Founded in Indianapolis, Indiana by drummer and inventor Ulysses G. Leedy, the Leedy Manufacturing Company traces its origins to 1895, when Leedy and his roommate Sam Cooley began selling drums from their apartment. Formally incorporated in 1897 as the Leedy-Cooley Manufacturing Company, the business grew into one of the largest manufacturers of drums and percussion instruments in the world. The company held over 30 patents and is credited with a number of significant innovations, including the first adjustable snare drum stand (patented 1899) and the invention of the vibraphone, designed by Leedy engineer Herman E. Winterhoff and perfected in 1921. By 1929, Leedy globally distributed approximately 900 products, including snare drums, bass drums, timpani, xylophones, orchestra bells, cymbals, and sound-effect instruments for early films.

Among Leedy's most famous creations is the massive bass drum built in 1921 for Purdue University's marching band, measuring over seven feet in diameter. The company also published Leedy Drum Topics from 1923 to 1941, the first periodical dedicated exclusively to percussion. Ulysses Leedy sold the company to C.G. Conn in 1929, and operations moved to Elkhart, Indiana. In 1950, the brand was merged with Ludwig to form Leedy & Ludwig under C.G. Conn's umbrella. The Leedy trademark was later acquired by Slingerland in 1955, with the last Leedy catalog printed in 1965. The trademark is owned by Gretsch Drums, which acquired it in 1986. Vintage Leedy drums, particularly snare drums and timpani from the company's Indianapolis era, are prized by collectors.

Leedy has 3 products cataloged on Equipboard, including Snare Drums and Drums. Their gear is featured by 2 artists, with the strongest followings in Rock. Notable users include Brian Tichy and Tré Cool.