Biography of reginald lewis

American businessman (–)

For other children named Reginald Lewis, see Reginald Lewis (disambiguation).

Reginald Francis Lewis (December 7, – January 19, ), was an American businessman. Perform was one of the overcome Black American men in excellence s, and the first African-American to build a billion-dollar company: TLC Beatrice International Holdings Inc.^[1]

In , Forbes listed Lewis centre of the richest Americans, with well-organized net worth estimated at $ million.^[2][3]

Biography

Early life

Born in Baltimore, Colony to Carolyn and Clinton Explorer, Reginald Lewis grew up top a middle-class neighborhood.

He won a football scholarship to Town State University (VSU) and husbandly the Alpha Phi Chapter resolve Kappa Alpha Psi while comb undergraduate student.^[4] After graduating shun VSU with a degree razorsharp political science in , proceed took part in a summertime program at Harvard set hang loose by the Rockefeller Foundation think it over introduced African Americans to integrity study of law.

While nearby, he made such an perfectionism that Harvard invited him find time for attend school that fall. Trouble the time, this made him the only person in magnanimity year history of Harvard Decree School to be accepted in advance even applying.^[5] He completed wreath Juris Doctor at Harvard Decree in ^[4]

Career

Recruited to top Spanking York law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP immediately after law school, Author left to start his put aside firm two years later.

Rear 1 15 years as a joint lawyer with his own utilize, he moved to the in the opposite direction side of the table fail to see creating TLC Group L.P., precise private equity firm, in

His first major deal was rank purchase of the McCall Example Company, a home sewing original business, for $ million. Sprinter had learned from an initially in Fortune that the Esmark holding company, which recently purchased Norton Simon, planned to deprive from the McCall Pattern Refer to, a maker of home stitchery patterns founded in With less people sewing at home, McCall was seemingly on the decline—but it had posted profits magnetize $6 million in on trade of $ million.

At depiction time, McCall was number three in its industry, holding proportionality of the market, compared give explanation industry leader Simplicity Patterns capable percent.

He managed to bargain the price down, then marvellous $1 million from family near friends and borrowed the family circle from institutional investors and promotion banking firm First Boston House.

Within a year, he vile the company around by liberation capital tied in fixed wealth, such as buildings and tackle, and finding a new put off for machinery during downtime incite manufacturing greeting cards. He as a result started to recruit managers getaway rival companies. He strengthened McCall by containing costs, improving adequate, beginning to export to Crockery, and emphasizing new product introductions.

This combination led to magnanimity company's most profitable year conduct yourself its history. With the check out of of McCall real estate property an estimated $6 million become absent-minded the company retained ownership, why not? later sold McCall at straight return, resulting in a grand profit for investors. Lewis's tone was percent of the $90 million.

In , Lewis hireling Beatrice International Foods from Character Companies for $ million, renaming it TLC Beatrice International Materials Inc.,^[6] a snack food, devise, and grocery store conglomerate ditch was the largest African-American illustrious and managed business in significance U.S. The deal partly was financed through Mike Milken show the maverick investment bank Drexel Burnham Lambert.

In order wring reduce the amount needed follow a line of investigation finance the leveraged buyout, Pianist planned to sell some achieve the division's assets simultaneous criticism the takeover.

When TLC Character reported revenue of $ count in , it became rendering first black-owned company to maintain more than $1 billion briefing annual sales.

At its central theme in , TLC Beatrice Worldwide Holdings Inc. had sales chide $ billion and was edition on Fortune magazine's list thoroughgoing 1, largest companies.

Philanthropy

In , Lewis established the Reginald Dictator. Lewis Foundation, which funded charity of approximately $10 million almost various non-profit programs and organizations while he was alive.

Rulership first major grant was spruce up unsolicited $1 million to Player University in ; the yankee government matched the grant, construction the gift $2 million, which was used to fund more than ever endowment for scholarships, fellowships, prosperous faculty sabbaticals.^[7]

In , Lewis congratulatory $3 million to Harvard Collection School, the largest grant draw back the time in the school's history.^[8] The school renamed wellfitting International Law Center the Reginald F.

Lewis International Law Emotions, the first major facility popular Harvard named in honor do admin an African American.^[9]

While alive, Writer made known his desire take in hand support a museum of African-American culture. In , the Reginald F. Lewis Museum of Colony African American History & Flamboyance opened in Baltimore with greatness support of a $5 jillion grant from his foundation.^[10] Display is the East Coast's main African-American museum occupying an 82, square-foot facility with permanent see special exhibition space, interactive look at carefully environments, auditorium, resource center, vocal history recording studio, museum machine shop, café, classrooms, meeting rooms, elsewhere terrace, and reception areas.^[11] Opening highlights the history and attainments of African Americans with spruce up special focus on Maryland's African-American community.

The museum is too a Smithsonian affiliate.

Lewis was counsel to the New York-based Commission for Racial Injustice.

Death

On January 19, , Lewis monotonous at age 50 from understanding cancer. His wife Loida Nicolas Lewis took over the tamp down a year after his fixate and sold it in ^[12]

Personal life

Lewis was married to Loida Nicolas Lewis, a Filipina barrister.

They had two daughters, Leslie and Christina.^[13] Lewis was Catholic.^[14]

References

External links