Large private equity firm

Leonard Green & Partners

  • HeadquartersLos Angeles, CA S2
  • Founded1989 S2
  • Websiteleonardgreen.com
  • Last verifiedOctober 22, 2026

At a glance

Assets under management$85B (as of Dec 2025) S2
Latest fundSage Equity Investors (Sage I), $3.6B (Jan 2026) S6
Deal typesPlatform, Add-on, Minority, Growth S4
GeographyNorth America, Europe S4
SectorsAuto Services & Collision, Property Management & HOA, Environmental & Waste, Healthcare Services, Dental, Veterinary, HVAC, Plumbing & Electrical, Roofing, Construction Services, Distribution, Consumer & Food, Software & SaaS, Industrial & Manufacturing, Insurance Brokerage, Wealth Management

What Leonard Green & Partners buys

Leonard Green & Partners (LGP) is a Los Angeles private equity firm founded in 1989. It manages about $85 billion from a single office and has made more than 160 investments. Most of its companies sell services to consumers, patients or businesses, and it also owns distributors and industrial companies. Its flagship Green Equity Investors funds and its middle-market Jade funds do control buyouts, recapitalizations, take-privates and growth equity deals. Its Sage fund closed at more than $3.6 billion in January 2026 and buys into continuation vehicles that other private equity firms set up to keep their best companies.

LGP publishes no revenue or EBITDA minimum, and its deals are large. In May 2026 it took Mister Car Wash private at about $3.1 billion of enterprise value, and it bought 60% of Topgolf at a value of about $1.1 billion. Many platforms come from other sponsors, as NEFCO, Cumming Group and Jones Lake Management did. Smaller companies usually meet LGP as add-ons to platforms such as Sun Auto Tire & Service or Jones Lake Management.

Recent deals

Announced in the 24 months before October 22, 2026.

DateCompanyTypeSectorSource
Oct 2026Project Management Services, Inc. (PMSI)Austin project manager for charter and private school builds, merged into Cumming GroupAdd-onConstruction ServicesSource
Aug 2026Klipper AutomotiveTucson auto repair business added to Sun Auto Tire & ServiceAdd-onAuto Services & CollisionSource
Aug 2026TLM GroupNew York data center project management firm merged into Cumming GroupAdd-onConstruction ServicesSource
Jul 2026Integrity AutomotiveRepair and maintenance shop in Issaquah, Washington, added to the Sun Auto networkAdd-onAuto Services & CollisionSource
Jul 2026Ode with AnthropicLGP is one of several investors backing a new enterprise AI services firmMinorityIT Services & MSPSource
Jun 2026Cumming GroupProject and cost management advisory firm bought from New Mountain CapitalPlatformConstruction ServicesSource
Jun 2026Highland Tire & Auto Service (two locations)Shops in Tennessee and Georgia added to Sun Auto, its first in GeorgiaAdd-onAuto Services & CollisionSource
May 2026Mister Car WashTake-private of the car wash chain LGP has backed since 2014, at about $3.1 billion of enterprise valueInvestmentAuto Services & CollisionSource
Apr 2026Shoreline AquaticsSouthern Illinois lake and pond service company joined Jones Lake ManagementAdd-onSource
Apr 2026Platinum PondsSouth Carolina pond management company joined Jones Lake ManagementAdd-onSource
Mar 2026Jetro Restaurant DepotAgreement for Sysco to buy the cash and carry food wholesaler at about $29.1 billion of valueExitDistributionSource
Mar 2026CrosslakeSage fund led a continuation vehicle for the technology advisory firm owned by FalfurriasInvestmentIT Services & MSPSource
Mar 2026ConvergintSage fund led and underwrote an $850 million continuation vehicle sponsored by AresInvestmentSource
Jan 2026Sage Equity InvestorsFirst continuation-vehicle fund closed with more than $3.6 billion against a $1.5 billion targetFund closeSource
Jan 2026NEFCOConstruction supply distributor with more than 70 locations, bought from Bertram CapitalPlatformDistributionSource
Dec 2025Service LogicCommercial HVAC service platform sold to Bain Capital after about five yearsExitHVAC, Plumbing & ElectricalSource
Dec 2025Jones Lake ManagementPond and lake management company bought from Fort Point Capital, which kept a minority stakePlatformSource
Nov 2025Topgolf60% stake bought from Topgolf Callaway Brands at a value of about $1.1 billion; closed January 2026PlatformConsumer & FoodSource
May 2025FullscriptLGP was sole lead investor in a continuation vehicle for the HGGC-backed platformInvestmentHealthcare ServicesSource
Apr 2025Crunch FitnessMajority stake in the gym franchisor bought from TPGPlatformConsumer & FoodSource
Jan 2025Eyemart ExpressOptical retailer sold to VSP VisionExitSource
Nov 2024PlayCoreSage was sole lead investor in a continuation fund for the Court Square-backed playground makerInvestmentIndustrial & ManufacturingSource

Portfolio by sector

From the firm's portfolio page S4.

Business Services

  • Advantage Solutions
  • Apartment Management Consultants
  • Clarivate
  • Convergint
  • Crosslake Technologies
  • Cumming Group
  • DuraServ
  • ECI
  • FineLine Technologies
  • Insight Global
  • Ode with Anthropic
  • OMNIA Partners
  • Prometheus Group
  • Pye-Barker Fire & Safety
  • Stella Environmental Services
  • Tecta America
  • Veritext

Business Services, Financial Services

  • HUB

Consumer Products/Retail

  • Authentic Brands Group (Authentic)
  • JOANN Fabric & Craft Stores
  • PDC Brands

Consumer Services

  • 1-800 Contacts
  • Caliber Collision Centers
  • Crunch
  • Lakeshore
  • Life Time
  • Milan Laser Hair Removal
  • Mister Car Wash
  • PlayCore
  • Pure Gym
  • Sun Auto Tire & Service
  • TenCate
  • The Shade Store
  • The Wrench Group
  • Topgolf
  • Troon Golf
  • Union Square Hospitality Group (USHG)
  • Velvet Taco
  • Visual Comfort & Co.
  • West Shore Home
  • Zaxby's

Consumer Services, Financial Services

  • Mariner Wealth Advisors

Consumer Services/Business Services

  • Jones Lake Management

Distribution

  • Jetro Cash & Carry
  • NEFCO
  • Parts Town
  • SRS Distribution

Healthcare

  • CHG Healthcare Services
  • Epiphany Dermatology
  • ExamWorks
  • Fullscript
  • MedVet
  • Mindpath Health
  • North American Partners in Anesthesia (NAPA)
  • Pace Analytical Services
  • Patient Funding Alternatives
  • Press Ganey
  • Propio
  • Radon Medical Imaging
  • RedSail Technologies
  • Stepping Stones Group
  • The Aspen Group
  • Vital Care
  • WCG
  • WellSky

Industrials/Industrial Services

  • Charter Next Generation
  • Clarience Technologies
  • GeoStabilization International (GSI)
  • IMA
  • ProMach

Greymont’s take

How Leonard Green & Partners fits a seller

LGP buys large, market-leading service companies, and most of its recent platforms, including NEFCO, Cumming Group, Crunch and Jones Lake Management, came from other private equity firms. For a founder-owned business the realistic route is usually a sale to one of its platforms. Sun Auto Tire & Service bought Klipper Automotive in Tucson and Integrity Automotive near Seattle in the summer of 2026, and Jones Lake Management added Platinum Ponds and Shoreline Aquatics that April, so owners of tire and repair shops or pond and lake services have active buyers here.

Sellers can often keep a stake. Fort Point Capital stayed on as a minority investor when it sold Jones Lake to LGP, and Mister Car Wash managers rolled part of their holdings into the 2026 take-private. An owner who rolls equity should ask how long LGP plans to hold the platform and how minority holders are treated when it sells.

Questions owners ask

Does Leonard Green buy auto service and car wash businesses?

Yes. Its current holdings include Caliber Collision, Mister Car Wash, which it took private in May 2026, and Sun Auto Tire & Service, which keeps buying independent shops such as Klipper Automotive in August 2026.

Is my company big enough for Leonard Green?

LGP does not publish a minimum, but its own platform deals are large, such as Topgolf at about $1.1 billion and Mister Car Wash at about $3.1 billion. Most smaller companies fit as add-ons to one of its platforms.

What is the LGP Sage fund?

Sage is the LGP fund for single-asset continuation vehicles. It closed in January 2026 with more than $3.6 billion and has backed Crosslake, Convergint, Fullscript and PlayCore alongside the sponsors that already owned them.

Does LGP share ownership with employees?

LGP says it is a founding member of Ownership Works, a nonprofit that promotes broad-based employee ownership, and that staff who help build a company should share in the gains.

Sources

  1. S1Leonard Green & Partners home page Accessed October 22, 2026
  2. S2LGP: About Accessed October 22, 2026
  3. S3LGP: Our Approach Accessed October 22, 2026
  4. S4LGP: Investment Portfolio Accessed October 22, 2026
  5. S5LGP: News Accessed October 22, 2026
  6. S6LGP Announces Inaugural Sage Equity Investors at over $3.6 Billion of Commitments (January 26, 2026) Accessed October 22, 2026
  7. S7Mister Car Wash Announces Completion of Take-Private by Leonard Green & Partners (May 19, 2026) Accessed October 22, 2026
  8. S8Leonard Green & Partners to Acquire Cumming Group from New Mountain Capital (June 16, 2026) Accessed October 22, 2026
  9. S9Fort Point Capital Exits Investment in Jones Lake Management (December 9, 2025) Accessed October 22, 2026
  10. S10LGP: Our Values Accessed October 22, 2026
  11. S11LGP Announces Closing of Two New Private Equity Funds Totaling $14.75 Billion (December 9, 2019) Accessed October 22, 2026
  12. S12Sun Auto Tire & Service Acquires Klipper Automotive (August 25, 2026) Accessed October 22, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Leonard Green & Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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