Ares Management reportedly in talks to acquire Leonard Green and Partners

Ares Management Corporation, the publicly traded alternative investment giant, has reportedly held discussions about acquiring Leonard Green & Partners, one of the most established names in private equity. If consummated, the deal would represent a significant consolidation play in an industry where scale increasingly determines survival. The report, which surfaced on social media, has not been confirmed by either firm. Two firms with deep collaborative roots In 2019, the firms partnered on the acquisition of Press Ganey, the healthcare analytics company. Two years later, in 2021, they collaborated again on a stake sale in Convergint Technologies, a security and fire protection integrator. Most recently, in March 2026, Leonard Green led an approximately $850 million continuation vehicle for Convergint Technologies. That transaction allowed Ares to extend its ownership of the asset while bringing in fresh capital. Leonard Green has also been on a fundraising tear. In January 2026, the firm announced its inaugural Sage Equity Investors fund, raising over $3.6 billion. The logic behind PE consolidation Ares Management, listed on the NYSE under the ticker ARES, has built itself int...