A family spokeswoman confirmed Thursday that Thomas H. Lee, a pioneer in the field of private equity who established his reputation and wealth by embracing leveraged buyout deals early on, had passed away. He was 78.
In a statement, it was stated that
“Although the world knew him as one of the industry’s forefathers and a great businessman, we knew him as a dedicated husband, father, grandpa, sibling, friend, and philanthropist who always placed others’ needs before his own.” Our hearts are torn apart.
The New York Post had earlier reported that Lee was discovered dead at his Manhattan offices from what seemed to be a self-inflicted gunshot wound. Nevertheless, the statement made no mention of the cause of death or the location of the death.
The New York Police Department told BBC, a 78-year-old man was discovered deceased on Thursday morning at a location that matched the Thomas H. Lee Capital Management, LLC premises.
According to a law enforcement source who spoke with The Daily Beast, authorities who arrived on the scene discovered a weapon and a guy who had been shot in the head. The source said that no suspects are being sought by the authorities.
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In 2006, after leaving Boston-based Thomas H. Lee Associates, Lee formed the private equity company Lee Equity Partners, where he was serving as chairman and managing partner at the time of his passing. Although he emphasized to workers at the time that the parting had been “quite pleasant,” it was speculated that his departure was the consequence of conflicts with other members of the C-suite.
Nine years after receiving his degree from Harvard University, in 1974, Lee started Thomas H. Lee Partners. It is said that he used a $150,000 bequest as startup capital. He got his start in middle-market transactions, including the $135 million purchase of Snapple in 1992. He engineered the sale of the soft drink manufacturer to Quaker Oats two years later for a cool $1.7 billion, or 32 times what he had paid for it.
According to The New York Times, the billionaire made investments totaling $15 billion throughout the course of his career. According to Forbes’ billionaire index, his net worth was estimated to be approximately $2 billion at the time of his passing.
He was a well-known philanthropist who gave million to his alma mater in 1996 and served as a trustee for around a dozen colleges and cultural institutions, including the Lincoln Center and the Museum of Modern Art in New York City.
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According to Scott Sperling, his former business partner, “Tom was an incredible man. A pioneer in private equity who became an industry hero.” He was devoted to his family and the community and was an exceedingly nice and giving man.
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He was Ann Tenenbaum’s spouse and the father of five children.