A spokesperson for the family announced that Thomas H. Lee, a renowned figure in the private equity industry and a significant art collector and supporter, passed away at the age of 78 on Thursday. Thomas H. Lee’s most notable business move was the acquisition of Snapple for $135 million in 1992, taking it public a few months later, and then selling it to Quaker Oats for $1.7 billion just two years after. Although Lee had numerous successful deals throughout his career, this particular one was met with controversy due to the price tag being only about $14 a share (just below half of its peak value a few months prior) and because it resulted in Snapple being owned by the same company as Gatorade, sparking what was later known as the “juice wars,” as noted by The New York Times.
About a decade into his career, Lee founded his Boston-based firm, Thomas H. Lee Partners, in 1974 with $150,000 (part inheritance, part family loan). Another highly publicized deal later in his career came in the form of a $2.6 billion buyout of Warner Music in 2004. In 2006 Lee resigned from the firm, in a separation he said was “completely amicable” and “planned for years.” He soon formed a new company, now called Lee Equity.
Lee was not only known for his successful business career but also for his passion for art. He made it to the ARTnews Top 200 Collectors list in 1995 and continued to appear on the list until 2013 alongside his second wife, Ann G. Tenenbaum. Lee’s parents, Mildred and Herbert Lee, also collected art and sold seven works, including pieces by Picasso, Jasper Johns, and Robert Rauschenberg, at Sotheby’s in 1998. After making a substantial donation to the Whitney in 1997, Lee requested that the museum rename its second-floor galleries in honor of his parents.
Lee was previously married to Barbara Fish Lee from 1968 to 1995, who also had her own collection focused on women artists. In 1996, he married Tenenbaum and together they built one of the most significant photography collections in the country.