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Billionaire investor and businessman Thomas H. Lee, known as the “father of leveraged buyouts,” has died at the age of 78, his family has confirmed.
“The family is deeply saddened by Tom’s passing,” said Lee family friend and spokesperson Michael Citric. in a statement“While the world knew him as one of the pioneers of the private equity business and a successful businessman, we know him as a devoted husband, father, grandfather, brother, friend and always our own. Known as a philanthropist who puts the needs of others before their needs, we ask that our privacy be respected and allowed to grieve.”
The family has not confirmed the cause of death. new york post reported Lee was found after calling 911 from a self-inflicted gunshot wound shortly after 11 a.m. Thursday.
Around ReutersThe NYPD confirmed emergency medical services were dispatched to the building on Fifth Avenue (where Lee lives) after a 911 call in which a man was “declared dead at the scene.”
Who is Thomas H. Lee?
Lee graduation After graduating with a bachelor’s degree in economics from Harvard University in 1965, he began his career as a securities analyst at LF Rothschild & Company in New York and was vice president of the Technology Lending Group at the First National Bank of Boston.
Lee had an illustrious career in private equity, founding Thomas H. Lee Partners in 1974, which focused on leveraged buyouts and corporate acquisitions. In 2006, he founded his private equity firm Lee Equity Partners and served as chairman. He is estimated to have helped invest over $15 billion in hundreds of transactions throughout his career.
most Notable deal The pinnacle of his career was the $1.7 billion sale of beverage giant Snapple to rival Quaker Oats in 1994. He originally bought the company for $135 million two years before he made a huge profit.
‘Tom was an iconic figure in private equity,’ said Todd Abrecht and Scott Sperling in a statement On behalf of Thomas H. Lee Partners. “He helped pioneers in the industry and mentored generations of young professionals who followed in his footsteps. More importantly, he was a generous and gracious person who cared deeply for his friends, family and community. Our thoughts and prayers are with his wife, Anne and her family.”
Lee has also served on the boards of several New York City-based charities, including the Lincoln Center for the Performing Arts, the Museum of Modern Art, NYU Langon Medical Center, and the Whitney Museum of American Art.
his net worth At the time of his death, it was an estimated $2 billion.