🠈 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.
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
- WSJ - BJ's Wholesale to go Private (Drawn 6/24/2018)
- Internet Rivers - Private Equity Firms: Leonard Green, LP
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