Leonard Green & Partners
An American private equity firm specializing in leveraged buyouts, growth investments, and private equity funds.
Last updated August 22, 2026
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Overview
Leonard Green & Partners, commonly known as LGP, is a Los Angeles-based American private equity investment firm. Founded in 1989 by Leonard I. Green, the firm invests in privately held and publicly traded businesses, generally seeking control or influential positions through leveraged buyouts, recapitalizations, growth investments, and related private equity strategies. Its investment activity has historically emphasized consumer and retail businesses, healthcare, and industrial companies. LGP emerged from the dissolution of Gibbons, Green and van Amerongen Ltd., a financial institution co-founded in 1969 by Leonard Green, Edward Gibbons, and Lewis van Amerongen. Gibbons Green was an early participant in leveraged and management buyouts and acquired businesses including Purex Industries, Budget Rent a Car, and Kash n' Karry Food Stores. The predecessor firm's experience in acquisition financing and buyout transactions provided the institutional background for LGP's later private equity model. The creation of LGP has also been associated with the difficulties surrounding proposed or completed buyouts of Ohio Mattress Company and Sheller-Globe Corporation. After its formation, LGP developed a portfolio-oriented approach focused on companies where operational improvement, strategic repositioning, consolidation, or additional capital could support growth. Its investments have included recognizable consumer and retail businesses such as Petco and The Container Store. In 2007, the firm acquired a significant position in Whole Foods Market through a private investment in public equity transaction. According to commentary attributed to LGP partner Jonathan Sokoloff, the investment generated proceeds that helped support subsequent acquisitions involving J.Crew, BJ's Wholesale Club, and Jo-Ann Stores. The firm operates through dedicated investment vehicles and funds. In 2016, it closed Green Equity Investors VII with $9.6 billion of committed capital. In 2019, LGP raised $14.75 billion across two new funds, demonstrating the scale of its institutional fundraising platform. The firm also established specialized investment activity through the Jade Fund; in 2019, John Baumer and Evan Hershberg were named co-heads of that fund. LGP's portfolio model has also exposed it to scrutiny over the financial and operational consequences of private equity ownership, particularly in healthcare. Its ownership and eventual attempted divestment of Prospect Medical Holdings generated disputes with regulators, legislators, employees, and other stakeholders. Critics argued that financial restructuring, dividends, management fees, and sale-leaseback transactions placed pressure on healthcare operating companies and hospitals. The controversy became especially acute in Pennsylvania, where Crozer Health, previously acquired by LGP through Prospect, closed in 2025 after a buyer could not be found. The firm remains a private investment organization rather than a publicly traded operating company. In June 2024, it was ranked eighteenth in Private Equity International's PEI 300 ranking of large global private equity firms. In March 2025, LGP received PE Hub's Comprehensive Trade of the Year Award for the sale of SRS to Home Depot. Its business therefore combines fundraising from institutional investors, acquisition and management of portfolio companies, and eventual exits through sales, recapitalizations, public offerings, or strategic transactions.
History
Leonard Green & Partners was established in 1989 by Leonard I. Green after his separation from Gibbons, Green and van Amerongen Ltd., commonly called Gibbons Green. Green had co-founded Gibbons Green in 1969 with Edward Gibbons and Lewis van Amerongen. The predecessor firm was an early practitioner of leveraged buyouts and management buyouts, transactions that later became central to the private equity industry. Gibbons Green acquired a number of businesses during the 1980s. Its transactions included the purchase of Purex Industries in 1982, Budget Rent a Car from Transamerica in 1986, and Kash n' Karry Food Stores in 1988. It also planned an acquisition of Argonaut Group in 1987 but withdrew from that proposed buyout. Accounts of the transition from Gibbons Green to Leonard Green & Partners connect the reorganization in part to the failure or difficulty of buyouts involving Ohio Mattress Company and Sheller-Globe Corporation. Following its formation, LGP developed as a private equity firm headquartered in Los Angeles. Its strategy centered on acquiring or investing in companies where financial structuring, management participation, operational improvements, expansion, or sector consolidation could create value. The firm's areas of interest came to include consumer products, retail, healthcare, and industrial businesses. Over time, LGP invested in more than ninety-five companies, including Petco and The Container Store. One of the firm's most notable public-market investments took place in 2007, when LGP acquired a 17 percent position in Whole Foods Market through a private investment in public equity transaction. The investment was later described by Jonathan Sokoloff as one of the firm's most successful investments because the proceeds helped support acquisitions of J.Crew, BJ's Wholesale Club, and Jo-Ann Stores. This episode illustrates LGP's use of investments in publicly traded companies alongside traditional private-company buyouts. LGP expanded its institutional fund platform during the 2010s. In 2016, it closed Green Equity Investors VII with $9.6 billion in committed capital. In 2019, it raised $14.75 billion for two new funds. The same year, John Baumer and Evan Hershberg were appointed co-heads of the Jade Fund. These developments reflected the firm's progression from a founder-led buyout organization into a large-scale manager of private equity capital. The firm also became involved in a major healthcare ownership controversy through Prospect Medical Holdings. In 2018, while LGP controlled Prospect, the healthcare company undertook financial transactions that critics later argued increased leverage and long-term obligations. LGP's attempted divestment of its stake became contentious in Rhode Island, where regulators and legislators were concerned about the financial condition of hospitals that would remain under the control of Prospect's other owners. The dispute involved demands for financial support and transition assurances before regulatory approval. The Prospect controversy continued in Pennsylvania. Crozer Health, a hospital system associated with Prospect and previously acquired by LGP, experienced severe financial and operational difficulties. Pennsylvania officials and a later U.S. Senate review criticized the use of sale-leaseback arrangements and other decisions that allegedly left Crozer with burdensome lease obligations and debt. The Pennsylvania attorney general also pursued claims concerning contractual obligations, transfers to investors, and pension funding. In April 2025, Crozer Health closed after no buyer was found, laying off approximately 2,600 employees. The episode became one of the most prominent criticisms of LGP's healthcare investment record. Despite these controversies, LGP has continued to operate as an active private equity manager. In June 2024, Private Equity International ranked it eighteenth in the PEI 300. In March 2025, the firm received PE Hub's Comprehensive Trade of the Year Award for the sale of SRS to Home Depot. LGP's history consequently combines pioneering buyout-finance roots, expansion into large institutional funds, prominent consumer and retail investments, and continuing debate over the effects of private equity ownership in essential healthcare services.
- 2025
PE Hub trade award
[1]LGP won PE Hub's Comprehensive Trade of the Year Award for the sale of SRS to Home Depot.
- 2024
PEI 300 ranking
[1]LGP ranked eighteenth in Private Equity International's PEI 300 ranking.
- 2020
COVID-19 employee-assistance commitment
[1]LGP partners committed to plans for a $10 million assistance fund for employees of portfolio companies affected by the COVID-19 pandemic.
- 2019
New funds raised and Jade Fund leadership appointed
[1]LGP raised $14.75 billion for two new funds and named John Baumer and Evan Hershberg co-heads of the Jade Fund.
- 2016
Green Equity Investors VII closed
[1]LGP closed its seventh Green Equity Investors fund with $9.6 billion in committed capital.
- 2007
Whole Foods Market investment
[1]LGP acquired a 17 percent position in Whole Foods Market through a PIPE transaction.
- 2002
Leadership transition after Leonard Green's death
[1]After Leonard Green died, the firm was run by John G. Danhakl, Peter J. Nolan, and Jonathan D. Sokoloff.
- 1989
Leonard Green & Partners founded
[1]Leonard I. Green founded Leonard Green & Partners after separating from Gibbons Green.
- 1986
Budget Rent a Car acquired
[1]Gibbons Green acquired Budget Rent a Car from Transamerica.
- 1982
Purex Industries acquired by the predecessor firm
[1]Gibbons Green purchased Purex Industries as part of its early leveraged-buyout activity.
Products and positioning
Institutional private equity investor focused on control-oriented and growth investments in consumer, retail, healthcare, and industrial businesses.
Private equity funds
Green Equity Investors funds
LGP's Green Equity Investors vehicles are institutional private equity funds used to acquire and support portfolio companies. The strategy has included control investments, leveraged buyouts, recapitalizations, and operational or strategic initiatives across consumer, retail, healthcare, and industrial sectors.
Specialized private equity fund
Jade Fund
The Jade Fund is an LGP investment vehicle with dedicated leadership. John Baumer and Evan Hershberg were named its co-heads in 2019. Public reference material identifies the fund as part of LGP's broader investment platform but does not provide a complete current description of its mandate.
Investment strategy · 1989
Leveraged buyout investments
LGP uses leveraged buyouts to acquire controlling interests in companies, combining sponsor equity with acquisition financing. The approach builds on the buyout expertise of the firm's predecessor and is generally applied where management, operations, capital structure, or growth opportunities can be developed over an investment period.
Investment strategy · 1989
Growth capital investments
Growth capital is used to provide expansion funding or strategic support without necessarily relying on a conventional full-company buyout. LGP has described its broader activity as including growth investments alongside control-oriented private equity transactions.
Controversies
2025
Crozer Health closure
Crozer Health in Pennsylvania closed after a buyer could not be found, laying off approximately 2,600 employees. Pennsylvania officials attributed the collapse in part to financial and operational decisions made while the system was controlled through Prospect Medical Holdings, including disputed sale-leaseback arrangements and increased obligations.
2024
Pennsylvania claims involving Prospect Medical Holdings
The Pennsylvania attorney general sued Prospect over alleged contractual breaches and alleged failures involving transfers to private investors and pension funding. The controversy formed part of broader criticism of LGP's ownership and financial management of the healthcare system.
2021
Dispute over Prospect Medical Holdings' Rhode Island hospitals
LGP's attempted sale of its stake in Prospect Medical Holdings drew opposition from Rhode Island regulators and legislators, who raised concerns about the financial condition of hospitals after LGP's exit. The dispute focused on the need for transition funding and assurances for continued healthcare services.
Marketing campaigns
- 2020Portfolio-company employee assistance fund
United States
During the COVID-19 pandemic, LGP partners committed to plans for an employee-assistance fund intended to help workers at portfolio companies affected by the crisis.
Outcome. The available reference describes the commitment but does not establish the fund's final disbursement or long-term outcome.
Brand decisions
2019
Two-fund fundraising programStrategyBackground
LGP continued scaling its private equity platform through new institutional vehicles.
Action taken
The firm raised capital for two new funds and appointed dedicated co-heads for the Jade Fund.
Aftermath
The fundraising expanded LGP's platform and reinforced its use of specialized investment structures.
Capital raised. $14.75 billion (2019)
2016
Expansion of institutional fund capacityStrategyBackground
LGP sought to expand its capacity for large-scale private equity investments and institutional fundraising.
Action taken
The firm closed Green Equity Investors VII.
Aftermath
The fund became one of the firm's major investment vehicles and increased its available committed capital.
Committed capital. $9.6 billion (2016)
2007
Whole Foods Market PIPE investmentStrategyBackground
LGP pursued a substantial investment in a publicly traded food retailer rather than limiting its activity to conventional private-company acquisitions.
Action taken
The firm acquired a 17 percent stake in Whole Foods Market through a private investment in public equity transaction.
Aftermath
The investment was described by LGP partner Jonathan Sokoloff as highly successful and was associated with proceeds used to support later acquisitions.
Recent events
- 2025
LGP received PE Hub's Comprehensive Trade of the Year Award[1]
M&A · Other
Leonard Green & Partners was recognized for the sale of SRS to Home Depot.
- 2024
LGP ranked among the world's largest private equity firms[1]
Other
Leonard Green & Partners ranked eighteenth in Private Equity International's PEI 300 ranking.
Sources5 sources
- 1Leonard Green & Partnersen.wikipedia.org
- 2Leonard Green & Partners official websiteleonardgreen.com
- 3Goldman Sachs Asset Management and Charlesbank Capital Partners Complete Acquisition of MDVIP Primary Care Networkprnewswire.com
- 4PureGym Secures £300M KKR investmentsgbonline.com
- 5TreeFrog Therapeutics Secures $75m In Series B Financing To Advance A Pipeline Of Stem Cell-Derived Cell Therapies And Deploy Proprietary C-Stem™ Technology In The USA & Japanprnewswire.com
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