Thomas H. Lee, Billionaire Who First Took Warner Music Group Public, Discovered Useless
Photograph Credit score: Warner Music Group / CC by 2.0
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Thomas H. Lee, billionaire and personal fairness investor who first took Warner Music Group public, was discovered useless Thursday morning.
Billionaire financier and personal fairness investor Thomas H. Lee was discovered useless in his Manhattan workplace on Thursday morning, police say. Cops responded to a 911 name at 767 Fifth Avenue, the place Thomas H. Lee Capital LLC is positioned on the sixth ground, round ten minutes after 11 AM. In accordance with the NY Publish, EMTs pronounced the 78-year-old useless on the scene of a self-inflicted gunshot wound; the Workplace of the Chief Medical Examiner will decide the official explanation for demise.
“The household is extraordinarily saddened by Tom’s demise,” says household pal and spokesperson Michael Sitrick. “Whereas the world knew him as one of many pioneers within the personal fairness enterprise and a profitable businessman, we knew him as a faithful husband, father, grandfather, sibling, pal, and philanthropist who all the time put others’ wants earlier than his personal. Our hearts are damaged. We ask that our privateness be revered and that we be allowed to grieve.”
Lee is credited with being one of many first traders to buy firms with borrowed cash in opposition to the enterprise being purchased, now known as a leveraged buyout. A Harvard graduate, Lee based Thomas H. Lee Companions L.P. in 1974, serving as chairman and CEO of the corporate and its predecessors.
He bought beverage firm Snapple in 1992 for $135 million, promoting it to Quaker Oats simply two years later for $1.7 billion — on the time, his most well-known transfer. In 2004, Lee purchased Warner Music from the ailing Time Warner for $2.6 billion earlier than taking the corporate public for the primary time in 2005, valued at round $4 billion.
Lee break up from his longtime companions in 2005, together with his namesake firm headed by Scott Sperling, whereas Lee went on to kind Lee Fairness Companions in 2006, the place he served as chairman for the rest of his life. Lee’s internet price is estimated to be $2 billion on the time of his demise.
