One of the three managing partners of Leonard Green & Partners, a private equity firm based in Los Angeles, plans to step down from that role.
The managing partner, Peter J. Nolan, will become a senior adviser and will continue to serve on the boards of several portfolio companies, the firm said on Monday. The move, effective on Thursday, will allow him to devote more time to philanthropy and other activities, the firm said.
Mr. Nolan, 55, joined Leonard Green in 1997 after seven years at the investment bank Donaldson, Lufkin & Jenrette, which was bought by Credit Suisse in 2000. He previously worked at the now-defunct firm Drexel Burnham Lambert.
Leonard Green, which was founded in 1989, has invested in a number of prominent companies, including a $3 billion buyout of J. Crew with TPG Capital in 2010. It also invested $425 million in Whole Foods in 2008, ultimately earning more than five times its money. The firm has raised more than $15 billion of private equity capital since its inception.
“It has been a privilege to work with extraordinary partners and colleagues, loyal investors, and some of the most talented executives in the world at our portfolio companies,†Mr. Nolan said in a statement. “I look forward to continuing the relationships I have built over the past three decades while beginning a new chapter.â€
His two managing partners at Leonard Green, John G. Danhakl and Jonathan D. Sokoloff, also worked at Drexel in the late 1980s, a tumultuous period before the investment bank collapsed amid an insider trading scandal. While at Donaldson, Mr. Nolan became the investment banker for Leonard Green.
“Peter has been a trusted friend and a colleague for 28 years, and in his capacity as a senior adviser, we will continue to benefit from Peter’s wisdom, experience and stature in the business community,†Mr. Danhakl said in a statement.
Mr. Nolan will maintain an office at Leonard Green. In an email to friends and colleagues, according to Fortune, Mr. Nolan said the career move was “100 percent my decision.â€
