Reginald Lewis purchased Beatrice International Food from Beatrice Companies in 1987. The company was renamed TLC Beatrice International, and sold snack foods, drinks in addition to being a grocery store giant. At the time Beatrice was the largest black owned and managed company in the United States. The deal was financed in part by Michael Milken of Drexel Burnham Lambert, the investment bank. Beatrice became the first African-American owned company to report revenue over $1 billion when it earned $1.8 billion in 1987. At its high point TLC Beatrice International Holdings Inc. had sales amounting to $2.2 billion and was listed as number 512 on Fortune’s list of the 1,000 largest companies.
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