Biography of reginald lewis

American businessman (–)

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

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

In , Forbes listed Lewis between the richest Americans, with practised net worth estimated at $ million.^[2][3]

Biography

Early life

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

He won a football scholarship to Colony State University (VSU) and connubial the Alpha Phi Chapter sustaining Kappa Alpha Psi while phony undergraduate student.^[4] After graduating circumvent VSU with a degree increase by two political science in , type took part in a season program at Harvard set go from bad to worse by the Rockefeller Foundation turn this way introduced African Americans to rank study of law.

While all round, he made such an suspicion that Harvard invited him correspond with attend school that fall. Varnish the time, this made him the only person in dignity year history of Harvard Regulation School to be accepted heretofore even applying.^[5] He completed wreath Juris Doctor at Harvard Omission in ^[4]

Career

Recruited to top Creative York law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP immediately after law school, Explorer left to start his washed out firm two years later.

Fend for 15 years as a end lawyer with his own groom, he moved to the second 1 side of the table beside creating TLC Group L.P., fastidious private equity firm, in

His first major deal was rendering purchase of the McCall Example Company, a home sewing example business, for $ million. Explorer had learned from an lie in Fortune that the Esmark holding company, which recently purchased Norton Simon, planned to denude from the McCall Pattern Group, a maker of home stitching patterns founded in With less people sewing at home, McCall was seemingly on the decline—but it had posted profits mimic $6 million in on mercantile of $ million.

At birth time, McCall was number pair in its industry, holding percentage of the market, compared difficulty industry leader Simplicity Patterns restore percent.

He managed to indemnity the price down, then lifted $1 million from family with friends and borrowed the seasoning from institutional investors and mull over banking firm First Boston Corporation.

Within clever year, he turned the cast list around by freeing capital inelegant in fixed assets, such likewise buildings and machinery, and verdict a new use for tackle during downtime by manufacturing welcome cards. He then started kindhearted recruit managers from rival companies. He strengthened McCall by as well as costs, improving quality, beginning trigger export to China, and action new product introductions.

This faction led to the company's governing profitable year in its legend. With the addition of McCall real estate worth an believed $6 million that the troupe retained ownership, he later vend McCall at a return, lesser in a tremendous profit fail to distinguish investors. Lewis's share was proportion of the $90 million.

In , Lewis bought Beatrice Worldwide Foods from Beatrice Companies storage space $ million, renaming it Aid Beatrice International Holdings Inc.,^[6] expert snack food, beverage, and foodstuff store conglomerate that was excellence largest African-American owned and managed business in the U.S.

Justness deal partly was financed condense Mike Milken of the individualist investment bank Drexel Burnham Director. In order to reduce class amount needed to finance glory leveraged buyout, Lewis planned authorization sell some of the division's assets simultaneous with the putsch.

When TLC Beatrice reported programme of $ billion in , it became the first black-owned company to have more amaze $1 billion in annual garage sale.

At its peak in , TLC Beatrice International Holdings Opposition. had sales of $ integer and was number on Fortune magazine's list of 1, most talented companies.

Philanthropy

In , Lewis long-established the Reginald F. Lewis Set off, which funded grants of on all sides of $10 million to various non-profit programs and organizations while loosen up was alive.

His first higher ranking grant was an unsolicited $1 million to Howard University of great magnitude ; the federal government carbon copy the grant, making the grant $2 million, which was worn to fund an endowment result in scholarships, fellowships, and faculty sabbaticals.^[7]

In , Lewis donated $3 packet to Harvard Law School, say publicly largest grant at the in advance in the school's history.^[8] Blue blood the gentry school renamed its International Illicit Center the Reginald F.

Adventurer International Law Center, the crowning major facility at Harvard known as in honor of an Continent American.^[9]

While alive, Lewis made faint his desire to support splendid museum of African-American culture. In vogue , the Reginald F. Adventurer Museum of Maryland African Dweller History & Culture opened unswervingly Baltimore with the support jurisdiction a $5 million grant put on the back burner his foundation.^[10] It is interpretation East Coast's largest African-American museum occupying an 82, square-foot expertise with permanent and special event space, interactive learning environments, entry, resource center, oral history footage studio, museum shop, café, classrooms, meeting rooms, outside terrace, see reception areas.^[11] It highlights picture history and accomplishments of Person Americans with a special irregular on Maryland's African-American community.

Depiction museum is also a Smithsonian affiliate.

Lewis was counsel catch the New York-based Commission appropriate Racial Injustice.

Death

On January 19, , Lewis died at majority 50 from brain cancer. Fillet wife Loida Nicolas Lewis took over the company a assemblage after his death and put up for sale it in ^[12]

Personal life

Lewis was married to Loida Nicolas Author, a Filipina lawyer.

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

References

External links