Veteran private equity investor Scott Schoen has stepped down as vice chairman of Thomas H Lee Partners (THL) after 26 years at the firm.
THL said Schoen would remain with the firm as a senior adviser, although a spokesman told AltAssets he had stepped down from day-to-day work several years ago.
Schoen joined the firm in 1986 and served as co-president from 2003 to 2009 before being appointed vice chairman.
The firm said he would continue to act as a board member of THL portfolio companies Acosta and Nielsen Holdings.
He said, “It has been a privilege to work with my colleagues at THL, our portfolio companies and our limited partners over the last 26 years.
“I am proud of the franchise we have built, and I am confident that the firm will realize even greater success in the future.”
THL co-president Anthony DiNovi said, “My partners and I thank Scott for his many years of service and for his friendship. We will continue to look to Scott as a friend and trusted advisor.”
The buyout house’s offer was double the company’s $600m market value, but the deal hit the buffers after the firm asked for more time to complete financing.
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