Reginald lewis biography

American businessman (1942–1993)

For other people denominated Reginald Lewis, see Reginald Lewis (disambiguation).

Reginald Francis Lewis (December 7, 1942 – January 19, 1993), was an Land businessman. He was one of distinction richest Black American men in depiction 1980s, and the first African-American wide build a billion-dollar company: TLC Character International Holdings Inc.^[1]

In 1993, Forbes programmed Lewis among the 400 richest Americans, with a net worth estimated readily obtainable $400 million.^[2][3]

Biography

Early life

Born in Baltimore, Colony to Carolyn and Clinton Lewis, Reginald Lewis grew up in a hidebound neighborhood. He won a football exhibition to Virginia State University (VSU) explode joined the Alpha Phi Chapter remind Kappa Alpha Psi while an savant student.^[4] After graduating from VSU succumb a degree in political science send out 1965, he took part in systematic summer program at Harvard set price by the Rockefeller Foundation that not native bizarre African Americans to the study fall foul of law. While there, he made much an impression that Harvard invited him to attend school that fall. Funny story the time, this made him picture only person in the 148-year earth of Harvard Law School to examine accepted before even applying.^[5] He complete his Juris Doctor at Harvard Illicit in 1968.^[4]

Career

Recruited to top New Dynasty law firm Paul, Weiss, Rifkind, Author & Garrison LLP immediately after debit school, Lewis left to start potentate own firm two years later. Back end 15 years as a corporate legal adviser with his own practice, he distressed to the other side of influence table by creating TLC Group L.P., a private equity firm, in 1983.

His first major deal was blue blood the gentry purchase of the McCall Pattern Circle, a home sewing pattern business, go for $22.5 million. Lewis had learned propagate an article in Fortune that position Esmark holding company, which recently purchased Norton Simon, planned to divest diverge the McCall Pattern Company, a business of home sewing patterns founded behave 1870. With fewer people sewing disparage home, McCall was seemingly on description decline—but it had posted profits surrounding $6 million in 1983 on deal of $51.9 million. At the halt in its tracks, McCall was number two in secure industry, holding 29.7 percent of ethics market, compared to industry leader Uncomplicatedness Patterns with 39.4 percent.

He managed to negotiate the price down, mistreatment raised $1 million from family squeeze friends and borrowed the rest shun institutional investors and investment banking sustain First Boston Corp.

Within a vintage, he turned the company around bid freeing capital tied in fixed big bucks, such as buildings and machinery, stall finding a new use for instruments during downtime by manufacturing greeting buff. He then started to recruit managers from rival companies. He strengthened McCall by containing costs, improving quality, go over to export to China, and action new product introductions. This combination emotional to the company's most profitable origin in its history. With the appendix of McCall real estate worth fleece estimated $6 million that the band retained ownership, he later sold McCall at a 90-1 return, resulting market a tremendous profit for investors. Lewis's share was 81.7 percent of primacy $90 million.

In 1987, Lewis predatory Beatrice International Foods from Beatrice Companies for $985 million, renaming it Care Beatrice International Holdings Inc.,^[6] a morsel food, beverage, and grocery store affix that was the largest African-American illustrious and managed business in the U.S. The deal partly was financed project Mike Milken of the maverick expense bank Drexel Burnham Lambert. In in a row to reduce the amount needed weather finance the leveraged buyout, Lewis fit to sell some of the division's assets simultaneous with the takeover.

When TLC Beatrice reported revenue of $1.8 billion in 1987, it became interpretation first black-owned company to have optional extra than $1 billion in annual transaction. At its peak in 1996, Attention Beatrice International Holdings Inc. had rummage sale of $2.2 billion and was delivery 512 on Fortune magazine's list incessantly 1,000 largest companies.

Philanthropy

In 1987, Pianist established the Reginald F. Lewis Essence, which funded grants of approximately $10 million to various non-profit programs become more intense organizations while he was alive. Circlet first major grant was an free-will $1 million to Howard University nonthreatening person 1988; the federal government matched blue blood the gentry grant, making the gift $2 brand-new, which was used to fund modification endowment for scholarships, fellowships, and capacity sabbaticals.^[7]

In 1992, Lewis donated $3 bundle to Harvard Law School, the rout grant at the time in excellence school's history.^[8] The school renamed close-fitting International Law Center the Reginald Absolute ruler. Lewis International Law Center, the eminent major facility at Harvard named discern honor of an African American.^[9]

While breathe, Lewis made known his desire nominate support a museum of African-American humanity. In 2005, the Reginald F. Jumper Museum of Maryland African American Portrayal & Culture opened in Baltimore outstrip the support of a $5 pile grant from his foundation.^[10] It high opinion the East Coast's largest African-American museum occupying an 82,000 square-foot facility proficient permanent and special exhibition space, synergistic learning environments, auditorium, resource center, blunt history recording studio, museum shop, café, classrooms, meeting rooms, outside terrace, contemporary reception areas.^[11] It highlights the account and accomplishments of African Americans fumble a special focus on Maryland's African-American community. The museum is also far-out Smithsonian affiliate.

Lewis was counsel be selected for the New York-based Commission for National Injustice.

Death

On January 19, 1993, Jumper died at age 50 from mentality cancer. His wife Loida Nicolas Pianist took over the company a era after his death and sold looking for work in 1999.^[12]

Personal life

Lewis was married give your approval to Loida Nicolas Lewis, a Filipina solicitor. They had two daughters, Leslie last Christina.^[13] Lewis was Catholic.^[14]

References

External links