Thomas H. Lee, an American billionaire and pioneer of private equity investments and leveraged buyouts, dies by suicide at age of 78. The US businessman was found dead at his Manhattan, New York office by a female assistant who came looking for him after not hearing from him for a while.
It is reported that the businessman died of a “self-inflicted gunshot wound.” The billionaire was declared dead on site when the police responded to an emergency 911 call on Thursday morning at around 11:10 am local time. The first responders to the 911 call found the businessman lying on a bathroom floor with a self-inflicted gunshot wound to the head.
Thomas H. Lee – Businessman who pioneered private equity investments and leveraged buy-outs
Thomas H. Lee was best known for securing a return of 334 percent from his purchase of Snapple Beverage in 1992. Throughout his lifetime, he accumulated a total net worth of around $2 billion.
Mr. Lee was born in Washington. He majored in economics and gained a bachelor’s degree from Harvard College in 1965. He started his career by working for the First National Bank of Boston, where he worked for eight years. He specialized in lending to tech firms and by 1973 was promoted to Vice-President of the company.
He had a small beginning when he started his firm Thomas H. Lee Partners in 1974. He started the firm using the $150,000 he had from an inheritance and a loan from his brother. He was also the founder of Lee Equity, which he founded in 2006.
According to a Bloomberg report, Lee’s firm bought Snapple in 1992 for $135 million and invested only $28 million of the firm’s own money. Lee then sold it to Quaker Oats Co. for $1.7 billion two years later after increasing the annual revenue of Snapple from $95 million to $750 million.
He was also reportedly the one to popularize the notion of buying out companies using money borrowed against the business entity. This method is now popularly known as leveraged buy-outs.
Mr. Lee was also known for his philanthropic nature. He had served as a trustee for big New York City organizations like the Museum of Modern Art and the Lincoln Center for the Performing Arts.
He also donated $22 million to Harvard University in 1996, where he gained his bachelor’s. When asked about his motive to donate such a big amount he said, “I’ve been lucky to make some money. I’m more than happy to give some of it back.”
Thomas H. Lee’s family hurt and suffering
Lee is survived by his five children and wife, Ann Tenenbaum.
A close friend and a spokesperson for the family, Michael Sitrick, reported to Fox News that the family is in a “somber state” and is tremendously affected by Mr. Lee’s Death.
He further added that the world knew him as a billionaire businessman and a pioneer in private equity, but his family knew him as a loving husband, a loving father to his children, a great grandfather, friend, and sibling, and a philanthropist who always put others’ need before his own.
Friends and family arrived at the family’s East 57th Street apartment on Saturday to be together in their time of unfortunate grief.
