Billionaire Private Equity Titan Thomas Lee Dead At 78

Topline

Billionaire Thomas H. Lee—a pioneering private equity executive known for taking over Snapple in 1992 and selling it just two years later at 32 times equity—has died at the age of 78, his family said Thursday night.

Key Facts

Spokesperson and family-friend Michael Sitrick confirmed Lee’s death in a statement that didn’t list a cause of death but said his “family is extremely saddened.”

The New York Police Department did not confirm his death, but Det. Arthur Tsui told Forbes emergency medical services responded to a 911 call inside an office at 767 Fifth Avenue in Manhattan—home to a private equity firm Lee founded—after 11 a.m. Thursday and pronounced an unidentified person dead at the scene.

The New York Post reported Lee died of a self-inflicted gunshot wound, citing unnamed police sources (Tsui did not comment on the report, and said the New York City medical examiner’s office is still working to determine the cause of death).

Crucial Quote

“While the world knew him as one of the pioneers in the private equity business and a successful businessman, we knew him as a devoted husband, father, grandfather, sibling, friend and philanthropist who always put others’ needs before his own,” the family said.

Forbes Valuation

We estimate Lee’s net worth at $2 billion, making him the 1,507th-wealthiest person in the world.

Key Background

A Boston native, Lee founded Thomas H. Lee Partners almost a half-century ago, entering the leveraged buyout business with an eye for mid-size firms with growth potential. The fund was known in its early years for acquiring companies like Sterling Jewelers, but Lee made his name by buying Snapple. The iced tea company’s sales surged during Lee’s two years of control, and he sold it to Quaker Oats for $1.7 billion in 1994, earning his funds $927 million on a $28 million initial investment. His firm was later involved in deals to buy out Experian, Dunkin’ Brands, Warner Music Group and Houghton Mifflin.