Lehman Brothers Collection - Contemporary Business Archives

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Twentieth-Century Business Archives

Levin-Townsend Computer Corporation - Lehman Brothers Collection

Levin-Townsend Computer Corporation

List of Deals

The Levin-Townsend Computer Corporation was incorporated in New Jersey in December 1963 by Howard S. Levin and James E. Townsend. It was engaged in the business of leasing electronic data equipment, including general and special purpose computers, peripheral data-processing equipment, input and output devices, and related communications devices, substantially all of which were manufactured by International Business Machines. It also served as the agent for Greyhound Leasing & Financial Corporation, a subsidiary of Greyhound Corporation. The company also operated a subsidiary, Levin-Townsend Service Corporation, which performed computer programming, designed management systems, and operated processing centers.

Levin-Townsend earned $1,862 from $86,280 in 1963; five years later, in 1968, net income was $1.2 million on sales of $10.5 million.

Levin-Townsend acquired all of the outstanding stock of Dynamic Development Corporation and Canaveral Investment Land Corporation in February 1968 in exchange for 120,000 shares of common stock valued at approximately $3.9 million. In March 1968 Levin-Townsend formed a subsidiary, Levin-Townsend Enterprises, to own these companies. The subsidiaries were engaged in the Florida real estate business, selling property for their own accounts and acting as brokers for others. Some of the property that they acquired was leased to Buckeye Pipe Line Company for the purpose of constructing a pipeline. They also owned other real estate holdings that included the 160 room Bonanza Hotel and Casino in Las Vegas, 4,000 acres of land near New Orleans, two shopping centers in Toronto, and a controlling interest in Cobb Company, which franchises roadside restaurants.

Levin-Townsend acquired Russell M. Tolley & Associates in August 1968 through its service subsidiary for approximately $4 million in stock. Tolley, based in Indianapolis, was an actuarial consulting and administrative organization with annual revenue of about $3.8 million.

In September 1968 Levin-Townsend bought a 51 percent controlling interest in National Equities, a real estate company that had previously owned the Boston Celtics basketball team.

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