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TLC Corporate Headquarters Address, CEO Email Address, and Corporate Office Info
TLC Beatrice International Holdings, Inc. is inextricably linked to the late Reginald F. Lewis, a Harvard-educated lawyer turned entrepreneur. Lewis, known as a tough negotiator, was a master of the leveraged buyout game in the 1980s; TLC (which stands for “The Lewis Company”) is the consequence of Lewis’s astute manoeuvring. Lewis formed TLC Group, Inc. in 1983 as a holding company for his acquisition of McCall Pattern Company; he invested $1 million in the sewing pattern company and sold it in mid-1987 for a 90-to-1 profit. Lewis then leveraged those strong earnings to complete a $985 million leveraged purchase of Beatrice Company’s worldwide foods segment in late 1987.
TLC Beatrice became generally acknowledged as the nation’s largest black-owned business throughout the next decade (as determined by Black Enterprise magazine). The company preserved the distinction even after Lewis’s unexpected demise in early 1993, when the Lewis family—led by Lewis’s widow, Loida Lewis of Philippine ancestry—acquired a controlling interest. However, in late 1997, the company sold its food distribution operation, which had generated 85 percent of revenues in 1996. TLC Beatrice was left with an Irish snack food firm, ice cream manufacturers in Spain and the Canary Islands, and soft drink bottling operations in the Netherlands, Belgium, France, and Thailand&mdash a set of enterprises that generated approximately $358 million in revenue in 1996.
Reginald Francis Lewis was born in East Baltimore on December 7, 1942. Lewis shown an entrepreneurial drive early on as a child growing up in a working-class neighbourhood he described as “semi-tough.” He took his first job selling the twice-weekly Baltimore Afro-American, the local black newspaper, at the age of ten and swiftly expanded his route from ten to more than one hundred consumers. While he was away at summer camp, his mother assumed responsibility for the route, with Lewis paying her a wage and pocketing the proceeds. Soon afterwards, he began delivering the daily Baltimore News American and sold his Baltimore Afro-American route to a buddy for $30.
Lewis had various jobs throughout high school and was a standout on the baseball pitch and football gridiron. Following graduating in 1961, he enrolled on a football scholarship at Virginia State University, a historically black institution. During his freshman year, however, a chronic shoulder issue forced Lewis to prioritise academics, resulting in the loss of his scholarship. Following graduation in 1965, his attendance at a Harvard University summer legal programme earned him admission to Harvard Law School despite his less-than-stellar college scores and lack of LSAT preparation.
Lewis graduated from law school in 1968 and was assigned to the corporate law department at the prestigious Manhattan law firm Paul, Weiss, Rifkind, Wharton & Garrison, where he gained invaluable experience handling a variety of tasks, including corporation formation, securities law filings, joint venture agreements, and various venture capital transactions. Lewis remained at Paul, Weiss until 1970, when he established his own law company specialising in venture finance, particularly in the developing market for Minority Enterprise Small Business Investment Companies.
These venture capital firms, dubbed MESBICs and managed under the aegis of the United States Small Business Administration (SBA), were founded by corporations or foundations and invested money—including SBA matching funds—into minority-owned enterprises. Lewis rose to prominence as a specialist in MESBICs, gaining valuable experience structuring acquisitions using debt financing, which he drew extensively on for his 1980s LBOs.
Lewis remained active in MESBIC research into the early 1980s. Meanwhile, Lewis began looking for acquisition possibilities, desiring to take over and operate businesses himself rather than simply assisting others in doing so. In 1975, he attempted but failed to acquire Parks Sausage, a Baltimore-based black-owned business. Lewis attempted another unsuccessful takeover attempt two years later, this time of Almet, a Vernon, California-based producer of leisure furniture.
The transaction broke apart at the last minute after 18 months of discussions. Lewis purchased a radio station in the United States Virgin Islands in 1982 with the intention of using it as the headquarters for a regional Caribbean Basin Broadcasting network. These lofty ambitions, however, never realised, as the station was perpetually in the red, prompting Lewis to sell it in July 1986.TLC Group Was Founded in 1983 with the Purpose of Acquiring McCall Pattern.
Lewis was finally able to enter the fray himself just as the peak period for business takeovers and leveraged buyouts began. In a hostile takeover in 1983, the conglomerate Esmark, Inc. acquired another conglomerate, Norton Simon Industries. Lewis discovered through a Fortune magazine storey that one of the Norton Simon enterprises Esmark intended to offload was McCall Pattern Company, an 1870-founded manufacturer of home sewing patterns. With fewer and fewer people sewing at home, McCall appeared to be declining—despite profits of $6 million on sales of $51.9 million in 1983. McCall was ranked second in its category at the time, with 29.7 percent of the market, trailing industry leader Simplicity Patterns’ 39.4 percent.
Lewis formed a holding company, TLC Group, Inc., in mid-1983 to facilitate his effort to acquire McCall. TLC Group purchased McCall in January 1984 after receiving $24 million in finance from investment banking firm First Boston Corp. and putting up $1 million in cash, part of which was secured through personal loans. Lewis had successfully completed his initial LBO.
TLC Corporate Headquarters Address and Phone Number
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TLC Corporate Headquarters Address
Silver Spring, Maryland
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TLC Contact Details
TLC Headquarters Contact Details: NA
TLC Headquarters Address: Silver Spring, Maryland, United States
TLC Headquarters Phone Number: (240) 662-3709.
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TLC Headquarters Office Email ID: NA
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