Company type | Private |
---|---|
Industry | Private equity |
Founded | January 7, 1989 |
Founder | Leonard I. Green |
Headquarters | Los Angeles, California, United States |
Products | Leveraged buyout |
AUM | US$70 billion (June 2022) |
Number of employees | 66 |
Website | leonardgreen.com |
Leonard Green & Partners, L.P. (LGP) is an American private equity investment firm founded in 1989 and based in Los Angeles. [1] The firm specializes in private equity investments. LGP has invested in over 95 companies since its inception, including Petco and The Container Store. [2] [3]
In June 2023, Leonard Green & Partners were ranked 20th in Private Equity International 's PEI 300 ranking of the largest private equity firms in the world. [4]
Leonard Green was founded by Leonard I. Green in 1989 [5] after separating from Gibbons, Green and van Amerongen Ltd. (Gibbons Green), a bank which he had co-founded in 1969 with Edward Gibbons and Lewis van Amerongen. [6] [7] Leonard Green died in 2002, leaving the firm to be run by John G. Danhakl, Peter J. Nolan and Jonathan D. Sokoloff. [5]
The firm's predecessor, Gibbons Green was among the earliest practitioners of the leveraged buyout and management buyout. [6] [7] Gibbons Green purchased several companies, including Purex Industries in 1982, [8] Budget Rent a Car from Transamerica in 1986 and Kash n' Karry Food Stores in 1988. [6] [7] [9] The company planned to purchase Argonaut Group Inc in 1987, but withdrew from the buyout. [10]
The dissolution of Gibbons Green and the formation of Leonard Green & Partners is attributed by some to the failure of two buyouts: Ohio Mattress Company and Sheller-Globe Corporation. [11] [12] [13]
In 2019, LGP named John Baumer and Evan Hershberg co-heads of the Jade Fund. [14]
In March 2020, partners at LGP committed to plans for a $10 million employee-assistance fund for employees of Leonard Green portfolio companies impacted by the COVID-19 pandemic. [15] [16]
In 1996, LGP sold its stake of Thrifty Payless to Rite Aid Corporation. [17]
Between 1997 and 2008, LGP made several acquisitions, including Leslie's Poolmart and Petco. [18] [2]
In 2016, LGP closed Green Equity Investors VII, L.P. ("GEI VII"), with $9.6 billion of committed capital. [19] In 2019, LGP raised $14.75 billion for two new funds. [14]
Between 2009 and 2018, LGP's acquisitions included The Container Store and Jo-Ann Stores, and The Shade Store, among others. [3] [20] [21] In 2012, LGP invested in Shake Shack. [22]
In July 2020, LGP, alongside TPG Capital, invested in WellSky, a health and community care technology company. [23] In November 2020, LGP acquired Service Logic from Warburg Pincus. [24] [25]
In February 2021, ProPublica reported on a dispute between LGP and Rhode Islands regulators and legislators over LGP's divestment in Prospect Medical Holdings. [26] [27]
In November 2017, LGP purchased PureGym, Britain's largest gym chain by membership.
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