Willis Stein & Partners
Encyclopedia
Willis Stein & Partners is a private equity
firm focused on leveraged buyout
transactions for middle-market companies.
The firm's most notable investments have included Ziff Davis
, Roundy's
, Jays Foods
, Lincoln Snacks Company
and Petersen Publishing Company (publisher of Motor Trend
).
The firm is headquartered in Chicago
and was founded in 1995.
. 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.
Subsequently, the remaining CIVC team would form a semi-independent private equity firm, CIVC Partners
with backing from Bank of America
. CIVC is today a mid-sized middle-market private equity firm based in Chicago. CIVC announced in 2007 it was seeking to raise its first private equity fund
with primarily third-party capital.
Since its inception in 1995, Willis Stein has 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.
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm focused on leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
transactions for middle-market companies.
The firm's most notable investments have included Ziff Davis
Ziff Davis
Ziff Davis Inc. is an American publisher and Internet company. It was founded in 1927 in Chicago by William B. Ziff, Sr. and Bernard G. Davis. Throughout most of its history, it was a publisher of hobbyist magazines, often ones devoted to expensive, advertiser-rich hobbies such as cars,...
, Roundy's
Roundy's
Roundy's Supermarkets is a Milwaukee, Wisconsin-based supermarket chain with 154 stores in Minnesota and Wisconsin, and 4 stores in Illinois...
, Jays Foods
Jays Foods
Jays Foods, Inc. is a manufacturer of snack products including potato chips, popcorn and pretzels. Jays Foods was founded in 1927 in Chicago, Illinois and is currently a subsidiary of Snyder's of Hanover. Operating in several Midwestern states, Jays Foods' potato chips and popcorn maintain...
, Lincoln Snacks Company
Lincoln Snacks Company
The Lincoln Snacks Company was a manufacturer of caramelized popcorn and popcorn/nut mixes. Lincoln Snacks’ products are produced in Lincoln, Nebraska and sold nationally under the Poppycock, Fiddle Faddle and Screaming Yellow Zonkers brand names. Lincoln Snacks became a subsidiary of ConAgra...
and Petersen Publishing Company (publisher of Motor Trend
Motor Trend
Motor Trend is an American automobile magazine. It first appeared in September 1949, issued by Petersen Publishing Company in Los Angeles, and bearing the tag line "The Magazine for a Motoring World". Petersen Publishing was sold to British publisher EMAP in 1998, who sold the former Petersen...
).
The firm is headquartered in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
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 CompanyContinental Illinois National Bank and Trust Company
The Continental Illinois National Bank and Trust Company was at one time the seventh-largest bank in the United States as measured by deposits with approximately $40 billion in assets. In 1984, Continental Illinois became the largest ever bank failure in U.S. history, when a run on the bank led to...
. When Continental Illinois was acquired in 1994 by Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
, 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.
Subsequently, the remaining CIVC team would form a semi-independent private equity firm, CIVC Partners
CIVC Partners
CIVC Partners, previously known as Continental Illinois Venture Corporation, is a Chicago-based private equity firm that presently has over $1.3 billion of equity capital under management. The firm's predecessor was established in 1970 as a subsidiary of Continental Illinois National Bank and Trust...
with backing from Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
. CIVC is today a mid-sized middle-market private equity firm based in Chicago. CIVC announced in 2007 it was seeking to raise its first private equity fund
Private equity fund
A private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity....
with primarily third-party capital.
Since its inception in 1995, Willis Stein has 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 & 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