WinImp has been re-released as freeware. This archiver can create Zip files, and extract from the usual list of Zip, ARJ, RAR, and so on. It includes a couple of proprietary (BWT-based?) algorithms that purport to do well on text files.

DataCompression.info user Mike notes that It includes 2 very good
compression methods and only the new versions of Winrar, Winace or Rk can compete with the compression ratios of Winimp.

http://www.technelysium.com.au/winimp.html