HM Capital Partners

Founded in 1984 as Hicks & Haas, the firm gained early fame for its high-return soft drink acquisitions, including Dr Pepper and 7 Up. In 1989, it evolved into Hicks, Muse & Co., later becoming Hicks, Muse, Tate & Furst (HMTF) in 1994. During the 1990s, the firm became a dominant force in the private equity industry, employing a buy-and-build strategy across media, consumer goods, and industrial sectors in both the United States and international markets like Europe and Latin America.

However, the firm suffered significant setbacks following the bursting of the dot-com and telecom bubbles, losing over $1 billion on minority technology investments. Several major buyouts, such as Regal Cinemas and Teligent, ended in bankruptcy. These challenges led to the departure of co-founder Tom Hicks in 2004 and the spin-off of the firm's European arm as Lion Capital LLP in 2005.

In 2006, the firm rebranded as HM Capital Partners to reflect a new generation of leadership. Despite successfully raising a new $1 billion fund in 2007, the firm eventually began dissolving in 2013. Its remaining industry-focused teams spun off to form new independent entities, including Tailwater Capital (energy) and Kainos Capital (food).