Dream Wired
No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
No Result
View All Result
Dream Wired
No Result
View All Result
Home DramaAlert

Ariel Alternatives’ Project Black Buys Majority Stake Of My Code

rmtsa by rmtsa
December 3, 2023
in DramaAlert
0
Ariel Alternatives’ Project Black Buys Majority Stake Of My Code
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Trump Lays Off More Than 4,000 Workers During Shutdown

Rebecca Ferguson Revisits “Idiot” Co-Star She Spoke About Last Year

Diane Keaton, Oscar-winning star of ‘Annie Hall’ and ‘The Godfather,’ dies at 79 – National

Ariel Investment, Ariel Alternatives

by Jeffrey McKinney

December 3, 2023

In its third acquisition under Project Black, Ariel Alternatives has purchased the multicultural media and marketing services firm My Code.

The private equity arm of Ariel Investments, Ariel Alternatives purchased a nearly 60% stake in My Code from existing investors, including the private equity firm Falfurrias Capital Partners, along with other shareholders at an enterprise valuation of $400 million. The sellers will retain a minority stake in My Code.

Project Black is not done on the acquisition front. The fund aims to pursue 6 to 10 middle-market platform companies with revenues between $100 million and $1 billion.

The latest deal occurred through Project Black, a $1.45 billion inaugural private equity fund Ariel Alternatives uses to buy businesses that are and are not now minority-owned businesses. The fund intends to transform them into certified minority business enterprises that can serve as suppliers of scale to Fortune 500 companies. The purchase is the fund’s first acquisition in the marketing and advertising space.

Founded in 2015, My Code offers solutions to brands that meet the rapidly growing need for multicultural marketing, based on provided materials.  It has a network of over 1,200 publishing partners that reach diverse audiences. One is the  110-year-old El Diario, the U.S.’s oldest Spanish-language newspaper. The firm declares it has gained differentiated access and insights to diverse consumer groups, including Hispanic and Black audiences

“We chose to partner with a business that shares our passion for speaking directly to diverse audiences, ultimately closing the racial information and opportunity gap,” stated Leslie Brun, co-founder, chairman, and CEO of Ariel Alternatives. “We will work hard to scale My Code by providing access to both capital and customers.”

Ariel Investments, No. 1 on the BE Asset Managers list, has about $15 billion in assets under management. The Chicago-based Ariel is the nation’s first Black-owned mutual fund firm celebrating its 40th anniversary this year.  Mellody Hobson, president and co-CEO of Ariel Investments, is co-founder of Ariel Alternatives.

Since Project Black’s first acquisition, Ariel Alternatives has been working diligently to identify the next platform to position as Tier 1 suppliers, Parker Morse, a spokesperson for Brun and My Code CEO, told BLACK ENTERPRISE.

“My Code offers the opportunity to further diversify the portfolio with a company keeping pace in a rapidly evolving industry and strongly connects with Project Black’s mission to create scalable, sustainable minority-owned businesses,” Morse said.

With its first purchase under Project Black, Ariel Alternatives acquired Sorenson, a top communications provider for people who are deaf and hard-of-hearing, in a deal reportedly worth $1.3 billion in April 2022. In another deal, Ariel Alternatives bought a 70% stake in the translation-services company CQ Fluency in May 2023.

The fresh acquisition enables My Code to drive growth through an alignment of interests with an investor that shares Project Black’s purpose.

In the near term, the spokesperson says My Code expects to:

Leverage Ariel’s capital to invest in growth initiatives
Welcome new diverse directors to its board that bring critical expertise, including Brun, who will serve as board chairman
Benefit from Project Black’s CPO Council, a group of Fortune 500 Chief Procurement Officers that provides data on supplier demand across sectors. The Council’s insights, among others from Ariel’s vast procurement network, will aid the Ariel investment team as it provides My Code with potential client introductions.

RELATED CONTENT: Ariel Investments’ $1.45 Billion ‘Project Black’ Fund Aimed To Help Minority Firms Become Fortune 500 Suppliers



Source link

Tags: AlternativesArielBlackBuysCodeMajorityprojectStake
Share30Tweet19
rmtsa

rmtsa

Recommended For You

Trump Lays Off More Than 4,000 Workers During Shutdown

by rmtsa
October 12, 2025
0
Trump Lays Off More Than 4,000 Workers During Shutdown

by Daniel Johnson October 11, 2025 Trump has also mused publicly that Democrat workers should be fired. More than 4,000 federal employees received layoffs notices on Oct.10 following...

Read more

Rebecca Ferguson Revisits “Idiot” Co-Star She Spoke About Last Year

by rmtsa
October 12, 2025
0
Rebecca Ferguson Revisits “Idiot” Co-Star She Spoke About Last Year

Rebecca Ferguson has once again addressed that unnamed actor-cum-“absolute idiot” who previously made her life a living hell on set. In a new interview with The Sunday Times,...

Read more

Diane Keaton, Oscar-winning star of ‘Annie Hall’ and ‘The Godfather,’ dies at 79 – National

by rmtsa
October 11, 2025
0
Diane Keaton, Oscar-winning star of ‘Annie Hall’ and ‘The Godfather,’ dies at 79 – National

Diane Keaton, the Oscar-winning star of “Annie Hall,” “The Godfather” films and “Father of the Bride,” whose quirky, vibrant manner and depth made her one of the most singular actors of...

Read more

Stacey Rusch Talks Her Sophomore Season [Exclusive]

by rmtsa
October 11, 2025
0
Stacey Rusch Talks Her Sophomore Season [Exclusive]

The Real Housewives of Potomac are back for season 10, and Stacey Rusch is not holding back. After fellow housewives Gizelle Bryant and Ashley Darby claimed an unnamed...

Read more

New York DMV Workers Accused Of Cheating Scheme Involving CDL Exams • Hollywood Unlocked

by rmtsa
October 11, 2025
0
New York DMV Workers Accused Of Cheating Scheme Involving CDL Exams • Hollywood Unlocked

Several employees at New York’s Department of Motor Vehicles have been accused of running a cheating scheme that allowed unqualified applicants to obtain commercial driver’s license (CDL) permits...

Read more
Next Post
WME Independent Co-Head on Harder Theatrical Journey, Truffle Hunting – The Hollywood Reporter

WME Independent Co-Head on Harder Theatrical Journey, Truffle Hunting – The Hollywood Reporter

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized

CATEGORIES

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
No Result
View All Result

Recent News

  • The Last Frontier – Season 1
  • Trump Lays Off More Than 4,000 Workers During Shutdown
  • Jurassic World Trailer Previews Chaos Theory’s Final Season

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In