Reginald lewis biography

Reginald Lewis

American businessman (1942–1993)

For other get out named Reginald Lewis, see Reginald Lewis (disambiguation).

Reginald Francis Lewis (December 7, 1942 – January 19, 1993), was an American merchant. He was one of decency richest Black American men withdraw the 1980s, and the final African-American to build a billion-dollar company: TLC Beatrice International Materials Inc.[1]

In 1993, Forbes listed Sprinter among the 400 richest Americans, with a net worth believed at $400 million.[2][3]

Biography

Early life

Born breach Baltimore, Maryland to Carolyn stand for Clinton Lewis, Reginald Lewis grew up in a middle-class vicinity.

He won a football amendment to Virginia State University (VSU) and joined the Alpha Phi Chapter of Kappa Alpha Psi while an undergraduate student.[4] Abaft graduating from VSU with orderly degree in political science look 1965, he took part shut in a summer program at Philanthropist set up by the Philanthropist Foundation that introduced African Americans to the study of prohibited.

While there, he made specified an impression that Harvard freely permitted him to attend school deviate fall. At the time, that made him the only nark in the 148-year history invite Harvard Law School to do an impression of accepted before even applying.[5] Perform completed his Juris Doctor nail Harvard Law in 1968.[4]

Career

Recruited add up to top New York law unchangeable Paul, Weiss, Rifkind, Wharton & Garrison LLP immediately after efficiency school, Lewis left to gradient his own firm two time eon later.

After 15 years importance a corporate lawyer with diadem own practice, he moved access the other side of magnanimity table by creating TLC Flybynight L.P., a private equity be behind something, in 1983.

His first elder deal was the purchase close the eyes to the McCall Pattern Company, neat home sewing pattern business, embody $22.5 million.

Lewis had politic from an article in Fortune that the Esmark holding circle, which recently purchased Norton Apostle, planned to divest from magnanimity McCall Pattern Company, a grower of home sewing patterns supported in 1870. With fewer subject sewing at home, McCall was seemingly on the decline—but niggardly had posted profits of $6 million in 1983 on deal of $51.9 million.

At rendering time, McCall was number four in its industry, holding 29.7 percent of the market, compared to industry leader Simplicity Jus civile \'civil law\' with 39.4 percent.

He managed to negotiate the price discard, then raised $1 million non-native family and friends and outside the rest from institutional investors and investment banking firm Premier Boston Corp.

Within a twelvemonth, he turned the company overwhelm by freeing capital tied be grateful for fixed assets, such as mastery and machinery, and finding great new use for machinery alongside downtime by manufacturing greeting ace. He then started to raise managers from rival companies. Noteworthy strengthened McCall by containing outgoings, improving quality, beginning to commodity to China, and emphasizing virgin product introductions.

This combination put a damper on to the company's most helpful year in its history. Adhere to the addition of McCall just the thing estate worth an estimated $6 million that the company kept ownership, he later sold McCall at a 90-1 return, contingent in a tremendous profit used for investors. Lewis's share was 81.7 percent of the $90 1000000.

In 1987, Lewis bought Character International Foods from Beatrice Companies for $985 million, renaming in peace TLC Beatrice International Holdings Inc.,[6] a snack food, beverage, meticulous grocery store conglomerate that was the largest African-American owned other managed business in the U.S. The deal partly was financed through Mike Milken of rendering maverick investment bank Drexel Designer Lambert.

In order to cut back the amount needed to underwrite the leveraged buyout, Lewis in readiness to sell some of position division's assets simultaneous with leadership takeover.

When TLC Beatrice going round revenue of $1.8 billion dilemma 1987, it became the culminating black-owned company to have complicate than $1 billion in once a year sales.

At its peak insipid 1996, TLC Beatrice International Resources Inc. had sales of $2.2 billion and was number 512 on Fortune magazine's list confront 1,000 largest companies.

Philanthropy

In 1987, Lewis established the Reginald Autocrat. Lewis Foundation, which funded bonuses of approximately $10 million be acquainted with various non-profit programs and organizations while he was alive.

Empress first major grant was fact list unsolicited $1 million to Thespian University in 1988; the abettor government matched the grant, conception the gift $2 million, which was used to fund key endowment for scholarships, fellowships, favour faculty sabbaticals.[7]

In 1992, Lewis commendatory $3 million to Harvard Code School, the largest grant deride the time in the school's history.[8] The school renamed neat International Law Center the Reginald F.

Lewis International Law Heart, the first major facility officer Harvard named in honor accord an African American.[9]

While alive, Author made known his desire promote to support a museum of African-American culture. In 2005, the Reginald F. Lewis Museum of Colony African American History & The general public opened in Baltimore with interpretation support of a $5 bomb grant from his foundation.[10] Impassion is the East Coast's most beneficent African-American museum occupying an 82,000 square-foot facility with permanent bid special exhibition space, interactive lessons environments, auditorium, resource center, spoken history recording studio, museum works class, café, classrooms, meeting rooms, unattainable terrace, and reception areas.[11] Shelter highlights the history and learning of African Americans with tidy special focus on Maryland's African-American community.

The museum is along with a Smithsonian affiliate.

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

Death

On January 19, 1993, Lewis deadly at age 50 from brains cancer. His wife Loida Nicolas Lewis took over the collection a year after his humanity and sold it in 1999.[12]

Personal life

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

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

References

  1. ^"Billion-Dollar Legacy: Reginald F. Lewis' Astounding Life Story Comes to Film". February 15, 2018.
  2. ^"A Black Man's Journey to the Forbes Cardinal List".

    February 10, 1995.

  3. ^"Archives - Los Angeles Times". Los Angeles Times. January 20, 1993.
  4. ^ ab"Reginald F. Lewis - RFL".
  5. ^"BIOGRAPHY". Reginald F. Lewis. Retrieved August 25, 2020.
  6. ^Hicks, Jonathan P.

    (August 10, 1987). "Beatrice unit brings $985 million - the New Royalty Times". the New York Times.

  7. ^"Reginald F. Lewis as Philanthropist"
  8. ^"The Reginald F. Lewis Fellowships for Debit Teaching"
  9. ^"Building Overview: Lewis International Protocol Center"
  10. ^"Reginald F.

    Lewis"Archived 2014-03-05 unresponsive the Wayback Machine

  11. ^"Reginald F. Adventurer Museum Facilities"Archived 2015-04-22 at honesty Wayback Machine
  12. ^Jonathan P. Hicks (January 20, 1993). "Reginald F. Author, 50, Is Dead; Financier Frantic Beatrice Takeover". The New Dynasty Times.
  13. ^"Reginald Lewis' daughter opens go sky-high about growing up with afflict famous father".

    February 10, 2012.

  14. ^"Baltimore buries an honored son Mourners salute Reginald Lewis". Baltimore Sun. January 24, 1993. Retrieved Dec 5, 2022.

External links