Willis Stein & Partners

Last updated
Willis Stein & Partners
Company type Private Ownership
Industry Private Equity
Founded1995;29 years ago (1995)
FounderJohn Willis, Avy Stein
Headquarters Chicago, Illinois, United States
Products Private equity funds, Leveraged buyouts
Total assets $3.0 billion [1]
Website www.willisstein.com

Willis Stein & Partners was a private equity firm focused on leveraged buyout transactions for middle-market companies. The firm was wound down in 2012. [2]

Contents

The firm's most notable investments included Ziff Davis, Roundy's, Jays Foods, Lincoln Snacks Company and Petersen Publishing Company (publisher of Motor Trend). [3] [4] [5]

The firm was headquartered in Chicago and was founded in 1995. [6]

History

Prior to founding the firm John Willis and Avy Stein were executives of Continental Illinois Venture Corp. (CIVC), the private equity arm of Continental Illinois National Bank and Trust Company. When Continental Illinois was acquired in 1994 by Bank of America, John Willis and Avy Stein, who had run the group at Continental Illinois left to form Willis Stein & Partners. They were quickly able to raise over $300 million of investor commitments. [7]

Investment funds

Since its inception in 1995, Willis Stein raised three private equity funds with nearly $3.0 billion of investor commitments. As of 2007, the firm had announced the launch of a fourth fund. Due to mixed results in its 2000 vintage fund, Willis Stein waited nearly eight years before launching a new fund and when it did so the firm significantly decreased its target fund size relative to its last fund. [8]

Willis & Stein Partners were known for purchasing for-profit educational institutions and consolidating resources for additional profit margins. At one point they owned over 92 for-profit educational institutions, with plans to close 22 locations due to low profits.

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References

  1. Capital raised since inception
  2. Marek, Lynne; Strahler, Steven R. (26 May 2012). "Money starts flowing again". Chicago Business. Retrieved 12 January 2024.
  3. Griffith, Erin (29 October 2015). "How Ziff Davis survived the death of print". Fortune . Retrieved 18 December 2018.
  4. Gallun, Alby (April 10, 2002). "Willis Stein picks up Roundy's". Crain's Chicago Business . Retrieved December 19, 2017.
  5. Howe, Tom (29 October 2007). "Jays Foods may shut down plant in Butler". Milwaukee Business Journal. Retrieved 18 December 2018.
  6. Marek, Lynne (11 June 2018). "New Chicago investment firm attracts $2 billion in assets". Crain's Chicago Business . Retrieved 18 December 2018.
  7. Gruber, William (28 June 1996). "New Capital Investment Fund Up and Running". Chicago Tribune . Retrieved 18 December 2018.
  8. "Willis Stein Said to Target $1 Billion Fund." New York Times, March 26, 2008