Thomas Lee Helped Found Buyout Business, Now One of Wall Street’s Biggest

Thomas H. Lee Partners LP, founded in Boston in 1974, set out to buy companies in ‘bootstrap acquisitions’

Thomas Lee was described as quixotic and larger than life by people who knew him.Photo: Christopher Goodney/Bloomberg News

The death of Thomas H. Lee sent shock waves Friday through Wall Street, where decades ago he helped create one of its biggest businesses.

Mr. Lee, who started doing leveraged buyouts in the 1970s, before the term was coined and the tools to finance the deals had been invented, died Thursday, his colleagues and family said.

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