Willis Stein & Partners was a
private equity firm
A private equity firm or private equity company (often described as a financial sponsor) is an investment management company that provides financial backing and makes investments in the private equity of a Startup company, startup or of an existin ...
focused on
leveraged buyout
A leveraged buyout (LBO) is the acquisition of a company using a significant proportion of borrowed money (Leverage (finance), leverage) to fund the acquisition with the remainder of the purchase price funded with private equity. The assets of t ...
transactions for
middle-market companies. The firm was wound down in 2012.
The firm's most notable investments included
Ziff Davis
Ziff Davis, Inc. is an American digital media and internet company. Founded in 1927 by William Bernard Ziff Sr. and Bernard George Davis, the company primarily owns technology- and health-oriented media websites, online shopping-related servi ...
,
Roundy's,
Jays Foods,
Lincoln Snacks Company and Petersen Publishing Company (publisher of
Motor Trend
''Motor Trend'' is an American automobile magazine. It first appeared in September 1949, and designated the first Car of the Year, also in 1949.
Petersen Publishing Company in Los Angeles published ''Motor Trend'' until 1998, when it was sold ...
).
The firm was headquartered in
Chicago
Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
and was founded in 1995.
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
The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...
, 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.
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.
Willis Stein Said to Target $1 Billion Fund
" New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...
, March 26, 2008
* Willis Stein & Partners (1995) - $343 million
* Willis Stein & Partners II (1998) - $840 million
* Willis Stein & Partners III (2000) - $1.8 billion
* Willis Stein & Partners IV (Announced) - $1.0 billion target
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.
External links
Willis Stein & Partners
(company website)
Willis Stein & Partners Agrees to Acquire Ziff-Davis Publishing for $780 Million - Company Business and Marketing
References
{{DEFAULTSORT:Willis Stein and Partners
Private equity firms of the United States
Financial services companies established in 1995
Companies based in Chicago