Thomas H. Lee Partners, L.P. is an American private equity firm based in Boston. Investing in middle market growth companies across financial technology, services, healthcare, technology, & business solutions.[2]
Founded in 1974 by its namesake Thomas H. Lee, Thomas H. Lee Partners, often referenced as THL,[3] has raised approximately $34 billion of equity capital, investing in more than 160 companies, and has completed more than 500 add-on acquisitions representing an aggregate enterprise value at acquisition of over $210 billion.[4] In 2021, Private Equity International ranked THL Partners 82nd of the top 300 private equity firms based on funds raised.[5]
THL’s Management Committee includes Co-CEOs Todd Abbrecht and Scott Sperling, Chairman Tony DiNovi and Managing Director Tom Hagerty.[6] The firm's namesake, Thomas H. Lee, left the firm and formed Lee Equity Partners in 2006.[7]
Investments
The firm has raised over $30 billion since inception and is currently investing out of its $5.6 billion ninth fund:
In 2004, THL completed a leveraged buyout acquisition of Refco, a financial services company specializing in commodities and futures contracts, which collapsed suddenly in October 2005 only months after its IPO. Refco's collapse cost investors more than $1 billion and sparked multiple suits for negligence against the firm. THL in turn sued Refco's auditors and former executives claiming they hid the fraud which caused Refco's collapse.[17] THL has since settled all claims by Refco’s brokerage customers, bankruptcy trustee and shareholders.[18]
Art Van
In March 2020, the THL-owned furniture retailer Art Van Furniture filed for Chapter 11 bankruptcy.[19] The company was forced to end its going-out-of-business sales two days after they were approved due to the COVID-19 pandemic in the United States. While Art Van wanted to pay employee wages and health care obligations, the company as a debtor-in-possession could not choose to pay employees at the expense of creditors without a court order. THL subsequently established a 'Hardship Fund' for former employees.[20]
THL seeded the fund with an initial donation of $1 million and also pledged to match up to another $1 million in outside donations. In March 2021, THL funded its full matching commitment, resulting in relief payments of approximately $1,200 per former employee.[21]
Affiliates
THL's past affiliates include:
THL Credit Advisors acquired in 2020 by First Eagle Investment Managed, provided junior debt to middle-market companies seeking capital for growth, acquisition, recapitalization and/or change of control.[22] In July 2020, THL Credit changed its name to First Eagle Alternative Capital BDC, Inc.[23]
TH Lee Putnam Ventures is a technology-focused private equity firm affiliated with THL and Putnam Investments, a leading global money management firm. TH Lee Putnam Ventures manages $1.1 billion in capital commitments and has invested approximately $850 million in more than 43 companies since the firm's formation in 1999.[24]
Notes
^PEI 300 - Top 50, Private Equity International, May 2012.
^"Thomas H. Lee Partners, L.P.: Private Company Information - Businessweek". investing.businessweek.com. Retrieved 13 August 2012.
^Thomas H. Lee forms new venture: Lee Equity Partners (MarketWatch, 2006)
^"Inriver Announces Growth Investment from Thomas H. Lee Partners". Bloomberg L.P. May 19, 2022.
^Thomas H. Lee Partners and Fidelity National Financial Complete Acquisition of Ceridian
^Parent of Dunkin' Donuts Sold For $2.4 Billion to Equity Firms (New York Times, 2005
^Vivendi Confirms Houghton Mifflin Sale,(New York Times, 2002)
^Michael FoodsMichael Foods To Be Bought For $1 Billion (New York Times, 2003)
^Thomas H. Lee In Snapple Deal (New York Times, 1992)
^Press Release: Warner Chilcott Acquired for $3.1 Billion
^Press release: Investor Group Led by Thomas H. Lee Partners, Edgar Bronfman, Jr., Bain Capital and Providence Equity Partners to Purchase Warner Music Group and Create one of the World's Largest Independent Music Companies
^Press release: Recapitalization of West Corporation by an Investor Group Led by Thomas H. Lee Partners and Quadrangle Group
^Refco bankruptcy trustee sues Thomas H. Lee Partners, New York Times, August 9, 2007.
^March 04, Susan Beck |; AM, 2011 at 12:00. "Thomas H. Lee Reaches $145 Million Settlement with Refco Trustee and Brokerage Customers". The American Lawyer. Retrieved 2021-02-17.
^Reindl, JC (2020-03-05). "Art Van Furniture to close its stores, begin liquidation sales". Detroit Free Press. Retrieved 2020-03-05.
^"Bankruptcy Claimed Their Jobs, and Now They're Out for Payback". Bloomberg.com. 2021-02-10. Retrieved 2021-02-17.
^"Ex-Art Van manager on company's bankruptcy, closure". Detroit Free Press. March 16, 2021.
^THL Credit. THL Credit (2013-06-30). Retrieved on 2013-08-16.
^"THL Credit Rebrands as First Eagle Alternative Capital BDC". ABFJournal. July 24, 2020.
(FundingUniverse.com, from International Directory of Company Histories, Vol. 24. St. James Press, 1999.)
Banks Balk at Paying for Clear Channel Deal (New York Times, 2008)
March 06, 2023
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This article is about the private equity firm For the private equity investor and founder of the firm see Thomas H Lee businessman This article has multiple issues Please help improve it or discuss these issues on the talk page Learn how and when to remove these template messages The topic of this article may not meet Wikipedia s notability guidelines for companies and organizations Please help to demonstrate the notability of the topic by citing reliable secondary sources that are independent of the topic and provide significant coverage of it beyond a mere trivial mention If notability cannot be shown the article is likely to be merged redirected or deleted Find sources Thomas H Lee Partners news newspapers books scholar JSTOR September 2020 Learn how and when to remove this template message This article contains content that is written like an advertisement Please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view September 2022 Learn how and when to remove this template message Learn how and when to remove this template message See also Lee Equity Partners Thomas H Lee Partners L P is an American private equity firm based in Boston Investing in middle market growth companies across financial technology services healthcare technology amp business solutions 2 Thomas H Lee Partners L P TypePrivate limited partnershipIndustryPrivate equityFounded1974 49 years ago 1974 FounderThomas H LeeHeadquarters100 Federal StreetBoston Massachusetts United StatesProductsLeveraged buyout growth capitalAUM 16 9 billion 1 Number of employees100 2022 Websitethl wbr com Contents 1 History 2 Investments 2 1 Other Funds 3 Refco 4 Art Van 5 Affiliates 6 Notes 7 External linksHistory EditFounded in 1974 by its namesake Thomas H Lee Thomas H Lee Partners often referenced as THL 3 has raised approximately 34 billion of equity capital investing in more than 160 companies and has completed more than 500 add on acquisitions representing an aggregate enterprise value at acquisition of over 210 billion 4 In 2021 Private Equity International ranked THL Partners 82nd of the top 300 private equity firms based on funds raised 5 THL s Management Committee includes Co CEOs Todd Abbrecht and Scott Sperling Chairman Tony DiNovi and Managing Director Tom Hagerty 6 The firm s namesake Thomas H Lee left the firm and formed Lee Equity Partners in 2006 7 Investments EditThe firm has raised over 30 billion since inception and is currently investing out of its 5 6 billion ninth fund 1984 Fund I 66 million 1989 Fund II 568 million 1996 Fund III 1 4 billion 1998 Fund IV 3 5 billion 2001 Fund V 6 1 billion 2006 Fund VI 8 1 billion 2016 Fund VII 2 6 billion 2019 Fund VIII 3 59 billion 2022 Fund IX 5 6 billion Other Funds Edit 2019 Continuation Fund I 867 million 2020 Continuation Fund II 916 million 2021 Automation Fund 900 million Source Thomas H Lee websiteNotable transactions sponsored by THL include AbacusNext Aramark 8 AutoStore Brooks Automation Ceridian 9 CSafe Global Dunkin Brands 10 Experian Fidelity National Information Services FourKites Hightower Advisors HomeSide Lending Houghton Mifflin 11 Syneos Health Michael Foods 12 The Nielsen Company ProSiebenSat 1 Smile Doctors Snapple 13 Warner Chilcott 14 Warner Music Group 15 and West Corporation 16 Refco EditIn 2004 THL completed a leveraged buyout acquisition of Refco a financial services company specializing in commodities and futures contracts which collapsed suddenly in October 2005 only months after its IPO Refco s collapse cost investors more than 1 billion and sparked multiple suits for negligence against the firm THL in turn sued Refco s auditors and former executives claiming they hid the fraud which caused Refco s collapse 17 THL has since settled all claims by Refco s brokerage customers bankruptcy trustee and shareholders 18 Art Van EditIn March 2020 the THL owned furniture retailer Art Van Furniture filed for Chapter 11 bankruptcy 19 The company was forced to end its going out of business sales two days after they were approved due to the COVID 19 pandemic in the United States While Art Van wanted to pay employee wages and health care obligations the company as a debtor in possession could not choose to pay employees at the expense of creditors without a court order THL subsequently established a Hardship Fund for former employees 20 THL seeded the fund with an initial donation of 1 million and also pledged to match up to another 1 million in outside donations In March 2021 THL funded its full matching commitment resulting in relief payments of approximately 1 200 per former employee 21 Affiliates EditTHL s past affiliates include THL Credit Advisors acquired in 2020 by First Eagle Investment Managed provided junior debt to middle market companies seeking capital for growth acquisition recapitalization and or change of control 22 In July 2020 THL Credit changed its name to First Eagle Alternative Capital BDC Inc 23 TH Lee Putnam Ventures is a technology focused private equity firm affiliated with THL and Putnam Investments a leading global money management firm TH Lee Putnam Ventures manages 1 1 billion in capital commitments and has invested approximately 850 million in more than 43 companies since the firm s formation in 1999 24 Notes Edit PEI 300 Top 50 Private Equity International May 2012 Thomas H Lee Partners L P Private Company Information Businessweek investing businessweek com Retrieved 13 August 2012 Thomas H Lee forms new venture Lee Equity Partners MarketWatch 2006 Inriver Announces Growth Investment from Thomas H Lee Partners Bloomberg L P May 19 2022 PEI 300 Top private equity firms Private Equity International February 2 2022 TH Lee raising Fund VIII with Todd Abbrecht as first head of PE PE Hub December 15 2017 Thomas H Lee forms new venture Lee Equity Partners MarketWatch 2006 1 Press Release Thomas H Lee Partners and Fidelity National Financial Complete Acquisition of Ceridian Parent of Dunkin Donuts Sold For 2 4 Billion to Equity Firms New York Times 2005 Vivendi Confirms Houghton Mifflin Sale New York Times 2002 Michael FoodsMichael Foods To Be Bought For 1 Billion New York Times 2003 Thomas H Lee In Snapple Deal New York Times 1992 Press Release Warner Chilcott Acquired for 3 1 Billion Press release Investor Group Led by Thomas H Lee Partners Edgar Bronfman Jr Bain Capital and Providence Equity Partners to Purchase Warner Music Group and Create one of the World s Largest Independent Music Companies Press release Recapitalization of West Corporation by an Investor Group Led by Thomas H Lee Partners and Quadrangle Group Refco bankruptcy trustee sues Thomas H Lee Partners New York Times August 9 2007 March 04 Susan Beck AM 2011 at 12 00 Thomas H Lee Reaches 145 Million Settlement with Refco Trustee and Brokerage Customers The American Lawyer Retrieved 2021 02 17 Reindl JC 2020 03 05 Art Van Furniture to close its stores begin liquidation sales Detroit Free Press Retrieved 2020 03 05 Bankruptcy Claimed Their Jobs and Now They re Out for Payback Bloomberg com 2021 02 10 Retrieved 2021 02 17 Ex Art Van manager on company s bankruptcy closure Detroit Free Press March 16 2021 THL Credit THL Credit 2013 06 30 Retrieved on 2013 08 16 THL Credit Rebrands as First Eagle Alternative Capital BDC ABFJournal July 24 2020 TH Lee Thlpv com Retrieved on 2013 08 16 External links EditOfficial website Thomas H Lee FundingUniverse com from International Directory of Company Histories Vol 24 St James Press 1999 Banks Balk at Paying for Clear Channel Deal New York Times 2008 Retrieved from https en wikipedia org w index php title Thomas H Lee Partners amp oldid 1141281792, wikipedia, wiki, book, books, library,
