Reginald F. Lewis, a New York lawyer turned entrepreneur, made history by building the first Black-owned billion-dollar company, TLC Beatrice International. His journey from humble beginnings to becoming a trailblazing business magnate is a testament to his determination, strategic brilliance, and unwavering belief in his abilities, according to Forbes.
Born on December 7, 1942, in Baltimore, Maryland, Lewis grew up in a working-class family. His grandfather, a janitor, instilled in him the value of education and hard work. Lewis excelled academically and athletically, earning a scholarship to Virginia State University. He later transferred to Harvard Law School, where he became the first African American to graduate from its law program without having first completed an undergraduate degree.
After graduating from Harvard in 1968, Lewis began his career as a lawyer in New York City. He quickly gained a reputation for his sharp legal mind and entrepreneurial spirit. In 1970, he co-founded the law firm Wallace, Murphy, Thorpe & Lewis, which specialized in corporate law. However, Lewis had bigger ambitions. He wanted to move beyond the legal profession and into the world of business.
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In 1983, Lewis made his first major business move by orchestrating a leveraged buyout of McCall Pattern Company, a struggling home sewing pattern business. Through strategic restructuring and cost-cutting measures, he turned the company around and sold it two years later for a $50 million profit. This success marked the beginning of Lewis’s career as a dealmaker and set the stage for his next, even more ambitious venture, according to Forbes.
In 1987, Lewis set his sights on Beatrice International Foods, a multinational food conglomerate with operations in 31 countries. The company was a subsidiary of Beatrice Companies, which was being dismantled after a leveraged buyout. Lewis saw an opportunity to acquire the international division and transform it into a global powerhouse, as per Black Enterprise.
According to Forbes, he secured $985 million in financing, which at the time was the largest leveraged buyout ever conducted by a Black-owned business. He teamed up with Michael Milken, the junk bond impresario and senior executive of the now-defunct investment bank of Drexel Burnham Lambert, to acquire Beatrice International Foods, his website says.
“I had been looking for the individual that I felt could be the Jackie Robinson of business and I saw that in Reg,” 74-year-old Milken told Forbes in 2021. “When the Beatrice deal came about, a lot of people at my own firm were competing for it, but I felt Reg had done the best job analyzing the opportunity so I agreed to back him with a $1 billion commitment.”
After acquiring the company, Lewis renamed it TLC Beatrice International, taking on the roles of chairman and CEO.
Under Lewis’s leadership, TLC Beatrice International underwent a remarkable transformation. He streamlined operations, expanded product lines, and implemented strategies that significantly increased the company’s profitability.
By 1992, just five years after the acquisition, TLC Beatrice International was generating over $1.8 billion in annual revenue. This achievement made it the first Black-owned billion-dollar company in history.
The success of TLC Beatrice International not only solidified Lewis’s legacy as a trailblazing entrepreneur but also paved the way for future generations of minority business leaders.
Tragically, Lewis’s life was cut short when he died of brain cancer in 1993 at the age of 50. However, his legacy endures. The Reginald F. Lewis Foundation, established before his death, continues to support educational and cultural initiatives.
In 2005, the Reginald F. Lewis Museum of Maryland African American History & Culture opened in Baltimore, honoring his contributions to business and society.
