of powdered automatic dishwasher detergent in North America. Korex Companies is comprised of Korex Corp. based in Wixom; Korex Chicago; and Korex Canada based in Toronto.

Pensler also is the founder of the Pensler Capital Corp., a private investment firm he jointly owns with a stake valued at $50,001 to $100,000, according to the disclosure.

His other investments include more than $25 million in mutual funds and stock holdings in corporations such as General Electric, IBM, Kindred Healthcare, Office Depot and Westinghouse Air Brake Technologies and foreign bonds from the State of Israel.

The businessman previously worked as a private investor and Wall Street financial adviser for firms including Lehman Brothers and Blackstone. He also advised the boards of General Electric, Time-Warner, Scholastic, AT&T, Sprint and Chrysler.

The disclosure also lists the loans that Pensler has made to his Senate campaign, which total $3 million according to Federal Election Commission reports. Pensler just loaned his campaign $2 million of that sum on March 31, the final day of the first quarter.

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The financial disclosure filed April 16 is an indication that Pensler could afford to self-fund his Senate bid by millions more if he chooses to. He listed no liabilities.

In the GOP primary contest, he is facing former U.S. Reps. Mike Rogers of Brighton, Peter Meijer of Grand Rapids Township and Justin Amash of Cascade Township. Meijer is months overdue to file his report on his personal finances.

The candidates are competing for the open seat of retiring U.S. Sen. Debbie Stabenow, D-Lansing, in what's shaping up to be an expensive contest. The nonpartisan Cook Political Report has rated the Michigan race as "leans" Democratic.

In an Feb. 2 interview, Pensler told reporters he would spend "what's needed" to win the Senate seat.

"We'll see. ... I don't think I can do it all with my own funds," said Pensler, acknowledging that the Democratic frontrunner, U.S. Rep. Elissa Slotkin, is a "very good fundraiser." 

"I don't think we need to match her dollar-for-dollar," Pensler added. "But we'll need a lot of resources." 

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In 2018, Pensler put $5 million of his own money into a bid for the U.S. Senate but lost the GOP primary that year to businessman John James by 9 percentage points.

His effort that year was hurt by a late-season endorsement by then-President Donald Trump for James that came just days before the primary election. Trump last month endorsed Rogers for the GOP nomination in Michigan.

mburke@detroitnews.com

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