Thomas H. Lee Partners

Thomas H. Lee Partners was founded in 1974 by Thomas H. Lee, often referred to as THL.[http://www.marketwatch.com/news/story/story.aspx?guid={BBAE1593-808F-49B8-B28D-BA97AA567D44} Thomas H. Lee forms new venture: Lee Equity Partners] (MarketWatch, 2006) As of 2022, THL had raised approximately $34 billion of equity capital, investmenting in more than 160 companies. The firm's portfolio includes over 500 add-on acquisitions representing an aggregate enterprise value at acquisition of over $210 billion.{{cite web| title=Inriver Announces Growth Investment from Thomas H. Lee Partners| url=https://www.bloomberg.com/press-releases/2022-05-19/inriver-announces-growth-investment-from-thomas-h-lee-partners?sref=G4ZwBfC0|date=May 19, 2022|publisher=Bloomberg L.P.}} In 2022, Private Equity International ranked THL Partners 82nd among the top 300 private equity firms based on funds raised in 2021.{{cite web| title=PEI 300 Top private equity firms| url=https://www.privateequityinternational.com/pei-300/|date=February 2, 2022|publisher=Private Equity International}}

The firm's Management Committee consists of Chairman Tony DiNovi, and Managing Director Tom Hagerty.{{cite web| title=TH Lee raising Fund VIII with Todd Abbrecht as first head of PE| url=https://www.pehub.com/th-lee-raising-fund-viii-with-todd-abbrecht-as-first-head-of-pe/|date=December 15, 2017|publisher=PE Hub}} The firm's namesake, Thomas H. Lee, left the company and formed Lee Equity Partners in 2006.[http://www.marketwatch.com/story/thomas-h-lee-forms-new-venture-lee-equity-partners Thomas H. Lee forms new venture: Lee Equity Partners] (MarketWatch, 2006)

Throughout its history, Thomas H. Lee Partners has raised over $36 billion. The firm has launched various funds, such as:

• 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)

• 2019 – Continuation Fund I ($867 million)
• 2020 – Continuation Fund II ($916 million)
• 2021 – Automation Fund ($900 million)

Notable transactions sponsored by THL include AbacusNext,{{cite news |last1=Warren |first1=Zach |title=AbacusNext Announces Sale to New Investor as It Continues Cloud Focus |url=https://www.law.com/legaltechnews/2021/03/11/abacusnext-announces-sale-to-new-investor-as-it-continues-cloud-focus/?slreturn=20240009115258 |access-date=9 January 2024 |work=Legaltech News |publisher=Law.com |date=11 March 2021 |language=en}} Aramark,[http://phx.corporate-ir.net/phoenix.zhtml?c=130030&p=irol-newsArticle&ID=954679&highlight=] Press Release{{cite news |title=Thomas H. Lee Partners in group acquiring Aramark |url=https://www.bizjournals.com/boston/stories/2006/08/07/daily13.html |access-date=9 January 2024 |work=www.bizjournals.com |date=8 August 2006}} AutoStore,{{cite news |title=SoftBank to take 40% stake in warehouse robotics firm AutoStore for $2.8 bln |url=https://www.reuters.com/business/media-telecom/softbank-take-40-stake-autostore-28-bln-2021-04-05/ |access-date=9 January 2024 |publisher=Reuters |date=5 April 2021}} Brooks Automation,{{cite news |title=Brooks Automation to sell automation unit for $3 bln, scraps separation plans |url=https://www.reuters.com/legal/transactional/brooks-automation-sell-automation-unit-3-bln-scraps-separation-plans-2021-09-20/ |access-date=9 January 2024 |date=20 September 2021}}

Ceridian,{{cite news |last1=Beltran |first1=Luisa |title=THL to make more than 2x on Ceridian HCM IPO |url=https://www.pehub.com/thl-make-2x-ceridian-hcm-ipo/ |access-date=9 January 2024 |work=PE Hub |date=26 April 2018}} CSafe,{{cite news |last1=Pringle |first1=Sarah |title=THL's CSafe attracts private equity interest |url=https://www.pehub.com/thls-csafe-attracts-private-equity-interest/ |access-date=9 January 2024 |work=PE Hub |date=19 November 2018}}

Dunkin' Brands,[https://www.nytimes.com/2005/12/13/business/13doughnuts.html?scp=1&sq=%22thomas+H.+lee%22+dunkin&st=nyt Parent of Dunkin' Donuts Sold For $2.4 Billion to Equity Firms] (New York Times, 2005

Experian,{{cite news |title=Experian Investors Reap Substantial Returns |url=https://www.latimes.com/archives/la-xpm-1996-11-15-fi-64791-story.html |access-date=9 January 2024 |work=Los Angeles Times |date=15 November 1996}} Fidelity National Information Services,{{cite news |last1=Bills |first1=Steve |title=THLee In Fourth Deal With William Foley's Fidelity National |url=https://www.buyoutsinsider.com/thlee-in-fourth-deal-with-william-foleys-fidelity-national/ |access-date=9 January 2024 |work=Buyouts |date=10 June 2013}} FourKites, Hightower Advisors,{{cite news |last1=Kreutzer |first1=Laura |title=Thomas H. Lee Partners Buys Time With Secondary Deal for Hightower |url=https://www.wsj.com/articles/thomas-h-lee-partners-buys-time-with-secondary-deal-for-hightower-11607038804 |access-date=9 January 2024 |work=Wall Street Journal |date=3 December 2020}} HomeSide Lending, Houghton Mifflin,[https://www.nytimes.com/2002/11/01/business/vivendi-confirms-houghton-mifflin-sale.html Vivendi Confirms Houghton Mifflin Sale],(New York Times, 2002) Syneos Health,

Michael Foods,[http://www.michaelfoods.com/ Michael Foods][https://query.nytimes.com/gst/fullpage.html?res=9A0DE3DB113FF937A25753C1A9659C8B63&scp=1&sq=%22thomas+H.+lee%22+michael+foods&st=nyt Michael Foods To Be Bought For $1 Billion] (New York Times, 2003) The Nielsen Company,{{cite news |last1=Davies |first1=Megan |title=Buyout firm THL writes down $524 million investments: letter |url=https://www.reuters.com/article/us-thl-fund-idUSTRE50M0GM20090123/ |access-date=9 January 2024 |date=22 January 2009}} [https://www.odessainc.com Odessa],{{Cite web |last=Blumenthal |first=Jeff |date=September 17, 2021 |title=Fast-growing Philadelphia fintech takes on Boston private equity firm as its first outside investor |url=https://www.bizjournals.com/philadelphia/news/2021/09/17/fast-growing-local-fintech-secures-investment.html |url-status=live |access-date=2025-03-18 |website=www.bizjournals.com}} ProSiebenSat.1, Smile Doctors, Snapple,[https://query.nytimes.com/gst/fullpage.html?res=9E0CE2D71F3CF930A35757C0A964958260&scp=1&sq=%22thomas+H.+lee%22+snapple&st=nyt Thomas H. Lee In Snapple Deal] (New York Times, 1992) Warner Chilcott,{{cite news |last1=Gelsi |first1=Steve |title=Warner Chilcott Deal Promises 4x Return For Sponsors |url=https://www.buyoutsinsider.com/warner-chilcott-deal-promises-4x-return-for-sponsors/ |access-date=9 January 2024 |work=Buyouts |date=28 May 2013}} Warner Music Group,{{cite magazine |last1=Marshall |first1=Elizabeth Dilts |title=Thomas H. Lee, Billionaire Investor Who Helped Acquire Warner Music From Time Warner, Dies at 78 |url=https://www.billboard.com/pro/billionaire-warner-music-board-member-thomas-he-lee-dead-78/ |access-date=9 January 2024 |magazine=Billboard |date=25 February 2023}} and West Corporation.{{cite news |title=Investor Group Buys West Corp. |work=The New York Times |url=https://www.nytimes.com/2006/06/01/business/01west.html |access-date=9 January 2024 |agency=Reuters |date=1 June 2006}}

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.[https://dealbook.nytimes.com/2007/08/09/refco-bankruptcy-trustee-sues-thomas-h-lee-partners/ Refco bankruptcy trustee sues Thomas H. Lee Partners], New York Times, August 9, 2007. THL has since settled all claims by Refco’s brokerage customers, bankruptcy trustee and shareholders.{{Cite web|first=Susan|last=Beck|date=4 March 2011|title=Thomas H. Lee Reaches $145 Million Settlement with Refco Trustee and Brokerage Customers|url=https://www.law.com/americanlawyer/almID/1202484380353/?hbxlogin=1|access-date=2021-02-17|website=The American Lawyer|language=en}}

In March 2020, Art Van Furniture, a furniture retailer owned by THL, filed for Chapter 11 bankruptcy.{{Cite web|last=Reindl|first=JC|date=2020-03-05|title=Art Van Furniture to close its stores, begin liquidation sales|url=https://www.freep.com/story/money/business/2020/03/05/art-van-furniture-bankruptcy-liquidation/4951107002/|access-date=2020-03-05|website=Detroit Free Press|language=en}} The company's going-out-of-business sales, approved two days before the filing, had to be suspended due to the onset of the COVID-19 pandemic in the United States. As a debtor-in-possession, Art Van could not prioritize paying employees over other creditors without a court order. To support the affected employees,{{Cite news |date=2021-02-10 |title=Bankruptcy Claimed Their Jobs, and Now They're Out for Payback |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/features/2021-02-10/private-equity-art-van-workers-fight-for-severance-insurance-after-bankruptcy |access-date=2021-02-17}} THL established a 'Hardship Fund' and contributed an initial donation of $1 million. Additionally, THL pledged to match up to another $1 million in outside donations. In March 2021, THL fulfilled its matching commitment, leading to relief payments of approximately $1,200 per former Art Van employee.{{cite web| title=Ex-Art Van manager on company's bankruptcy, closure| url=https://www.freep.com/story/money/business/2021/03/16/art-van-employees-hardship-fund/4699341001/|date=March 16, 2021|publisher=Detroit Free Press}}

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.[http://www.thlcredit.com/ THL Credit]. THL Credit (2013-06-30). Retrieved on 2013-08-16. In July 2020, THL Credit changed its name to First Eagle Alternative Capital BDC, Inc.{{cite web| title=THL Credit Rebrands as First Eagle Alternative Capital BDC| url=https://www.abfjournal.com/dailynews/thl-credit-rebrands-as-first-eagle-alternative-capital-bdc/|date=July 24, 2020|publisher=ABFJournal}}

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.[http://www.thlpv.com/ TH Lee]. Thlpv.com. Retrieved on 2013-08-16.

{{Reflist|2}}

• {{official website|www.thl.com}}
• [https://web.archive.org/web/20080924035922/http://www.fundinguniverse.com/company-histories/Thomas-H-Lee-Co-Company-History.html Thomas H. Lee] (FundingUniverse.com, from International Directory of Company Histories, Vol. 24. St. James Press, 1999.)
• [https://www.nytimes.com/2008/03/26/business/media/26radio.html?scp=6&sq=%22thomas+H.+lee%22&st=nyt Banks Balk at Paying for Clear Channel Deal] (New York Times, 2008)

{{Private equity and venture capital}}

{{DEFAULTSORT:Lee, Thomas H. Partners}}

Category:Financial services companies of the United States

Category:Private equity firms of the United States

Category:Companies based in Boston

Category:American companies established in 1974

Category:Financial services companies established in 1974

Category:1974 establishments in Massachusetts