History
In March 2006, Thomas H. Lee resigned from Thomas H. Lee Partners as the firm was nearing completion of fundraising for its sixth and current private equity fund. In the same year, Lee formed Lee Equity Partners a private equity firm focused on the same leveraged buyout transactions that he had been completing for nearly 35 years at THL.
Both Lee and THL insisted that move was amicable, however persistent reports suggested that Lee, who had limited his day-to-day involvement in the firm and had relocated to New York City had been pushed out by several partners.
Among the first professionals to join Lee Equity Partners included Mark Gormley, a founding partner of Capital Z Partners; David Morrison, former president and CEO of Mercer Management Consulting and Allen Questrom, former CEO of J.C. Penney Company, Barneys New York, Federated Department Stores and Neiman Marcus. The firm also brought in former investment professionals from Bain Capital and The Carlyle Group.
Among the firm's first investments included the acquisition of Deb Shops in 2007.
Read more about this topic: Lee Equity Partners
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