Suburban philanthropist added to family's tool legacy

Allen D. Petersen ~ 1944-2007

Allen D. Petersen was the grandson of a Danish immigrant and inventor. That entrepreneurial spirit clearly rubbed off.

Petersen, of Barrington Hills, rose to become co-CEO and co-chairman of Petersen Manufacturing Co., then founded American Tool Cos. Inc., which was eventually based in Hoffman Estates.

Peterson died Sunday at his home. He was 66.

Born in DeWitt, Neb., in 1941, Petersen was the grandson of William Petersen, who invented the Vise-Grip locking pliers.

Before getting involved with the family business, Allen Petersen graduated from Colorado College and attended Northwestern University's Kellogg Graduate School of Management.

He also served as a first lieutenant in the U.S. Army and served in Vietnam.

In 1966, Petersen returned to Nebraska and joined Petersen Manufacturing Co., makers of the his grandfather's invention, as an assistant sales manager.

Jeremy Hobbs, Petersen's longtime colleague, said he had a unique ability of being able to talk to anyone he came across.

"He was incredibly intelligent and amazingly articulate, but he was also a very humble man," Hobbs said.

In 1985, Petersen founded American Tool Cos. and built it into the largest privately held hand tool and power tool accessory company in the world.

"It was an incredible accomplishment," Hobbs said.

Petersen sold the company in 2002, but his business endeavors continued. Later that year he co-founded Chicago-based Draupnir LLC, a private holding and operating company with interests in a variety of manufacturing, sales and marketing companies, including Petersen Brands, a company that was named for him.

Besides his business work, Petersen was involved in many charitable endeavors.

In 1997, he established The Lifeboat Foundation, an organization dedicated to assisting young people who have encountered obstacles and adversity in achieving their dream of a college education.

Survivors include sister Ane Shields of Missoula, Mont., and brother Richard Petersen Jr. of Rockwall, Texas, and other extended family.

A service is planned for 2 p.m. today in the Grand Ballroom of the Ritz-Carlton Hotel in Chicago.

In lieu of flowers, contributions can be made to the Allen D. Petersen Memorial Scholarship Fund and sent to Draupnir, LLC, at 515 N State St., Suite 2650, Chicago, IL 60610, Attn: Jeremy Hobbs.