Leonard I. Green (1934–2002) was an American businessman who was the founding partner of leveraged buyout firm

Leonard Green & Partners Leonard Green & Partners, L.P. (LGP) is an American private equity investment firm founded in 1989 and based in Los Angeles. The firm specializes in private equity investments. LGP has invested in over 95 companies since its inception, including ...

and chairman of the board of the

Los Angeles Opera The Los Angeles Opera, originally called the Los Angeles Music Center Opera, is an American opera company in Los Angeles, California. It is the fourth-largest opera company in the United States. The company's home base is the Dorothy Chandler P ...

Early life

Green was raised in Philadelphia, to a

Jewish Jews (, , ), or the Jewish people, are an ethnoreligious group and nation, originating from the Israelites of History of ancient Israel and Judah, ancient Israel and Judah. They also traditionally adhere to Judaism. Jewish ethnicity, rel ...

family. In 1955, he earned a B.A. in economics from

Cornell University Cornell University is a Private university, private Ivy League research university based in Ithaca, New York, United States. The university was co-founded by American philanthropist Ezra Cornell and historian and educator Andrew Dickson W ...

and in 1956, graduated with an M.B.A. from the

University of Pennsylvania The University of Pennsylvania (Penn or UPenn) is a Private university, private Ivy League research university in Philadelphia, Pennsylvania, United States. One of nine colonial colleges, it was chartered in 1755 through the efforts of f ...

's Wharton Graduate School.Los Angeles Times: "Leonard I. Green, 68; L.A. Opera Chief, Master of Friendly Takeover" by Dennis McLellan
October 26, 2002 In 1965, he received a

Juris Doctor A Juris Doctor, Doctor of Jurisprudence, or Doctor of Law (JD) is a graduate-entry professional degree that primarily prepares individuals to practice law. In the United States and the Philippines, it is the only qualifying law degree. Other j ...

degree from

Loyola University Loyola University is one of several Jesuit Universities named for St. Ignatius of Loyola. Loyola University may refer to: Democratic Republic of the Congo *Loyola University of Congo, Kinshasa, Congo Spain * Loyola University Andalusia, Sevilla ...

in Chicago.

Career

In 1969, Green co-founded the New York investment banking partnership, ''Gibbons, Green, van Amerongen,'' which specialized in management-led, non-hostile leveraged buyouts. In 1980, he moved to California and opened a branch office. In 1989, he left ''Gibbons, Green, van Amerongen'' and founded ''

'' based in Los Angeles. In 1992, Green's firm paid $40 million for Thrifty Drugs and in 1994, they purchased Payless Drugs for $1.2 billion, merging the two companies to form the largest drugstore chain in the Western U.S. with more than 1,080 outlets,

Thrifty Payless Thrifty PayLess Holdings, Inc. was a pharmacy holding company that owned the Thrifty Drugs and PayLess Drug Stores chains in the western United States. The combined company was formed in April 1994 when Los Angeles–based TCH Corporation, the ...

.Los Angeles Times: "Financier's Dealings Disclosed" by RALPH FRAMMOLINO
January 21, 2002 In April 1996, Thrifty Payless went public and then in October 1996, it was sold to

Rite Aid Rite Aid Corporation is an American drugstore chain based in Philadelphia, Pennsylvania. It was founded in 1962 in Scranton, Pennsylvania, by Alex Grass under the name Thrift D Discount Center. Prior to its first bankruptcy in 2023, it was the th ...

for $2.3 billion netting Green's firm a $420 million profit. Other companies that the firm acquired while Green was chairman were Carr-Gottstein Foods Co., Australian Resources Limited, and Big 5 Sporting Goods.Jewish Journal: "Leonard Green - Investment Banking Pioneer and L.A. Opera Chairman"
October 31, 2002

Philanthropy

In 1986, Green became a founding director of

serving as its president and chief executive from 1998 to 2001. He personally donated $2 million to the opera and was credited with recruiting

Plácido Domingo José Plácido Domingo Embil (born 21 January 1941) is a Spanish opera singer, conductor, and arts administrator. He has recorded over a hundred complete operas and is well known for his versatility, regularly performing in Italian, French, ...

as artistic director. Green was also a member of the board of the

Music Center of Los Angeles County The Los Angeles Music Center (officially the Performing Arts Center of Los Angeles County) is one of the largest performing arts centers in the United States. Located in downtown Los Angeles, The Music Center is composed of the Dorothy Chandler Pa ...

Personal life and death

Green was married three times. In 1995, Green married his third wife, Jude Green, from Michigan; they divorced in 2000.Los Angeles Times: "Divorce, Pellicano-Style" by Kim Christensen
/ref> Green has two children. Green died in 2002.

References

{{DEFAULTSORT:Green, Leonard I. 1934 births 2002 deaths 20th-century American businesspeople American financiers American investment bankers American money managers Cornell University alumni Wharton School alumni Loyola University Chicago School of Law alumni Private equity and venture capital investors 20th-century American philanthropists 20th-century American Jews 21st-century American Jews