PE Firm · Capital Allocator

HM Capital Partners

Medium
Dallas, United States · Founded 1984 · AUM $1 billion (last fund raised in 2007) · Website
Leveraged BuyoutsGrowth CapitalBuy-and-BuildMediaConsumer GoodsFood & BeverageEnergyTelecommunicationsInsuranceRetailNorth AmericaEuropeLatin America
Last verified
8/13/2026

Firm Overview

0
Portfolio tracked
7
Sectors
3
Regions
8/13/2026
Last verified

HM Capital Partners (formerly Hicks, Muse, Tate & Furst) was a prominent American private equity firm specializing in leveraged buyouts and buy-and-build strategies.

HM Capital Partners was originally founded in 1984 as Hicks & Haas before evolving into Hicks, Muse, Tate & Furst (HMTF) in the 1990s. The firm became one of the most active buyout shops in the world, famously known for its successful roll-up of Dr Pepper and 7 Up and its aggressive buy-and-build strategy in the media and consumer goods sectors. During its peak, the firm executed massive deals across the United States, Europe, and Latin America, including the record-breaking acquisition of Yell Group.

The firm faced significant challenges following the burst of the dot-com and telecom bubbles in the early 2000s, suffering losses of over $1 billion from technology-related investments and several high-profile bankruptcies like Regal Cinemas. Following the departure of co-founder Tom Hicks in 2004, the firm rebranded as HM Capital Partners in 2006. The firm eventually began a formal dissolution in 2013, with its sector teams spinning off to form new independent entities, Tailwater Capital (energy) and Kainos Capital (food).

Founded1984
HeadquartersDallas, United States
AUM$1 billion (last fund raised in 2007)
Target investment$1B+ (historical fund size)
EmployeesN/A
StrategiesLeveraged Buyouts, Growth Capital, Buy-and-Build
Sector focusMedia, Consumer Goods, Food & Beverage, Energy, Telecommunications, Insurance, Retail
Geographic focusNorth America, Europe, Latin America

Leadership

Tom Hicks
Co-Founder and former Chairman/CEO
Co-founder of Hicks & Haas and Hicks Muse, he resigned in 2004 to found Hicks Holdings.
John Muse
Co-Founder and Executive Chairman
Co-founder of Hicks Muse who took over leadership of the firm after Tom Hicks' departure in 2004.
Charles Tate
Partner
A former partner from Morgan Stanley who joined the firm in 1991 and resigned in 2002.
Jack Furst
Partner
A former banker from First Boston who joined the firm in 1991 and was a namesake partner.

Notable Investments

Dr Pepper/7 UpChancellor MediaInternational Home FoodsRegal CinemasYell GroupPremier FoodsBerg ElectronicsJimmy ChooWeetabix LimitedSturm FoodsMummPerrier-Jouët

Historical and current deals referenced in public sources.

Portfolio Companies

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Sources

This profile is based on publicly available information and may be incomplete or outdated. PE Firm Index is not affiliated with HM Capital Partners and does not provide investment advice.

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