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.

Early life

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

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

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

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