Reginald F. Lewis the richest African-American man in the 1980s
“Speaking of my History”
Reginald F. Lewis (December 7, 1942 – January 19, 1993), was an American businessman. He was the richest African-American man in the 1980s. Born in Baltimore, Maryland, he grew up in a middle-class neighborhood. He won a football scholarship to Virginia State College, graduating with a degree in economics in 1965. He graduated from Harvard Law School in 1968 and was a member of Kappa Alpha Psi.
Recruited to top New York law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP immediately after law school, Lewis left to start his own firm two years later. After 15 years as a corporate lawyer with his own practice, Lewis focused on corporate law, structuring investments in minority-owned businesses and became special counsel to major corporations like General Foods and Equitable Life (now AXA).
Mr. Lewis was also counsel to the New York-based Commission for Racial Justice and represented The Wilmington Ten. He was successful in forcing North Carolina to pay interest on the Wilmington Ten bond. he moved to the other side of the table by creating TLC Group L.P., a venture capital firm, in 1983.
His first major deal was the purchase of the McCall Pattern Company, a home sewing pattern business, for $22.5 million. Lewis had learned from a Fortune magazine article that the Esmark holding company, which had recently purchased Norton Simon, planned to divest from the McCall Pattern Company, a maker of home sewing patterns founded in 1870. With fewer and fewer people sewing at home, McCall was seemingly on the decline—though it had posted profits of $6 million in 1983 on sales of $51.9 million. At the time, McCall was number two in its industry, holding 29.7 percent of the market, compared to industry leader Simplicity Patterns with 39.4 percent.
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