Leonard I. Green

Last updated

{{Infobox person | name = Leonard I. Green | image = | alt = | caption = | birth_name = | birth_date = 1934 | birth_place = United States | death_date = 2002 (aged 68) | death_place = [[Venice, Italy] | nationality = American

Contents

| education =

| other_names = | occupation = businessman | spouse = Jude Risk Green (divorced) | known_for = founder of leveraged buyout firm Leonard Green & Partners | parents = | children = 2 }}

Leonard I. Green (1934–2002) was an American businessman who was the founding partner of leveraged buyout firm Leonard Green & Partners and chairman of the board of the Los Angeles Opera.

Early life

Green was raised in Philadelphia, to a Jewish family. [1] In 1955, he earned a B.A. in economics from Cornell University and in 1956, graduated with an M.B.A. from the University of Pennsylvania's Wharton Graduate School. [2] In 1965, he received a law degree from Loyola University in Chicago. [3]

Career

In 1969, Green co-founded the New York investment banking partnership, Gibbons, Green, van Amerongen, which specialized in management-led, non-hostile leveraged buyouts. [2] In 1980, he moved to California and opened a branch office. In 1989, he left Gibbons, Green, van Amerongen and founded Leonard Green & Partners based in Los Angeles. [2] In 1992, Green's firm paid $40 million for Thrifty Drugs and in 1994, they purchased Payless Drugs for $1.2 billion, merging the two companies to form the largest drugstore chain in the Western U.S. with more than 1,080 outlets, Thrifty Payless. [4] In April 1996, Thrifty Payless went public and then in October 1996, it was sold to Rite Aid for $2.3 billion netting Green's firm a $420 million profit. [4] Other companies that the firm acquired while Green was chairman were Carr-Gottstein Foods Co., Australian Resources Limited, and Big 5 Sporting Goods. [1]

Philanthropy

In 1986, Green became a founding director of Los Angeles Opera serving as its president and chief executive from 1998 to 2001. He personally donated $2 million to the opera and was credited with recruiting Plácido Domingo as artistic director. [2] Green was also a member of the board of the Music Center of Los Angeles County. [2]

Personal life and death

Green was married three times. [2] In 1995, Green married his third wife, Jude Green, a physical therapist from Michigan; they divorced in 2000. [5] Green has two children: daughter Suzanne and son Steven. [2]

Green died in 2002. [2]

Related Research Articles

<span class="mw-page-title-main">Leveraged buyout</span> Acquired control over a company by the purchase of its shares with borrowed money

A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. This is done at the risk of magnified cash flow losses should the acquisition perform poorly after the buyout.

The Carlyle Group Inc. is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and private credit. It is one of the largest mega-funds in the world. In 2015, Carlyle was the world's largest private equity firm by capital raised over the previous five years, according to the PEI 300 index. In the 2023 ranking however, it had slipped to fifth place.

<span class="mw-page-title-main">TPG Inc.</span> American investment company

TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.

<span class="mw-page-title-main">James D. Robinson III</span> American businessman (1935–2024)

James Dixon Robinson III was an American businessman best known for his position as the chief executive officer of American Express Co. from 1977 until his retirement in 1993.

Leonard Green may refer to:

<span class="mw-page-title-main">Budget Rent a Car</span> American car rental brand

Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.

<span class="mw-page-title-main">Sweetbay Supermarket</span> Defunct American supermarket chain (1947-2013)

Sweetbay Supermarket was a chain of American supermarkets located in Florida. The first Sweetbay Supermarket to open was in Seminole, Florida, in November 2004. The company's headquarters was located near Tampa, in Hillsborough County, Florida. It was a part of the Belgian Delhaize Group. In May 2013, the chain was purchased by BI-LO. On October 8, 2013, BI-LO announced it was retiring the Sweetbay name and all remaining locations would be re-branded as Winn-Dixie.

<span class="mw-page-title-main">Sealy Corporation</span> Mattress manufacturer

Sealy is an American brand of mattresses marketed and sold by Tempur Sealy International. It draws its name from the city where the Sealy Corporation originally started, Sealy, Texas, United States.

<span class="mw-page-title-main">Evercore</span> American financial services company

Evercore Inc., formerly known as Evercore Partners, is a global independent investment banking advisory firm founded in 1995 by Roger Altman, David Offensend, and Austin Beutner. The firm has advised on over $4.7 trillion of merger, acquisition, and restructuring transactions since its founding. Evercore is widely considered one of the most prestigious and elite investment banking advisory firms.

Goldman Sachs Asset Management Private Equity is the private equity arm of Goldman Sachs, focused on leveraged buyout and growth capital investments globally. The group, which is based in New York City, was founded in 1986.

<span class="mw-page-title-main">Purex (laundry detergent)</span> Brand of laundry detergent manufactured by Henkel

Purex is a brand of laundry detergent and laundry-related products manufactured by Henkel North American Consumer Goods and marketed in the United States and Canada. Purex is one of the most widely used laundry detergents in North America. Its original product, Purex Bleach, was a major competitor to Clorox bleach. The brand name is also used for a line of in-wash "fragrance booster" products called Purex Crystals. The Purex Crystals brand was originally launched as an in-wash fabric softener product.

<span class="mw-page-title-main">History of private equity and venture capital</span>

The history of private equity, venture capital, and the development of these asset classes has occurred through a series of boom-and-bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.

Leonard Green & Partners, L.P. (LGP) is an American private equity investment firm founded in 1989 and based in Los Angeles. The firm specializes in private equity investments. LGP has invested in over 95 companies since its inception, including Petco and The Container Store.

<span class="mw-page-title-main">Early history of private equity</span>

The early history of private equity relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.

<span class="mw-page-title-main">Private equity in the 1980s</span>

Private equity in the 1980s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.

<span class="mw-page-title-main">Private equity in the 1990s</span>

Private equity in the 1990s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital, experienced growth along parallel although interrelated tracks.

<span class="mw-page-title-main">Private equity in the 2000s</span>

Private equity in the 2000s represents one of the major growth periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital expanded along parallel and interrelated tracks.

Peter A. Cohen is the chairman and CEO of Andover National Corporation, a public holding company. He was formerly the chairman and CEO of Cowen Inc., also known as Cowen & Company now TD Cowen. Prior to his current role, Cohen founded Ramius Capital Management in 1994, a $13 billion investment firm, which he merged with Cowen Inc. in 2009. Prior to this, Cohen was the chairman and chief executive officer of Shearson Lehman American Express from 1983 through 1991.

Eric Gleacher is an American investor and financier, and the founder and former chairman of the now defunct, Gleacher & Company, an independent investment banking firm based in New York City.

Ernest M. Wuliger was an American businessman who transformed the Ohio Mattress Company into the Sealy Corporation.

References

  1. 1 2 Jewish Journal: "Leonard Green - Investment Banking Pioneer and L.A. Opera Chairman" October 31, 2002
  2. 1 2 3 4 5 6 7 8 Los Angeles Times: "Leonard I. Green, 68; L.A. Opera Chief, Master of Friendly Takeover" by Dennis McLellan October 26, 2002
  3. ↑ "Leonard I. Green, 68; L.A. Opera Chief, Master of Friendly Takeover". Los Angeles Times. 2002-10-26. Retrieved 2020-02-19.
  4. 1 2 Los Angeles Times: "Financier's Dealings Disclosed" by RALPH FRAMMOLINO January 21, 2002
  5. ↑ Los Angeles Times: "Divorce, Pellicano-Style" by Kim Christensen
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.