Thomas H. Lee, a billionaire who pioneered private-equity deals and leveraged buyouts through a company that bore his name, has died. He was 78.
Mr Lee’s death was announced by family spokesman Michael Sitrick, who did not provide details about the time, place or cause.
Mr Lee ran Boston-based Thomas H. Lee Partners from 1974 until 2006, when the company had $12 billion to invest after producing triple-digit returns on some of its deals.
He quit and formed New York-based Lee Equity Partners, which created funds that focused on smaller deals for fast-growing companies.
Through both companies, Mr Lee had invested more than $15 billion in hundreds of transactions as of 2020.
That included his best-known transaction, the 1992 purchase of Snapple Beverage. After his company bought Snapple for $135 million, investing only $28 million of its own money, Mr Lee sold it to Quaker Oats for $1.7 billion two years later, after boosting revenue from $95 million a year to $750 million.
His Snapple return on equity was 334 per cent after his company took out $927 million from the sale, according to a 1997 Forbes profile. With profits like that, by 2022, Mr Lee was worth $2 billion, according to Forbes.
Unlike most of his competitors, Mr Lee was not ruthless about how he made his fortune, eschewing corporate raider tactics such as radical cost cutting to hit profit targets.
“He’s that rare thing on Wall Street — a genuinely nice guy,” Forbes said in the 1997 profile. “He is also a real innovator in the deal business.”
Iconic figure
Todd Abbrecht and Scott Sperling, co-chief executive officers at Mr Lee’s former company, now known as THL, said they were “profoundly saddened” by his unexpected death.
“Tom was an iconic figure in private equity. He helped pioneer an industry and mentored generations of young professionals who followed in his footsteps,” they said.
“More importantly, he was a generous and gracious individual who cared deeply about his friends, his family and his community.”
Mr Lee’s private-equity approach was to focus on mid-cap companies with growth potential and revenue of $300 million to $3 billion.
One of his favourite sayings was: “You’re better off paying a steep price for a great company than getting a so-so company at a bargain price.”
Using that philosophy, one of his early successes was the 1985 acquisition of Ohio-based Sterling Jewelers for $28 million, most of it borrowed. He sold the company two years later for $210 million, producing more than $180 million in profit, according to Forbes.
Other deals at his first company included General Nutrition in 1989. In 2005, he also teamed up with other private-equity companies to buy Dunkin’ Brands, which franchised Dunkin’ Donuts and Baskin-Robbins ice cream shops, for $2.4 billion.
Investment formula
While de-emphasising leverage, Mr Lee stayed with his basic investment formula when he started Lee Equity, which typically invested $50 million to $150 million in a company.
It invested in Deb Shops, a junior fashion retailer, took Edelman Financial Group private in 2012 and made a big bet on Papa Murphy’s International, a take-and-bake pizza chain.
Mr Lee often stayed out of the limelight when deals were reported, according to Edgar Bronfman Jr, who worked with him to buy Warner Music Group in 2004.
He said Mr Lee’s philosophy was: “You don’t have to win if you get everything you want. Let the other party have the social and press victories.”
“Tom always focused on the business outcome for his investors, not his personal profile,” Mr Bronfman told Bloomberg in 2014.
There were some flubs along the way, which Mr Lee typically pointed out to potential investors when making a pitch on a new deal. A $500 million investment in 1999 in insurer Conseco soured when it sought bankruptcy protection three years later.
Mr Lee’s company was also rattled by its $507 million investment in Refco, the US futures and commodities broker. Refco filed for bankruptcy protection after it disclosed in 2005 that its chief executive had hidden $430 million in debt for years.
Mr Lee was often seen chewing a cigar around the office, and he sometimes drew comparisons to the fictional private equity banker Thomas Crown, portrayed in the 1999 movie The Thomas Crown Affair, Businessweek reported in 2005.
Tom always focused on the business outcome for his investors, not his personal profile
Edgar Bronfman Jr,
former colleague
An avid art collector, Mr Lee owned works by artists including Willem de Kooning and Jackson Pollock, and was a trustee of the Lincoln Centre and the Museum of Modern Art, according to Forbes.
Mr Lee was born on March 27, 1944, in Washington, to Herbert Lee and Mildred Schiff. His father worked for the Shoe Corporation of America, founded by his father-in-law, Robert Schiff.
Mr Lee attended Belmont Hill School near Boston and graduated from Harvard College in 1965 with a bachelor’s degree in economics.
He went to work as an analyst in the institutional research department of LF Rothschild in New York.
After a year, he switched to the First National Bank of Boston, where he spent eight years. He rose to the position of vice president by 1973, specialising in lending to technology companies.
Using $150,000 from his inheritance and a loan from his brother, he started Thomas H. Lee Partners in 1974.
His first wife was Barbara Fish. They had two children, Zach and Robbie, and divorced in 1995 after 27 years of marriage. He later married Ann Tenenbaum, with whom he had three children — Jesse, Nathan and Rosalie.
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Race card for Super Saturday
4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m.
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.
6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
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Why are asylum seekers being housed in hotels?
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
