CHAMPAIGN, Ill. — A Chicago businessman and his wife have donated $150 million to the College of Business at the University of Illinois Urbana-Champaign campus.

School officials said Thursday morning that the school will now be known as the Gies (GEES’) College of Business after the gift from Larry and Beth Gies. Both are University of Illinois graduates. Larry Gies said in a statement that the college is special to him and where he “developed a foundation for success.” He says the investment is about the students.

Gies is founder, president and CEO of Madison Industries, a privately held company that has owned or operated more than 100 businesses.

UIUC chancellor Robert Jones said the donation will let the school “significantly increase” investments in students, faculty and programs. The business school has more than 5,100 students.