🠈  Leonard Green, LP  🠊

Leonard Green, LP

Founded in 1989, Leonard Green, LP is a private equity firm established by Leonard I Green (1933-2002) who was an early pioneer in the field of leveraged buyouts. According to Wikipedia [drawn 7/16], Leonard Green has raised over $15B in capital funds and invested in businesses worth $54.6 billion.

This Los Angeles based firm currently ranks #32 among the largest private equity firms.

Historical investments include.

• Petco - a leading provider of pet supplies.
• The Sports Authority: Acquired in 2006. Bankrupt in 2016.
• Big 5 Sporting Goods
• Varsity Brands
• Lucky Brand Jeans
• David's Bridal - a chain of bridal super stores.
• FTD - a network of florists.
• Whole Foods Market
• Del Taco - a fast food chain offering a Mexican style fare.
• Neiman Marcus Group, Inc., a luxury retailer.
• Rite Aid - a Pharmaceutical retailer.
• Tire Rack - a chain of automotive shops.
• CHG Healthcare Services, Inc.
• J Crew sells women's clothing.
• Jo-Ann (a chain of fabric stores and crafts)
• Palms Casion
• Savers is a nationwide thirft store.
• Shake Shack
• Mister Car Wash

As the firm is in a continual process of buying and selling stakes in firms, a detailed list of what they owned at a given time is beyond the scope of this project.

Corporate Events

The company Gibbons Green Van Amerongen preceded Leonard Green. It was established in 1969. It later became a pioneer in leveraged buyouts. They engaged 29 transactions with a total purchase price over $3.5 billion before it collapsed in 1989. These are events of Gibbons Green that I encounter in other research

• 1969: The company was established by Leonard Green, Edward I. Gibbons and Lewis W. van Amerongen.
• 1986: Gibbons Green acquired Budget Rent-a-Car for $200 million.
• 1982: Gibbons Green acquired Purex Industries which makes laundry supplies
  • 1985: Greyhound Corporation acquired Purex.
• 1987: Gibbons Green acquired Ohio Mattress for $965 million.
• 1990: Bad loans related to leveraged buyouts created a credit crisis at First Boston which was subsequently acquired by Credit Suisse.

Leonard Green left Gibbons Green in 1989 to establish a new company.

• 1989: Leonard created Leonard Green & Partners
• 2005-2010: LG acquired The Claim Jumper chain with 35 restaurants from the founders for ~ $200M. They sold to Landry after declaring bankruptcy.
• 2006-2016: LG engaged in a $1.6B leveraged buyout of The Sports Authority. TSA went bankrupt in 2016.
• 2006-2102: LG acquired David's Bridal from Mays Department Store they sold to Clayton, Dubilier & Rice.
• 2000-2015: LG acquired Petco which they sold to CVC Capital Partners in 2015.
• 2010: LG acquired Jo-Ann Stores for $1.6 billion.
• 2011: LG and TPG Capital took J. Crew private.
• 2011: LG acquired BJ's Wholesale for $2.8 billion.
  • 2018: BJ's is holding an IPO.
• 2012: LG acquired a 40% stake in Union Square Hospitality to expand the Shake Shack chain.
  • 2015: Shake Shack had a successful IPO. Its market value jumped 118% to $1.6 billion in first day of trade.
• 2012: LG acquired Savers.
• 2014: LG acquired Tucson based Mister Car Wash.
• 2015: LG and TPG Capital acquired Life Time Fitness in a $4 billion deal.
• 2018: LG was a minority partner in the merger of Abra Auto Body and Caliber Collision merger that was led by Hellman & Friedman

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References:

1. WSJ - BJ's Wholesale to go Private (Drawn 6/24/2018)

Directory Listings:

• Internet Rivers - Private Equity Firms: Leonard Green, LP

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