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Willis Stein & Partners

Medium
Chicago, United States · Founded 1995 · AUM $3.0 billion · Website
Leveraged BuyoutMiddle-MarketConsolidation/Roll-upMediaConsumer Products snacksEducationRetail/GroceryHealthcare ServicesNorth America
Last verified
8/19/2026

Firm Overview

82
Portfolio tracked
5
Sectors
1
Regions
8/19/2026
Last verified

Willis Stein & Partners was a Chicago-based private equity firm that focused on leveraged buyout transactions for middle-market companies.

Founded in 1995 by John Willis and Avy Stein, Willis Stein & Partners was established following the acquisition of Continental Illinois by Bank of America. The founders, who previously led the private equity arm of Continental Illinois, raised over $300 million for their initial fund and eventually managed three private equity funds totaling nearly $3.0 billion in commitments.

The firm specialized in middle-market leveraged buyouts, with a particular focus on sectors such as media, consumer products, and for-profit education. At its peak, the firm was known for aggressive consolidation strategies, particularly in the educational sector where it owned over 92 institutions.

Despite its early success and the announcement of a fourth $1 billion fund in 2007, the firm faced challenges due to mixed results from its 2000 vintage fund. These performance issues led to a significant delay in fundraising efforts, and the firm ultimately wound down its operations in 2012.

Founded1995
HeadquartersChicago, United States
AUM$3.0 billion
Target investmentMiddle-market
StrategiesLeveraged Buyout, Middle-Market, Consolidation/Roll-up
Sector focusMedia, Consumer Products snacks, Education, Retail/Grocery, Healthcare Services
Geographic focusNorth America

Leadership

John Willis
Founder
Prior to founding the firm, John Willis was an executive at Continental Illinois Venture Corp. (CIVC).
Avy Stein
Founder
Avy Stein co-founded the firm after serving as an executive at Continental Illinois Venture Corp. (CIVC).

Notable Investments

Ziff DavisRoundy'sJays FoodsLincoln Snacks CompanyPetersen Publishing CompanyNational Veterinary Associates

Historical and current deals referenced in public sources.

Portfolio Companies

Portfolio not yet mapped for Willis Stein & Partners.

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Portfolio Web Readiness

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Sources

This profile is based on publicly available information and may be incomplete or outdated. PE Firm Index is not affiliated with Willis Stein & Partners and does not provide investment advice.

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