American private equity investment firm
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]
History
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]
Notable investments
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.
References
^
"Leonard Green & Partners, L.P.: Private Company Information – Bloomberg" . www.bloomberg.com . Retrieved 2017-10-03 .
^
a
b
"COMPANY NEWS; MANAGEMENT-LED GROUP TO BUY PETCO FOR $505 MILLION" . New York Times . 2000-05-18. Retrieved 2013-12-10 .
^
a
b Hughes, Elaine (2007-07-02).
"Private firm buys Container Store" . Usatoday.Com. Retrieved 2013-12-10 .
^
"PEI 300 | The Largest Private Equity Firms in the World" . Private Equity International . 2023-06-01. Retrieved 2023-06-02 .
^
a
b Witkowsky, Christopher (2011-10-06).
"Leonard Green changes terms amid fundraise" . Private Funds CFO . Retrieved 2019-10-15 .
^
a
b
c
"Gibbons, Green Separation" . The New York Times . 1989-05-05.
ISSN
0362-4331 . Retrieved 2019-12-06 .
^
a
b
c
"Gibbons, Green Adept in Risky Field : Bicoastal Firm Becomes Major Player in Leveraged Buyouts" . Los Angeles Times . 1986-09-07. Retrieved 2019-12-06 .
^
"Purex Merger Is Approved" .
The New York Times . 1982-08-12. Retrieved 2016-04-28 .
^ Staff, Denise L. Smith of The Sentinel.
"KASH N' KARRY BUYS MARKETS FROM KROGER" . OrlandoSentinel.com . Retrieved 2019-12-06 .
^ Special to the New York TimesPublished: December 23, 1987 (1987-12-23).
"COMPANY NEWS; Gibbons Cancels Argonaut Buyout" . New York Times . Retrieved 2013-12-10 . {{
cite news }}
: CS1 maint: numeric names: authors list (
link )
^ Bartlett, Sarah (1989-11-06).
"Wall Street's Treacherous Side" . New York Times . Retrieved 2013-12-10 .
^ Bartlett, Sarah (1989-10-13).
"Filing Discloses Dispute Over Sale of Sheller-Globe" . New York Times . Retrieved 2013-12-10 .
^ Published: May 05, 1989 (1989-05-05).
"Gibbons, Green Separation" . New York Times . Retrieved 2013-12-10 . {{
cite news }}
: CS1 maint: numeric names: authors list (
link )
^
a
b Bunker, Ted (2019-12-09).
"WSJ News Exclusive | Buyout Firm Leonard Green Raises Nearly $15 Billion for Two New Funds" . Wall Street Journal .
ISSN
0099-9660 . Retrieved 2020-02-19 .
^ Witkowsky, Chris (2020-03-19).
"Leonard Green executives to form $10m employee-assistance fund" . Buyouts . Retrieved 2020-07-21 .
^
"PE Daily: Leonard Green Partners Commit to Employee Assistance Funds | Crude Price Drop Dooms First Reserve Portfolio Company | KKR Defies Chaos" . Wall Street Journal . 2020-03-19.
ISSN
0099-9660 . Retrieved 2020-07-21 .
^
"Rite Aid to buy rival chain - Oct. 14, 1996" . money.cnn.com . Retrieved 2020-11-11 .
^
"LESLIE'S POOLMART TAKEN PRIVATE IN $140 MILLION DEAL – New York Times" .
The New York Times . 1997-06-13. Retrieved 2013-12-10 .
^
"Leonard Green and Partners | Leading private equity investment firm based in Los Angeles" . www.leonardgreen.com . Retrieved 2017-09-07 .
^
"Jo-Ann Stores to Be Acquired by Leonard Green & Partners, L.P. for $61.00 Per Share in Cash | Business Wire" . www.businesswire.com . 23 December 2010. Retrieved 2016-12-02 .
^ Hirsch, Lauren (2018-08-09).
"Private equity giant Leonard Green takes another chance on retail, buying online retailer Shade Store" . CNBC . Retrieved 2018-08-17 .
^ Severson, Kim; De La Merced, Michael (29 January 2015).
"Shake Shack, Born in a Park, Is Going Public With Big Dreams" . DealBook .
Archived from the original on 6 October 2019. Retrieved 2020-02-19 .
^ Collins, Leslie (21 July 2020).
"WellSky adds Leonard Green as new majority stakeholder" . Kansas City Business Journal .
^ Cutchin, James (5 November 2020).
"Leonard Green Acquires Service Logic | Los Angeles Business Journal" . Los Angeles Business Journal . Retrieved 2020-11-09 .
^ Bunker, Ted (2020-10-15).
"Leonard Green Emerges as Buyer for Warburg's Service Logic" . Wall Street Journal .
ISSN
0099-9660 . Retrieved 2020-11-09 .
^ Elkind, Peter (February 4, 2021).
"Rich Investors Stripped Millions From a Hospital Chain and Want to Leave It Behind. A Tiny State Stands in Their Way" .
ProPublica . Retrieved February 7, 2021 .
^ Elkind, Peter; Burke, Doris (September 30, 2020).
"Investors Extracted $400 Million From a Hospital Chain That Sometimes Couldn't Pay for Medical Supplies or Gas for Ambulances" .
ProPublica . Retrieved February 7, 2021 .
External links
Active
Consumer products Transportation Healthcare Retail
Exited
Methodology:
AUM over US$70 billion
Investment strategy
History Investors
Subsidiaries Brands
Major shareholders Key people