- Leonard Green & Partners
company_name = Leonard Green & Partners
company_type = Private Ownership
location = | industry =
products = Leveraged Buyout
assets = $9 billion [Capital raised since inception in 1989]
homepage = [http://www.leonardgreen.com/ www.leonardgreen.com]
num_employees = 25+ (2007)
Leonard Green & Partners is a
private equityfirm specializing in leveraged buyouttransactions, particularly of middle market companies. As of the end of 2007, the firm had with approximately $9 billion in assets under management.
The firm, which was founded in
1989has approximately 25 employees based in its Los Angeles, Californiaoffices.
Leonard Green is currently investing its fifth fund, Green Equity Investors V, LP, which it completed fundraising in
March 2007with over $5.3 billion of investor commitments. The firm's most recent fund is nearly three times the size of its previous fund the $1.85 billion Green Equity Investors V, LP. [Tracy, Tennille " [http://blogs.wsj.com/deals/2007/03/28/leonard-green-keeping-up-with-the-jones/ Leonard Green: Keeping Up With the Jones] ." Wall Street Journal, March 28, 2007] Leonard Green had previously raised $1.24 billion for its third fund in 1998, $311 million for its second fund in 1994and $216 million for its debut fund in 1990. [Source: Private Equity Intelligence] At the end of 2007, Leonard Green was ranked #32 among the 50 largest private equity firms globally.
As of the end of
2007, Leonard Green had completed investments in 45 companies with aggregate value of $34 billion, since its founding in 1989. Among the firm's historical investments are the following:
Rite Aid, 1999[" [http://query.nytimes.com/gst/fullpage.html?res=9C07E7DB1038F93BA15753C1A96F958260 Rite Aid Sets an Extension on Payment of $1.3 Billion in Debt] ." New York Times, October 28, 1999]
Big 5 Sporting Goods, 1992
Petco, ( 2000, 2006) Leonard Green and TPG Capitalinvested $200 million to acquire the pet supplies retailer as part of a $600 million buyout. Within two years they sold most of it in a public offering that valued the company at $1 billion. Petco’s market value more than doubled by the end of 2004 and the firms would ultimately realize a gain of $1.2 billion. Then, in 2006, the private equity firms took Petco private again for $1.68 billion. [" [http://query.nytimes.com/gst/fullpage.html?res=9C03E2D8173AF93BA25756C0A9669C8B63 COMPANY NEWS; MANAGEMENT-LED GROUP TO BUY PETCO FOR $505 MILLION] ." New York Times, May 18, 2000] [" [http://www.nytimes.com/2006/07/15/business/15petco.html 2 Equity Firms to Acquire Petco ] ." Bloomberg, July 15, 2006.]
Sports Authority, February 2003[Steinhauer, Jennifer. " [http://query.nytimes.com/gst/fullpage.html?res=9503EEDA163EF930A35754C0A96E958260 http://query.nytimes.com/gst/fullpage.html?res=9503EEDA163EF930A35754C0A96E958260] ." New York Times, July 3, 1998] [" [http://query.nytimes.com/gst/fullpage.html?res=9B03E2D7123DF932A15751C0A9659C8B63 COMPANY NEWS; SPORTS AUTHORITY AND GART SPORTS AGREE TO MERGE] ." New York Times, February 21, 2003]
*Varsity Brands, Inc.,
April 2003. [" [http://query.nytimes.com/gst/fullpage.html?res=9C01E6DA1E3AF930A15757C0A9659C8B63 COMPANY NEWS; UNIFORM MAKER AGREES TO $131 MILLION BUYOUT] ." New York Times, April 23, 2003]
*FTD Group, Inc.,
October 2003. Leonard Green announced a $445.4 million going private acquisition of FTD in which the firm invested $179.0 million. On February 8, 2005, FTD completed an initial public offering. [" [http://query.nytimes.com/gst/fullpage.html?res=9806EFDF113CF934A35753C1A9659C8B63 COMPANY NEWS; GREEN EQUITY INVESTORS TO BUY FTD FOR $420 MILLION] ." New York Times, October 7, 2003]
David's Bridal, November 2006[" [http://query.nytimes.com/gst/fullpage.html?res=9D04EFDE153EF93BA25752C1A9609C8B63 Today In Business | Federated Sells Bridal Unit] ." New York Times, November 18, 2006.]
*Priscilla of Boston,
April 2007[Wilson, Eric. " [http://www.nytimes.com/2007/04/26/fashion/26ROW.html Lifting the Veil on Seventh] ." New York Times, April 26, 2007]
The Container Store, July 2007[Hughes, Elaine. " [http://www.usatoday.com/money/industries/retail/2007-07-02-container-store_N.htm Private firm buys Container Store] ." USA Today, July 2, 2007.]
Leonard Green was founded by Leonard I. Green in 1989 after separating from Gibbons, Green and van Amerongen Ltd. (Gibbons Green), a merchant banking which he had co-founded in
1969with Edward I. Gibbons and Lewis W. van Amerongen. The firm's eponymous founder, Leonard I. Green died in 2002, leaving the firm to be run by John G. Danhakl, Peter J. Nolan and Jonathan D. Sokoloff (who had been Green's bankers at Drexel Burnham Lambertand Donaldson, Lufkin & Jenretteprior to joining the firm).
Gibbons, Green and van Amerongen Ltd.
The firm's predecessor, Gibbons Green had completed over 29 transactions with an aggregate purchase price of over $3.5 billion from 1969 through its dissolution in 1989 and was among the earliest practitioners of the
leveraged buyoutand management buyout. Among its most notable transactions were the purchase of Budget Rent a Car( 1986) from Transamericain 1986as well as the acquisition of Kash n' Karry Food Stores. The firm completed the 1982buyout of Purex Industries [" [http://query.nytimes.com/gst/fullpage.html?res=9A07E4D61139F931A2575BC0A964948260 Purex Merger Is Approved] ." New York Times, August 12, 1982] but had to withdraw from the 1987buyout of insurer Argonaut due to the stock market crash in that year. [" [http://query.nytimes.com/gst/fullpage.html?res=9B0DE4D9133FF930A15751C1A961948260 COMPANY NEWS; Gibbons Cancels Argonaut Buyout] ." New York Times, December 23, 1987.]
The dissolution of Gibbons Green and the formation of Leonard Green & Partners is primarily attributed to the failure of two buyouts: Ohio Mattress Company and
Sheller-Globe Corporation. [Bartlett, Sarah. " [http://query.nytimes.com/gst/fullpage.html?res=950DE0D7163DF935A35752C1A96F948260 Wall Street's Treacherous Side] ." New York Times, November 6, 1989.] Bartlett, Sarah. " [http://query.nytimes.com/gst/fullpage.html?res=950DEEDE1339F930A25753C1A96F948260 Filing Discloses Dispute Over Sale of Sheller-Globe] ." New York Times, October 13, 1989.] [ " [http://query.nytimes.com/gst/fullpage.html?res=950DE3DA133FF936A35756C0A96F948260 Gibbons, Green Separation] ." New York Times, May 5, 1989.]
*Ohio Mattress Company – On
March 7, 1989, Ohio Mattress Company, known for its Sealy and Stearns & Foster brands, was sold to Gibbons Green for $1.1 billion, a price that many observers at the time believed too high. In August 1989, the junk bondmarket collapsed, leaving First Bostonunable to redeem hundreds of millions it had lent for the leveraged buyout of Ohio Mattress. The amount lent, $457 million, was 40 percent of First Boston’s equity capital and the bank was forced to seek a bailout from Credit Suisse, leading subsequently to the takeover of First Boston and the formation of CS First Boston. [EICHENWALD, KURT. " [http://query.nytimes.com/gst/fullpage.html?res=9C0CE2DA1739F934A15757C0A966958260 COMPANY NEWS; Sealy Holdings Agrees To Financing Terms] ." New York Times, April 27, 1990.] The incident became known as "The Burning Bed" ["The Burning Bed". BusinessWeek, May 1990.] and ultimately Gibbons Green was forced to offer a significant equity stake in the company in order to secure financing.
Sheller-Globe Corporation– Gibbons, Green bought Sheller-Globe jointly with United Technologiesfrom Knoll International. When the company faced an immediate cash squeeze, United Technologiesstepped in to buy out the shares owned by Gibbons Green. With no other options, Gibbons Green realized a $30 million loss on its investment. Gibbons Green accused Knoll of providing misleading or incomplete information, however observers believed the firm had not conducted proper due diligence.Bartlett, Sarah. " [http://query.nytimes.com/gst/fullpage.html?res=950DEEDE1339F930A25753C1A96F948260 Filing Discloses Dispute Over Sale of Sheller-Globe] ." New York Times, October 13, 1989.] [Bartlett, Sarah. " [http://query.nytimes.com/gst/fullpage.html?res=950DE1DA113FF930A35752C1A96F948260 Two at Knoll Sued Over Sale of Subsidiary] ." New York Times, November 3, 1989.]
* [http://www.leonardgreen.com/ Leonard Green & Partners] (Official Website)
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