By Christian Olaniran
/ CBS Baltimore
CBS News Live
BALTIMORE — Reginald F. Lewis was a visionary entrepreneur, philanthropist, and most notably - the first African American to build a billion-dollar company, TLC Beatrice International Holdings Inc.
Lewis was born on December 7, 1942, and grew up in East Baltimore.
By the age of 10, Lewis had set up his own delivery service that he used to distribute the Afro-American Newspaper. By the age of 12 he was able to sell his paper-route after growing it to over 100 customers.
Later, Lewis would attend Dunbar High School in West Baltimore where he would excel in football, basketball, and baseball.
After graduating from high school in 1961, he went on to attend Virginia State University where he had been awarded a football scholarship. He earned a degree in economics at VSU, before being invited to attend Harvard Law School in 1965. He was the only student in the history of the institution to be admitted without applying.
After college, Lewis worked for several law firms before starting his own law practice that focused on corporate law, mergers, and acquisitions.
In 1984, he made history by acquiring TLC Beatrice International Holdings Inc., a multinational food company, in a leveraged buyout worth $985 million. This made Lewis the first African American to build a billion-dollar company.
Under Lewis' leadership, TLC Beatrice International Holdings became one of the largest black-owned businesses in the world, with operations in more than 30 countries. Lewis was known for his innovative business strategies and investments, and was considered a successful and visionary entrepreneur.
Aside from his business achievements, Lewis was also a philanthropist. He established the Reginald F. Lewis Foundation to support education, culture and economic development. He also donated millions of dollars to various educational institutions, including his alma mater, Virginia State University.
Reginald F. Lewis passed away on January 19, 1993, at the age of 50. He left a lasting legacy as a successful businessman and philanthropist, and continues to inspire future generations of entrepreneurs and business leaders. He is widely regarded as one of the greatest African American business leaders of all time, and his life and work serve as a testament to the power of hard work, determination, and vision.
Christian Olaniran is a Digital Producer for CBS News Baltimore, where he writes stories on diverse topics including politics, arts, culture, sports and more. He also creates engaging social media content to complement news coverage.
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As a seasoned expert in business history and African American entrepreneurship, I can attest to the remarkable legacy of Reginald F. Lewis, the visionary entrepreneur and philanthropist featured in the CBS Baltimore article by Christian Olaniran on February 6, 2023.
Reginald F. Lewis was not just an entrepreneur; he was a trailblazer who achieved the extraordinary feat of building the first billion-dollar company by an African American. My extensive knowledge in business history allows me to appreciate the significance of his accomplishment. Lewis acquired TLC Beatrice International Holdings Inc. in 1984 through a leveraged buyout valued at $985 million, making history as the first African American to lead a billion-dollar enterprise.
Lewis's journey began in East Baltimore, where he demonstrated his entrepreneurial spirit at a young age by establishing a delivery service for the Afro-American Newspaper. By the age of 12, he had successfully expanded his paper route to over 100 customers, showcasing early signs of his business acumen. His educational background, highlighted in the article, includes attending Dunbar High School in West Baltimore, excelling in sports, and later earning a degree in economics from Virginia State University.
Remarkably, Lewis's entry into Harvard Law School without applying is a testament to his exceptional abilities and sets him apart in history. After completing his education, he ventured into corporate law, mergers, and acquisitions before making a significant mark in the business world with the acquisition of TLC Beatrice International Holdings Inc.
Under Lewis's leadership, TLC Beatrice International Holdings grew into one of the largest black-owned businesses globally, operating in over 30 countries. His innovative business strategies and investments showcased his visionary approach, solidifying his reputation as a successful entrepreneur.
Beyond business, Lewis was a dedicated philanthropist. The establishment of the Reginald F. Lewis Foundation underscored his commitment to supporting education, culture, and economic development. His generous donations to various educational institutions, including Virginia State University, further exemplified his desire to uplift others.
Regrettably, Lewis passed away on January 19, 1993, at the age of 50, but his enduring legacy lives on. His life story serves as an inspiration to future generations of entrepreneurs and business leaders, emphasizing the values of hard work, determination, and vision.
In conclusion, my in-depth understanding of business history, coupled with my expertise in African American entrepreneurship, allows me to affirm the historical significance of Reginald F. Lewis's achievements as outlined in the CBS Baltimore article by Christian Olaniran.
