JLL Partners is an American

private equity firm A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leve ...

focused on

leveraged buyout A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loan ...

transactions and

leveraged recapitalization In corporate finance, a leveraged recapitalization is a change of the company's capital structure, usually substitution of debt for equity. Overview Such recapitalizations are executed via issuing bonds to raise money and using the proceeds to bu ...

s of

middle-market companies Authorities provide differing definitions of the middle-market or mid-market companies. While some authorities look to revenue generated by companies to define the middle market, other sources regard either asset size or number of employees as a bet ...

. The firm is headquartered in New York City, and was founded in 1987. Since its founding JLL Partners has committed approximately $4.7 billion across seven funds. JLL invests in various industries including food and consumer products, automotive parts, health care, media and telecommunications, commodity and

specialty chemicals Speciality chemicals (also called specialties or effect chemicals) are particular chemical products which provide a wide variety of effects on which many other industry sectors rely. Some of the categories of speciality chemicals are adhesives, agr ...

building products Building material is material used for construction. Many naturally occurring substances, such as clay, rock (geology), rocks, sand, wood, and even twigs and leaves, have been used to construct buildings. Apart from naturally occurring materia ...

, transportation, and industrial manufacturing and distribution. The company tends to focus on companies requiring an operational turnaround.

History

JLL traces its roots back to Gilliam Joseph & Littlejohn, a

merchant bank A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodi ...

founded in 1987 by William J. Gilliam, Peter A. Joseph, and Angus C. Littlejohn Jr. The three founders met in the mid-1980s at the Quadrex Corporation, a small New York

brokerage A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confu ...

. They initially leased their office space from

Bennett S. LeBow Bennett S. LeBow is an American businessman and philanthropist. He is the current chairman of the board of Vector Group. Education and career LeBow was born to a Jewish family,corporate raid In business, a corporate raid is the process of buying a large stake in a corporation and then using shareholder voting rights to require the company to undertake novel measures designed to increase the share value, generally in opposition to t ...

er and fellow

Drexel Burnham Lambert Drexel Burnham Lambert was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a ...

client. At Quadrex, Gilliam, the youngest of the three, managed the

mergers and acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

unit, and the other two reported to him. After a series of successful investments, the three decided to leave Quadrex and set up their own small

private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...

firm. In 1988, Paul S. Levy, a lawyer and formerly a managing director at Drexel Burnham Lambert who focused on corporate restructurings and exchange offers, was recruited to join the firm, which was renamed Gilliam Joseph Littlejohn & Levy.Karen and Paul S. Levy 1969 , Giving
/ref> Earlier in his career Levy was CEO of Yves Saint Laurent, Inc., New York, and an attorney with

Stroock & Stroock & Lavan Stroock & Stroock & Lavan LLP (known as Stroock) is an American law firm based in New York City, with offices also in Los Angeles, Miami, and Washington, DC. Stroock provides transactional and litigation guidance to multinational corporations, ...

. Levy helped his new partners secure $150 million of capital for buyout transactions from his former firm, Drexel Burnham Lambert. JLL experienced an early success with the

of Rexene Corp, a

Texas Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...

-based chemical company, which made the partners multi-millionaires. Gilliam would eventually set up his own small investment firm Gilliam & Company to focus on investments in chemicals and plastics, and would serve as chairman of Rexene. In 1991, Gilliam faced a falling out with the board of Rexene and abruptly resigned. In 1996, Angus Littlejohn resigned from Joseph Littlejohn & Levy to form a new private investment firm, Littlejohn & Co. The following year, in 1998, Peter Joseph left and joined Palladium Equity Partners, a middle-market private equity firm with a specialization in investments in the U.S. Hispanic market and also in Mexico, Spain, and Brazil, founded the prior year. In 2002, after a lengthy fund-raising process, the rechristened "JLL Partners" closed a new

private equity fund A private equity fund (abbreviated as PE fund) is a collective investment scheme used for making investments in various equity (and to a lesser extent debt) securities according to one of the investment strategies associated with private equity ...

, JLL Partners Fund IV LP., with $750 million of investor commitments, representing a 25% decrease from its previous fund. In 2012 it managed $4 billion on behalf of its clients. In 2015, JLL Partners acquired Aviation Technical Services Inc., one of the largest third-party providers of maintenance, repair and overhaul services in the aviation and aerospace industry including for commercial and military use. In 2015, JLL Partners acquired Point Blank Enterprises, the largest supplier of ballistic and soft armor products for the U.S. military and law enforcement. Point Blank Enterprises manufactures and distributes bullet, stab resistant and other apparel and accessories. In March 2020, JLL Partners announced a partnership with Bart Doedens to form Renovo Health, Inc.

Funds raised

Since its founding, JLL has raised seven

s: *1989 — Joseph Littlejohn & Levy Fund I ($221 million) *1994 — Joseph Littlejohn & Levy Fund II ($400 million) *1998 — JLL Partners Fund III ($1.0 billion, first fund raised after departure of Joseph and Littlejohn) *2002 — JLL Partners Fund IV ($751 million) *2005 — JLL Partners Fund V ($1.5 billion) *2008 — JLL Partners Fund VI (closed at $807 million at the end of 2008) *2016 — JLL Partners Fund VII ($1 billion)

Investors

*Investors for Fund V included $50 million from the University of California Regents. *Investors for Fund VI included the University of Missouri System, Montana Board of Investments, Colorado Public Employees' Retirement Association, Regents of the University of California, Travelers Companies and advised by Neuberger Berman. *Investors for Fund VII included $200 million by the New Jersey Pension Fund.

Portfolio companies

ACE Cash Express An ace is a playing card, die or domino with a single pip. In the standard French deck, an ace has a single suit symbol (a heart, diamond, spade, or club) located in the middle of the card, sometimes large and decorated, especially in the cas ...

(2017) *

American Dental Partners American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, pe ...

(2011) *

Aviation Technical Services Aviation includes the activities surrounding mechanical flight and the aircraft industry. ''Aircraft'' includes fixed-wing and rotary-wing types, morphable wings, wing-less lifting bodies, as well as lighter-than-air craft such as hot ai ...

(2015) *

CATO Research Cato typically refers to either Cato the Elder or Cato the Younger, both of the Porcii Catones family of Rome. It may also refer to: People Ancient Romans * Porcii Catones, a plebeian family at Ancient Rome * Cato the Elder (Cato Maior) or "th ...

(2018) *

Education Affiliates Education Affiliates (EA) is an American parent company of for-profit colleges, with its headquarters in Nottingham, Maryland. It has been an investment of JLL Partners since 2004. According to D&B Hoovers, EA has annual sales of $202 million. Ed ...

(2004), parent company of

Fortis College Fortis College (also Fortis Institute and Fortis College of Nursing in some locations) is a Private for-profit college with multiple campuses throughout the United States. It was established in 2008 and is operated by Education Affiliates and owne ...

. * EVERSANA(2018) * Medical Card System (2004) * Pioneer Bank * Pioneer Landscape *

Point Blank Enterprises Point or points may refer to: Places * Point, Lewis, a peninsula in the Outer Hebrides, Scotland * Point, Texas, a city in Rains County, Texas, United States * Point, the NE tip and a ferry terminal of Lismore, Inner Hebrides, Scotland * Points ...

(2015) *

Ross Medical Education Center Ross Medical Education Center is a nonprofit allied-health school with 43 locations across eight states offering both campus and online programs. Ross was an investment of JLL Partners from 2011 until its conversion to 501(c)(3) nonprofit sta ...

(2010), career schools in the US South and Midwest. * Secretariat International (2018) *

Viant Viant Inc. was a multi-national Internet consulting firm, founded in San Francisco in April 1996, that was one of the first web consulting firms during the early stages of the History of the Internet, Internet era. History The company was founde ...

(2017) * Xact Data Discovery (2018)

Former investments

* Allegheny International (1988) *

Motor Coach Industries Motor Coach Industries (MCI) is a North American multinational bus manufacturer, specializing in production of motorcoaches. Best known for coaches produced for intercity transit and commuter buses, MCI produces coaches for a variety of appli ...

(1999) *Lancer Industries, subsequently merged and renamed Fairfield Manufacturing (1986) * Foodbrands America Inc. (1995) *Ornda Healthcorp (1991) *Motor Wheel Corporation, subsequently merged and renamed Hayes Lemmerz International *

J.G. Wentworth The J.G. Wentworth Company is an American financial services company that purchases structured settlements, Annuity (US financial products), annuities, and lottery payments in exchange for a lump-sum cash settlement. They also offer debt counseli ...

(2005) *

Iasis Healthcare IASIS Healthcare, located in Franklin, Tennessee, was the for-profit owner and operator of medium-sized acute care hospitals in high-growth urban and suburban markets. IASIS owns or leases 17 acute care hospital facilities and one behavioral health ...

JOSEPH LITTLEJOHN AND IASIS TO ACQUIRE 15 HOSPITALS
" ''

New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...

'', August 18, 1999 *

AdvancePCS AdvancePCS Inc. (Pharmaceutical Card System) was a large prescription benefit plan administrator from the United States, also known as a PBM (Pharmacy Benefit Manager). The company was partially purchased by McKesson in 1969 and fully in 1972. I ...

References

* Liebowitz, Jay.
Private equity maven goes public at speech
" '' The Wharton Journal'', February 26, 2001

External links

* {{private equity firms Private equity firms of the United States Companies based in New York City Financial services companies established in 1987 Drexel Burnham Lambert