Marc J. Leder
|Marc J. Leder|
|Alma mater||B.S. Wharton School of the University of Pennsylvania|
|Known for||--co-founder of private equity firm Sun Capital Partners, Inc.
--co-owner of the Philadelphia 76ers and the New Jersey Devils
|Spouse(s)||Lisa J. Weisbein (divorced)|
Early life and education
Leder was born in 1962 to a Jewish family and raised in the Long Island suburbs of New York City. In 1979, Leder graduated from John L. Miller Great Neck North High School and in 1983, earned his Bachelor of Science degree in economics from the Wharton School of the University of Pennsylvania. He currently serves as a member of the University of Pennsylvania Huntsman Program Advisory Board.
In 1987, he accepted a position as an analyst at Lehman Brothers working his way up to Senior Vice president. In 1995, he left Lehman with fellow Wharton School of the University of Pennsylvania alumni and friend Rodger Krouse to found Sun Capital Partners, Inc. Leder originally served as Sun Capital Partners, Inc. managing director from May 1995 to September 2004, and currently serves as CO-CEO.
Sun Capital Partners
Sun Capital Partners, Inc. is a privately held investment firm focused on leveraged buyouts, equity, debt, and other investments. Since its inception in 1995, Sun Capital has invested in more than 345 companies worldwide with combined sales in excess of $45 billion and has offices in Boca Raton, Los Angeles, New York, and affiliates in London, Paris, Frankfurt, Luxembourg, Shanghai, and Shenzen. Sun Capital has over $10 billion of capital under management and often provides financing for the full purchase price at closing and then later raising long term debt financing. Sun Capital targets companies with up to $3 billion in sales but often completes transactions with businesses with sales in the range of $50 million and $500 million. Due to their high staffing levels and culture of decisiveness, they generally can close deals within 30 days compared to three to six months for their competitors.
Leder has been quoted by Mergers & Acquisitions about his outlook on the financial industry and how Sun Capital Partners, Inc. conducts business as: "Our niche is to find market leaders that are not performing well. In a good economy, there aren't as many, but a slow economy is ideal for us. Between the U.S., Europe and Japan, those nations are going to have slow to no growth. Our business model is typically taking a company whose EBITDA margins are well below where they should be and—without growing sales—getting them back to where profitability should be."
When asked how the economy affects Sun Capital Partners, Inc.'s business by Mergers & Acquisitions, Leder has been quoted as stating: "There are cyclical industries that may be facing a downturn [in an improving economy]. You've got companies with liquidity issues, or those that have done a poor job consolidating facilities. Maybe they stumble when it comes to upgrading their IT system, or they may do a poorly conceived add-on or acquisition. There are a lot of reasons why a company, although a good business, could be distressed and meet our criteria [for purchase]."
Philadelphia 76ers and New Jersey Devils
Leder is a member of the investment group that won a $280 million bid for the purchase of the Philadelphia Seventy-Sixers. The other members of the investment group are: Joshua Harris of the private equity firm Apollo Global Management, portfolio manager Art Wrubel, and former NBA agent and Sacramento Kings executive Jason Levien, as well as former Vail Resorts CEO Adam Aron, Martin Geller, David Heller, Travis Hennings, James Lassiter, David S. Blitzer, Michael Rubin, Will Smith & Jada Pinkett Smith, and Indonesian businessmen Handy Soetedjo & Erick Thohir. Comcast-Spectacor began talks with the investment group in the summer of 2011. The deal was announced on July 13, 2011. The NBA formally approved the deal on October 13. On August 15, 2013 it was announced that a group let by Harris and partner David Blitzer purchased a majority stake in the New Jersey Devils of the NHL, which includes the rights to operate the Prudential Center arena in Newark, New Jersey. The transaction was reportedly for over $320 million. Leder, as minority owner, serves on the board of the Philadelphia 76ers and the NJ Devils.
Philanthropy and accolades
The Sun Capital Partners Foundation has partnered with many local charities, among which is Boca Helping Hands, a non-profit organization based in South Florida that works to fight poverty and hunger in the area, and has donated more than $165,000 to the non-profit organization. The Foundation has also donated over $100,000 to Operation Homefront Florida, an organization that works to provide financial assistance to military service members and their families. The Foundation also hosts a half marathon and 5k that raises money for the Boca Raton Police Athletic League and Boca Raton Firefighters. Overall, the Sun Capital Partners Foundation has donated to over 275 charities. Leder and his business partner each personally donated $125,000 to a PAC supporting Romney. He is a member of the International Council Board of the Museum Berggruen in Berlin.
Leder was an honoree at the Art for Life 2011 to honor the creative energy of New York City youth and professional accomplishments and philanthropic efforts of individuals in the community. The Marc J. Leder Foundation, Inc. is a non-profit corporation based in Boca Raton, that partially funds the Sun Capital Partners Foundation as well as makes grants to institutions such as the University of Pennsylvania. Leder received the 2003 Buyout Magazine Pros of the Years by Thomson Venture Economics, a Thomson Financial company and publisher of Buyouts Newsletter and received a leadership award by the M&A Advisor in 2013.
Mitt Romney presidential campaign controversy
On September 17, 2012, Mother Jones posted a video of Mitt Romney speaking at a fundraiser held at Leder's house on May 17, 2012. The video shows Mitt Romney speaking frankly about the 47% of Americans who, according to Romney, "pay no income tax" and are "dependent upon government". He said that these people "believe the government has a responsibility to care for them.... My job is not to worry about those people. I'll never convince them they should take personal responsibility and care for their lives. What I have to do is convince the 5 to 10 per cent in the center that are independents." In the video, Romney also stated that there is no point in seeking an Israeli–Palestinian peace accord because the Palestinians have "no interest whatsoever in establishing peace" and that "There's just no way" a two-state solution is feasible. Leder responded in a press release "I hosted a fundraiser for an old friend in May. I believe all Americans should have the opportunity to succeed, to improve their lives, and to build even better lives for their children. I have supported people from both political parties who share this view and make it a priority, even though their ideas on how to achieve it may differ."
In 1987, Leder married Lisa J. Weisbein. They had three children. They divorced in 2009. in January 2012 Leder had another daughter with his girlfriend at the time.
- Bloomberg: "Blackstone, Apollo Outshone as Sun Capital Buys Boston Market" By Kambiz Foroohar October 2, 2008
- The Jewish Daily Forward: "Romney Trashes Two-State Solution in Video" By Nathan Guttman September 18, 2012
- Sun Capital: About US retrieved August 4, 2012
- Philadelphia Inquirer: "Those who know him say Joshua Harris, soon-to-be Sixers owner, lives for competition and success" By Kate Fagan August 02, 2011
- ESPN: "Group led by Joshua Harris completes purchase of Sixers" October 18, 2011
- Sale of 76ers to Joshua Harris finished. ESPN, 2011-07-13.
- Group led by Joshua Harris completes purchase of 76ers. Philadelphia 76ers, 2011-10-13.
- [dead link]
- Jewish Daily Forward: "Romney PAC Attracts New Jewish Donors - Hedge Fund Managers and Developers Top List of Supporters" By Josh Nathan-Kazis March 12, 2012
- SECRET VIDEO: Romney Tells Millionaire Donors What He REALLY Thinks of Obama Voters | Mother Jones
- Romney "47 Percent" Fundraiser Host: Hedge Fund Manager Who Likes Sex Parties | Mother Jones
- The Daily Mail: "New secret video: Romney told wealthy donors there's no point seeking Middle East deal because Palestinians have 'no interest whatsoever in establishing peace'" September 18, 2012
- CNN Money: "Exclusive: Marc Leder, Romney fundraiser, speaks out" By Dan Primack September 18, 2012
- The Palm Beach Post: "Sun Capital co-founder worth more than $400 million, wife says" by Jeff Ostrowski July 10, 2009
- Creswell, Julie, The New York Times, "In a Romney Believer, Private Equity's Risks and Rewards", January 21, 2012.
- Foroohar, Kambiz "Blackstone, Apollo Outshone as Sun Capital Buys Boston Market", Bloomberg, 2 October 2008. Retrieved 19 March 2012.
- Kumar, Prameet "Wharton alums purchase 76ers", The Daily Pennsylvanian, Philadelphia, 21 July 2011. Retrieved 2 March 2012.
- Noto, Anthony "EXCLUSIVE: Sun Capital Buys The Uniform Place", Mergers & Acquisitions, 21 December 2011. Retrieved 19 March 2012.
- "Parties' high bar". New York Post. 2011-12-29. Retrieved 2012-09-18.
- "International Council Museum Berggruen Members". Icmuseumberggruen.de. Retrieved 2012-04-09.
- "The Huntsman Program Advisory Board". Huntsman.upenn.edu. Retrieved 2012-04-09.
- "Venture Economics Names Texas Pacific Group Buyout Firm of the Year; Sun Capital Partners' Rodger Krouse and Marc Leder Are Buyout Pros of the Year". Suncappart.com. 2004-03-11. Retrieved 2012-04-09.
- Marc J. Leder. "Loud Technologies, Inc.". Investing.businessweek.com. Retrieved 2012-04-09.
- "Front Office Directory". Nba.com. Retrieved 2012-04-09.
- Gavrilos, James S. "Sun Capital Partners, Inc. supports Boca Helping Hands to Fight Poverty and Hunger", Boca Helping Hands, September 21, 2011. Retrieved 19 March 2012.
- "Sun Capital Partners Donation"[dead link] Retrieved 19 March 2012.
- "Boca PAL announces half marathon and 5K" Sun Sentinel, September 17, 2011, Retrieved 19 March 2012.
- "12th Annual Art for Life 2011!" Retrieved 19 March 2012.
- "Marc J. Leder Foundation, Inc." Retrieved 19 March 2012.