Leonard I. Green (1934–2002) was an American businessman who was the founding partner of leveraged buyout firm Leonard Green & Partners and chairman of the board of the Los Angeles Opera.
Leonard I. Green | |
|---|---|
| Born | 1934 United States |
| Died | 2002 (aged 68) |
| Nationality | American |
| Education | |
| Occupation | businessman |
| Known for | founder of leveraged buyout firm Leonard Green & Partners |
| Spouse | Jude Risk Green (divorced) |
| Children | 2 |
Early life edit
Green was raised in Philadelphia, to a Jewish family.[1] In 1955, he earned a B.A. in economics from Cornell University and in 1956, graduated with an M.B.A. from the University of Pennsylvania's Wharton Graduate School.[2] In 1965, he received a law degree from Loyola University in Chicago.[3]
Career edit
In 1969, Green co-founded the New York investment banking partnership, Gibbons, Green, van Amerongen, which specialized in management-led, non-hostile leveraged buyouts.[2] In 1980, he moved to California and opened a branch office. In 1989, he left Gibbons, Green, van Amerongen and founded Leonard Green & Partners based in Los Angeles.[2] In 1992, Green's firm paid $40 million for Thrifty Drugs and in 1994, they purchased Payless Drugs for $1.2 billion, merging the two companies to form the largest drugstore chain in the Western U.S. with more than 1,080 outlets, Thrifty Payless.[4] In April 1996, Thrifty Payless went public and then in October 1996, it was sold to Rite Aid for $2.3 billion netting Green's firm a $420 million profit.[4] Other companies that the firm acquired while Green was chairman were Carr-Gottstein Foods Co., Australian Resources Limited, and Big 5 Sporting Goods.[1]
Philanthropy edit
In 1986, Green became a founding director of Los Angeles Opera serving as its president and chief executive from 1998 to 2001. He personally donated $2 million to the opera and was credited with recruiting Plácido Domingo as artistic director.[2] Green was also a member of the board of the Music Center of Los Angeles County.[2]
Personal life and death edit
Green was married three times.[2] In 1995, Green married his third wife, Jude Green, a physical therapist from Michigan; they divorced in 2000.[5] Green has two children: daughter Suzanne and son Steven.[2]
Green died in 2002.[2]
References edit
- ^ a b Jewish Journal: "Leonard Green - Investment Banking Pioneer and L.A. Opera Chairman" October 31, 2002
- ^ a b c d e f g h Los Angeles Times: "Leonard I. Green, 68; L.A. Opera Chief, Master of Friendly Takeover" by Dennis McLellan October 26, 2002
- ^ "Leonard I. Green, 68; L.A. Opera Chief, Master of Friendly Takeover". Los Angeles Times. 2002-10-26. Retrieved 2020-02-19.
- ^ a b Los Angeles Times: "Financier's Dealings Disclosed" by RALPH FRAMMOLINO January 21, 2002
- ^ Los Angeles Times: "Divorce, Pellicano-Style" by Kim Christensen