JLL Partners
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| Private Ownership | |
| Industry | Private Equity |
| Founded | 1987 |
| Headquarters | New York City, New York, United States |
| Products | private equity funds |
| Total assets | $7.2 billion |
| Website | www.jllpartners.com |
JLL Partners is an American private equity firm focused on leveraged buyout transactions and leveraged recapitalizations of middle-market companies. The firm is headquartered in New York City and was founded in 1987. JLL invests in various industries including food and consumer products, automotive parts, health care, media and telecommunications, commodity and specialty chemicals, building products, transportation, and industrial manufacturing and distribution. The company tends to focus on companies requiring an operational turnaround.
JLL traces its roots back to Gilliam Joseph & Littlejohn, a merchant bank 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. They initially leased their office space from Bennett S. LeBow, a 1980s corporate raider and fellow Drexel Burnham Lambert client. At Quadrex, Gilliam, the youngest of the three, managed the mergers and acquisitions 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 firm. In 1988, Paul S. Levy, 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. 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 leveraged buyout of Rexene Corp, a Texas-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 similar falling out with the board of Rexene and abruptly resigned.
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