The firm was founded by former US Secretary of the Treasury William E. Simon and former New Jersey Nets owner Ray Chambers.
"[1] The success of the Gibson Greetings investment attracted the attention of the wider media to the nascent boom in leveraged buyouts.
Other investments include Simmons Co.,[6] RKO Pictures (September 1987),[7] Simplicity Patterns,[8] Six Flags, Ally & Gargano, Western Auto,[9] and The Outlet Company.
John D. Howard, who had been a senior vice president and partner at Wesray would become co-CEO of Vestar and later CEO of Bear Stearns Merchant Banking (Irving Place Capital).
In addition Wesray Capital took over The William Carter Company of Needham Ma, in June 1988 for the sum of $115 million.