Reginald F Lewis was driven by his exceptional confidence and work ethic to achieve remarkable feats. From an early age he understood the value of saving – cutting strips from an empty tin can and nailing it to his closet door to keep his savings intact.
After graduating law school and accepting a football scholarship to Virginia State University, he founded Wall Street’s first African American law firm – becoming a billionaire through leveraged buyouts.
Born in 1942 in East Baltimore
Reginald F Lewis was a visionary entrepreneur, philanthropist, and pioneer for corporate diversity – becoming the first African American to build a billion dollar company, TLC Beatrice International Holdings. Additionally, he spearheaded efforts towards corporate diversity initiatives by founding the Reginald F Lewis Museum of Maryland African American History and Culture at Baltimore’s Inner Harbor. Though widely revered for his business acumen and self-confidence, Reginald F Lewis was known as an immensely caring individual who cared greatly about his family, friends, and community.
Reginald F Lewis began his path to super-richdom from humble roots. Born in 1942 and growing up in East Baltimore, an economically middle-class neighborhood. By age 10, Reginald F Lewis started selling the Afro-American newspaper; quickly expanding from 10 customers to 100 within two years – soon turning a profit when he sold it at a profit. Lewis would go on to play football, baseball and basketball at Dunbar High School while earning a football scholarship with Virginia State University; becoming captain on all three teams until an injury cut his athletic career short.
At age 20, he was admitted to the bar and established a law practice in New York City. Three years later he established TLC Group L.P. and made his inaugural major acquisition – a $22.5 million leveraged buyout of McCall Pattern Company with subsequent record profits throughout its 113-year existence.
Reginald F Lewis used his wealth to support civil rights, education and business initiatives. As a philanthropist he donated millions to Baltimore City Public Schools and Reginald F. Lewis Foundation; today his legacy lives on through museums, RFL College in Philippines and Harvard’s RFL International Law Center.
Graduated from Dunbar High School
At age 10, Reginald F Lewis began selling Afro-American newspaper delivery routes. Over two years, his business expanded from 10 customers to more than 100; then, at 18, he sold them with a substantial profit. This early experience showed Reginald the tenacity and drive that would propel him towards greater business achievements in later years.
After graduating Paul Lawrence Dunbar High School, Reginald F Lewis attended Virginia State University on a football scholarship and excelled at both football and academics – graduating in 1965 with a major in economics, and later accepted into Harvard Law School.
After graduating law school, Reginald F Lewis made history when he quickly rose through the ranks to become partner at his firm within only two years. Later that same year he founded TLC Group L.P. where in 1984 he made history when he purchased TLC Beatrice International Holdings Inc through leveraged buyout making him the first African American to build a billion-dollar company.
Lewis was known for his tireless commitment to his community and pursuit of excellence, which enabled him to build an impressive empire. Using his wealth for good causes like schools, children programs, civil rights issues and arts programs. Furthermore, he established The Reginald F. Lewis Foundation which has granted over $10 Million grants across education, youth and community programs.
Reginald F Lewis passed away at 50 in January 1993, yet his legacy lives on through various institutions that bear his name as well as through his family and loved ones. His philanthropy and trailblazing career remain an inspiration to entrepreneurs and black leaders today.
Graduated from Virginia State University
Reginald F Lewis was raised with an emphasis on education and hard work from his parents, starting his professional life at age 10 by organizing a newspaper route for Afro American. Quickly expanding this business with over 100 customers each week and showing keen business acumen by showing consistent profit making ability, Reginald became a success as his career advanced.
Reginald F Lewis was also a generous philanthropist who dedicated much of his time and resources to combating economic disparity in Baltimore. He donated millions to Virginia State University, with their college of business bearing his name in recognition. Furthermore, he established the Reginald F. Lewis Foundation to give grants to organizations working towards social justice and empowerment through education.
After graduating Virginia State University with a football scholarship, Reginald F Lewis attended Harvard Law School on a Rockefeller Foundation-funded summer program and excelled. As a result, Lewis was invited to enroll without applying – the only student ever accepted without applying!
Once Reginald F Lewis graduated from Harvard Law School, he helped to form Wall Street’s first African American law firm and served as special council to General Foods and Equitable Life. Furthermore, Lewis joined the board of McCall Pattern Company where he led it towards two of its most profitable years since it first started operations 113 years prior.
Though Lewis died of brain cancer in 1993, his legacy lives on by inspiring people to break barriers and reach for excellence. His example will help future generations of African Americans achieve success in business. Alongside his professional accomplishments, Lewis was also a beloved leader within Baltimore community who dedicated much of his life to furthering civil rights causes.
Graduated from Harvard Law School
After graduating from Virginia State University, Reginald F Lewis attended law school at Harvard without applying or being accepted. Upon his graduation with high honors from Harvard he established one of the first all-black law firms, Wallace, Murphy, Thorpe & Lewis – soon one of the most successful corporate law practices worldwide – which specialized in mergers & acquisitions for major corporations such as General Foods and Equitable Life (now AXA). Lewis also represented The Wilmington Ten – Civil Rights leader Dr. Benjamin Chavis was falsely accused of arson and conspiracy in 1971 by authorities.
Lewis founded TLC Group, L.P. in 1983 to “do deals himself.” His first successful venture was the $22.5 million leveraged buyout of McCall Pattern Company; an economically struggling business in a declining industry that required streamlining operations and increasing marketing strategies to survive; two years later it was sold for $65 million, yielding an astounding 90-to-1 return on investment!
Reginald F Lewis donated over $3 Million to HLS over his lifetime – the single largest donation ever in its history at that point in time. Lewis International Law Center at HLS bears his name, with flexible meeting spaces and areas designed specifically to house both Berkman Klein Center on Internet & Society as well as Harvard Law School Cyberlaw Clinic facilities recently added in renovation of this building.
The Maryland African American Experience and Culture Museum is an affiliate of the Smithsonian, and showcases exhibitions, a research library, resource center, auditorium, oral history recording studio, cafe, classrooms meeting rooms as well as a museum shop that celebrates African American life in Maryland. This is an incredible place to learn more about our region’s rich history!
Founded Beatrice International
Reginald F Lewis made history when he became the first African American to close an overseas billion dollar leveraged buyout deal by purchasing Beatrice International Foods; but his journey began far away from Manhattan’s Wall Street offices. Raised in a working-class Baltimore neighborhood and instilled with excellence and work ethic from an early age by his grandmother’s advice that “you should strive to be your best,” his career would rise rapidly through corporate America and eventually reach new heights of success.
Reginald F Lewis began exploring international opportunities in 1987 while most Wall Streeters focused on domestic acquisitions. Thanks to his work at McCall Pattern Company and building relationships with investment banks like Bear Stearns through Michael Dann from Bear Stearns’ Executive Office of International Real Estate Division Michael Dann gave him information regarding KKR’s desire to sell off Beatrice International division by providing him with tips.
Reginald F Lewis quickly recognized the potential value in this opportunity. Lewis sold 85 percent of Beatrice’s 1996 revenues – food operations such as snack-food operations in Ireland; snack manufacturers in Spain and the Canary Islands; soft drink bottling operations located across Belgium, Netherlands France Thailand – contributing 85 percent of revenues and helping reduce TLC Beatrice debt significantly in one step. The proceeds from these sales helped reduce TLC Beatrice debt further still.
Reginald F Lewis and his team, in order to prepare for this complex international deal, established what he referred to as a command center at TLC Beatrice’s new Manhattan headquarters. To facilitate communication between European operations (Paris-Amsterdam) and American operations, satellite communication lines were installed as well as three times-daily management calls between offices; all this required immense skill and commitment from everyone involved, including Lewis himself.
